Saturday, March 13, 2010

Saturday Night Greece

by Bill McBride on 3/13/2010 10:13:00 PM

It has been a month since Jean-Claude Juncker, Luxembourg's prime minister and chairman of the 16 euro-zone finance ministers, said that Greece had until March 16th to show progress on their budget. The euro-zone finance ministers meet this week, and apparently Greece has meet the short term goals.

From Reuters: Euro finance ministers to agree on Greek aid: source

Euro zone finance ministers are likely to agree on Monday on a mechanism for aiding Greece financially, if it is required, but will leave out any sums until Athens asks for them, an EU source said on Saturday. ...

"I think we should be able to agree on principles of a euro area facility for coordinated assistance. The European Commission and the Eurogroup task force would have the mandate to finalize the work," [a] source said. ... "You would have a framework mechanism and you would have blank spaces for the numbers because there has been no request (from Greece) yet."
And from the WSJ: No Need for Greek Bailout Now, France's Lagarde Says
Credible efforts by Greece's government to clean up its finances have so far negated the need for any bailout from the European Union, French Finance Minister Christine Lagarde said Friday.