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.
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:
Greek stocks fell more than at any point during Europe’s debt crisis Tuesday after Prime Minister Antonis Samaras gambled his political future on bringing forward a parliamentary vote on a new head of state.
Greek stocks tumbled the most since 1987 and three-year yields surged in response to the prime minister’s move. Unless he can persuade 25 opposition lawmakers to support his choice, Samaras will be forced to call a parliamentary election that anti-austerity party Syriza would be favourite to win.
Two bailouts in, Greece was desperately trying to hold on and avoid a third bailout. It looks like that's going to happen. Prime Minister Antonis Samara told Sunday's Realnews newspaper they wouldn't need the bailout as Greece is beating its fiscal targets.