Tuesday, November 06, 2012

Greece Update

by Bill McBride on 11/06/2012 08:51:00 AM

From Masa Serdarevic at the Financial Times Alphaville: Athens grinds to a halt

The Greek parliament will vote late Wednesday on the structural reforms and budget cuts demanded by the Troika. Reports suggest that the government will be able to get a majority. But in a last minute attempt to derail the vote, the country’s two main labour unions called a 48 hour general strike that started today.
Alphaville has some photos of the strike - it looks like a complete mess. Live footage of the strike is here (or talking heads).

From the WSJ: Europe, Central Bank Spar Over Athens Aid
Europe's governments and the European Central Bank are at odds about who should shoulder the financial burden of giving Greece more time to repay its loans and remain part of the euro zone.

The search for a solution for Greece, whether by forgiving some of the money it owes or giving it yet more bailout loans, has come back to haunt the currency union ahead of the ECB's monthly policy meeting on Thursday.

Greece faces a key Treasury-bill repayment in less than two weeks, and the money isn't there unless governments provide additional aid or the ECB agrees to lend Greek banks the money to roll over the debt.
Still no way out.

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