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Friday, February 12, 2010

Greece Still Slippery

by Calculated Risk on 2/12/2010 07:23:00 PM

From the Financial Times: Greek austerity ‘comes before any bail-out’

[A] senior [German] government official insisted European Union leaders had not given Greece any firm promises of financial assistance, he said they had signalled the possibility of help once the government of George Papandreou had implemented a tough and sustainable austerity programme.
excerpted with permission
Originally investors expected a detailed plan early next week when the eurozone finance ministers meet, but now it appears there will be no plan released.

These "mixed messages" have upset Greek Prime Minister Papandreou, from the Financial Times: Greece turns on EU critics
In a televised address to his cabinet, [George Papandreou] criticised EU members for sending “mixed messages about our country . . . that have created a psychology of looming collapse which could be self-fulfilling”.
Sorry for the bad pun in the post title.