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Wednesday, March 03, 2010

Greece Cuts, Germany says "no aid", IMF Next?

by Calculated Risk on 3/03/2010 11:33:00 PM

From the Financial Times: Greece prepared to turn to IMF

Mr Papandreou said that the latest austerity package ... fulfilled Greece’s commitment to its eurozone partners ... “We are waiting for European support – the other side of the agreement,” Mr Papandreou said ... he told ministers that Greece could turn to the IMF for an emergency loan if its EU partners were unable to deliver adequate assistance ...
excepted with permission
And from Bloomberg: Greece Aid Plea Snubbed by Germany in ‘Historic Moment’ for EU
“We have fulfilled to the utmost all that we must from our side; now it’s Europe’s turn,” Papandreou told his ministers yesterday, according to an e-mailed transcript. “It is a historic moment for the European Union.”
“I expressly want to say that Friday isn’t about aid commitments, but about good relations between Germany and Greece,” [German Chancellor Angela Merkel] said yesterday in an interview with N-TV ...
The story remains fluid, and a key date is March 16th when the euro-zone finance ministers meet.