Athens (AFP) - Greece's finance minister hailed Thursday a "turn in the tide" following an extension of the stricken eurozone country's bailout but warned of problems ahead in meeting billions of euros in debt repayments.
ATHENS: German Chancellor Angela Merkel ruled out new negotiations with Greece until after it votes on a proposal from creditors, leaving virtually no hope left to avert a midnight default despite a plea from Athens for a last-minute bailout extension. As the clock ticked down on Tuesday towards midnight, when billions of euros in locked-up bailout funds are due to expire, euro zone finance ministers called a conference call (1700 GMT) to discuss the Greek request.
Art Cashin thinks China might be more important than Greece. In his morning note to traders on the floor and folks across Wall Street, UBS director of floor operations and the New York Stock Exchange legend Art Cashin writes, "While all eyes are on Greece this morning, perhaps we should also keep an eye on China and Iran."
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: