Sunday, July 03, 2011

Next Deadline for Greece: Mid-September

by Bill McBride on 7/03/2011 08:08:00 PM

I know everyone wants to know the next deadline for Greece.  It looks like mid-September.

From the WSJ: Greece Awaits Further Rescue

Euro-zone finance ministers ... decided they would agree by September on arrangements for a new bailout ... German Finance Minister Wolfgang Schäuble said after the teleconference that a new aid package for Greece could be approved by autumn, in time for the next expected quarterly tranche of EU/IMF aid.

The Greek finance ministry also said a deal was expected by mid-September.
That gives the finance ministers about 2 1/2 months to find a way for private creditors to participate - without the rating agencies calling it a default. This will heat up again soon enough.

Summary for Week Ending July 1st
Unofficial Problem Bank list at 1,003 Institutions and State Stress Level
Schedule for Week of July 3rd