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Monday, September 19, 2011

Greece: Conference Call with EU and IMF has started

by Calculated Risk on 9/19/2011 03:36:00 PM

From Bloomberg: Greece’s Next Aid Payment in the Balance as Review Resumes

European Union and International Monetary Fund inspectors began a teleconference today at 7:22 p.m. Athens time [12:22 PM ET] with Finance Minister Evangelos Venizelos and other officials to judge whether the government is eligible for an aid payment due next month...

No official announcement will be made after the call, which may last until the early morning and could resume tomorrow or at a later time, the Athens-based Finance Ministry said in an e- mailed statement. There is no Greek Cabinet meeting scheduled tomorrow ...

"The only thing that is on the table is full compliance with the agreed targets. No more, no less," [European Commission economics spokesman Amadeu Altafaj] said, adding that only after today's conference call will the commission "be in a position to communicate further on the next steps." ...

Greece is now looking to the next meeting of euro-area finance ministers, on Oct. 3, for a decision on the release of the installment. The loan would be disbursed by mid-October, enabling the government to pay its bills through the end of the year.
We might not hear anything for a few days.

The Greek 2 year yield increased to 61.4%. The Greek 1 year yield increased to 126%.