Greek black hole [updated]

Posted by Neil Hume on Jun 23 08:58. 20 comments | Share

Seller beware and all that, but there’s (totally-unconfirmed) talk of a €3.5bn black hole in Greece’s austerity plan.

Now, were are not taking it too seriously.

REPEAT WE ARE NOT TAKING IT TOO SERIOUSLY. More…

Seller beware and all that, but there’s (totally-unconfirmed) talk of a €3.5bn black hole in Greece’s austerity plan.

Now, were are not taking it too seriously.

REPEAT WE ARE NOT TAKING IT TOO SERIOUSLY.

But the ever-so-sensitive FX market is.

From a City trading desk on Thursday morning:

And here are the offending Tweets:

Updated: 19.48 (GMT)
There is a black hole and its bigger than we thought.

From the FT:

International lenders have told Greece that the €28bn austerity package agreed to last month is no longer sufficient, and that Athens must close a €5.5bn “black hole” in the plan before it is approved by legislators next week.

George Papandreou, the Greek prime minister, has already struggled to gain support for the plan, which the European Union and International Monetary Fund have insisted is a prerequisite for a €12bn ($17bn) aid payment, which Athens must receive by mid-July or it will default on its sovereign debt.

But a technical team sent to Athens this week by the so-called troika – EU, IMF and European Central Bank – identified a financing gap of €5.5bn in the four-year programme of fiscal and structural reforms, according to a Greek official

Related links:
Notes from Athens – FT Alphaville
Eurogroup to Greece – your move– FT Alphaville
Greek opposition dashes hopes for unity – FT

Advertisements
Post a comment or leave a trackback: Trackback URL.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: