Eurozone authorizes US$6.72-billion payment to Greece despite election results
Wed, 05/09/2012 - 14:28 EDT - Financial Post
Eurozone governments kept Greece afloat on Wednesday after agreeing to authorize a payment of 5.2 billion euros (US$6.72-billion) from the region’s bailout fund, despite opposition from some member states following the Greek election results
BRUSSELS (Reuters) - Euro zone governments kept Greece afloat on Wednesday after agreeing a payment of 5.2 billion euros from the region's bailout fund, despite opposition from some member states following the Greek election results. After a conference call, the board of the European Financial Stability Facility, the 700 billion euro bailout fund administered by the 17 countries that use the euro, agreed to make the scheduled payment, which will allow Greece to meet near-term bond redemptions and other obligations. An initial 4. ...
BRUSSELS (Reuters) - Euro zone governments kept Greece afloat on Wednesday after agreeing to authorize a payment of 5.2 billion euros ($6.72 billion) from the region's bailout fund, despite opposition from some member states following the Greek election results.
Greece’s day of reckoning may be fast approaching. Athens will have to pony up more than €2 billion in debt payments this Friday to the ECB, the IMF, and (get this) Goldman Sachs, for an interest payment on a derivative and it’s not entirely clear where the money will come from. On Wednesday, the government will vote on a “plan” to boost liquidity which includes tapping public funds and diverting bank bailout money. Here’s Bloomberg:
One hundred and ten of Greece’s best beaches are on sale by Greece’s privatization agency, the Hellenic Republic Asset Development Fund (TAIPED) in the name of supposed 'development' and 'utilization of public assets' as the prerequisite for receiving more handouts from the Troika. "This sale of the land must happen," explains one Greek civil servant, "we need this now, quickly. Tell the Russians and the Qataris to hurry up!"
Now that the Greek tragicomedy of the new government "threatening" to leave the Eurozone if it doesn't get its way, has been postponed for a few weeks, if not months, we can go back to the biggest story involving Greece, one we first covered in October of 2014, when we said that Greece needs about €43 billion through the end of 2015 to cover its funding needs.
BERLIN (Reuters) - Germany wants to bundle three tranches of aid to Greece into one payment of more than 44 billion euros, German newspaper Bild said on Tuesday, citing German government sources. A German finance ministry spokeswoman, asked to comment on the Bild report, said no final decision had yet been made on next loan payments to Greece. Bild said the payment would comprise the 31.3 billion euros dating from the second quarter that Greece hopes to receive soon to avert bankruptcy along with further tranches of 5 billion euros and 8.3 billion euros for the third and fourth quarters. ...