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Friday, September 09, 2011

Europe: Greece Update

by Calculated Risk on 9/09/2011 08:38:00 AM

From Dow Jones: Greek Debt Rollover Process 'Satisfactory'

A debt rollover plan ... is making "satisfactory progress," a Greek government official said Friday as a deadline for euro-zone banks and funds to express interest expired.

"Progress is satisfactory, things are advancing in a positive manner," the official told AFP, declining to give a number of participants in the scheme.
There is no clear "make or break" date for Greece but here are a few key dates via the WSJ: September Roadmap for the Euro Crisis.

Today:
• G-7 finance ministers meet in Marseilles.

• Deadline for non-binding commitments from private-sector creditors to participate in Greece’s proposed bond-exchange program

Saturday, Sept 10th:
• Greek Prime Minister George Papandreou delivers his annual economic policy speech.

Wednesday, Sept 14th
• Greece expected to resume talks with European Commission, IMF and ECB officials on fiscal, economic reforms

The Greek 2 year yield is at 55.3%.

The Portuguese 2 year yield is up to 15.2% (after falling below 12% in August). Also the Irish 2 year yield is at 9.4% (below 8% in August).

Here are the links for bond yields for several countries (source: Bloomberg):
Greece2 Year5 Year10 Year
Portugal2 Year5 Year10 Year
Ireland2 Year5 Year10 Year
Spain2 Year5 Year10 Year
Italy2 Year5 Year10 Year
Belgium2 Year5 Year10 Year
France2 Year5 Year10 Year
Germany2 Year5 Year10 Year