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Saturday, July 02, 2011

Greece Update: Loan Approved

by Calculated Risk on 7/02/2011 05:18:00 PM

From the WSJ: Euro-Zone Ministers Release Greek Aid

The [euro-zone finance] signed off their portion of the €12 billion ($17.39 billion) loan tranche in an evening conference call. The International Monetary Fund is expected to approve its part of the loan next week.
From Bloomberg on the next aid package: Euro Area Backs Greek Payment, Shifts Focus to New Bailout
“The precise modalities and scale of private-sector involvement and additional funding from official sources will be determined in the coming weeks.” [the 17 euro-area finance chiefs said in an e-mailed statement today]
The next key dates aren't clear yet, but this €12 billion tranche will not last long. Greece will be back in the news very quickly.

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