Saturday, February 20, 2010

German Finance Minister: No Concrete Plan to Aid Greece

by Calculated Risk on 2/20/2010 02:26:00 PM

Earlier today, according to Reuters, Der Spiegel magazine reported an aid package for Greece was being worked out: Up to 25 billion euros in aid mulled for Greece: report (ht Rajesh)

Now from Bloomberg: Germany Doesn’t Have Plan to Aid Greece, Finance Ministry Says

Germany’s Finance Ministry said it has no specific plans for helping Greece combat its deficit crisis, denying a magazine report ... It’s “incorrect” that Germany is considering a “concrete” plan for countries sharing the euro to pump billions in financial aid to Greece, ministry spokesman Martin Kreienbaum said in an e-mailed statement. “The Finance Ministry has taken no decisions in this regard,” the statement said.
...
Greece is “not requesting money from any European Union taxpayer,” government spokesman George Petalotis said in an e- mailed statement today
Apparently nothing has changed. Greece has a debt offering coming up next week, from the Financial Times: Greece set for critical test with bond issue
Greece is close to attempting ... to raise €3bn-€5bn ($4bn-$6.7bn) as early as next week.
...
Greece’s debt crisis remains acute [with] €20bn of bonds to be rolled over in April and May.
excerpted with permission
The EU gave Greece a March 16th deadline to show progress on their budget deficit and I don't expect anthing to be announced until after that deadline.