Wall Street Journal
February 3, 2011
Nobody wants to enjoy a solid jobs-report-fueled –TGIF parade more than us working stiffs at the MarketBeat blog, but our London colleague Costas Paris is out with a story that reminds us Greece still remains a pressure-cooker with the potential to explode.
The fact is, the Greek clock (sundial?) is ticking. Not just to an unpleasant alarm, but on a James-Bond style nuclear weapon that would be a disorderly default if they can’t work out a deal to restructure the country’s debt AND get a bailout. The markets remain priced for a deal to be worked out, but there’s an awful lot for Europe to get done in time for Greece to meet a massive debt repayment on March 20. The problem, of course, is that they don’t have the money.
Paris got a peek at a time-table that European officials have laid out for getting everything done in time. Here’s what he has to say:
The nature of the timetable is meant as a guide for the multiple parties involved in the talks, but its nature is highly tentative and can shift at any time. By Friday afternoon it already has. The dense timetable was pushed back after Eurogroup president Jean-Claude Juncker confirmed that a meeting of euro-zone finance ministers, initially penciled in for Feb. 6, wouldn’t be taking place. In a statement, Juncker said that a Eurogroup meeting may be scheduled for later in the week.More
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