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Greece has 3 days to deliver or face consequences - EU officials

wotsthat
wotsthat Posts: 11,325 Forumite
in Debate House Prices & the Economy
Greece has three days to reassure Europe and the International Monetary Fund it can deliver on conditions attached to its international bailout in order to receive the next tranche of aid, four euro zone officials said on Tuesday.

The lenders are unhappy with progress Greece has made towards reforming its public sector, a senior euro zone official involved in the negotiations said, while another said they might suspend an inspection visit they resumed on Monday.

Athens, which has about 2.2 billion euros of bonds to redeem in August, needs the talks to conclude successfully. If they fail, the International Monetary Fund might have to withdraw from the 240-billion-euro bailout to avoid violating its own rules, which require a borrower to be financed a year ahead.

http://uk.reuters.com/article/2013/07/02/uk-eurozone-greece-idUKBRE96107820130702

Greece trying to spoil a good news day.
«13

Comments

  • ILW
    ILW Posts: 18,333 Forumite
    wotsthat wrote: »
    http://uk.reuters.com/article/2013/07/02/uk-eurozone-greece-idUKBRE96107820130702

    Greece trying to spoil a good news day.
    How can it be difficult for a government to control it's public sector spend? Surely they just stop signing the cheques.
  • wotsthat
    wotsthat Posts: 11,325 Forumite
    ILW wrote: »
    How can it be difficult for a government to control it's public sector spend? Surely they just stop signing the cheques.

    I doubt the Greeks are that worried. History is starting to suggest that the money tree delivers regardless of how many empty threats are delivered by the IMF or EU officials.
  • woodgreen2013
    woodgreen2013 Posts: 28 Forumite
    wotsthat wrote: »
    I doubt the Greeks are that worried. History is starting to suggest that the money tree delivers regardless of how many empty threats are delivered by the IMF or EU officials.

    You hit the nail on the head. What is the other option? Default and the Euro collapsing? The Greeks have the Germans over a barrel.
  • wotsthat
    wotsthat Posts: 11,325 Forumite
    woodgreen2013 wrote: »
    You hit the nail on the head. What is the other option? Default and the Euro collapsing? The Greeks have the Germans over a barrel.

    Well I suppose the Greeks could honour their part of the agreement.

    There will come a point when the Germans will risk the default. The Greeks are trying to test exactly where that point is.
  • ILW
    ILW Posts: 18,333 Forumite
    wotsthat wrote: »
    Well I suppose the Greeks could honour their part of the agreement.

    There will come a point when the Germans will risk the default. The Greeks are trying to test exactly where that point is.
    German government know the problems, but the German voters are fast losing patience.
  • System
    System Posts: 178,374 Community Admin
    10,000 Posts Photogenic Name Dropper
    ILW wrote: »
    the German voters are fast losing patience.

    Every week they have half as much patience as the week before.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • ILW
    ILW Posts: 18,333 Forumite
    Clifford_Pope wrote: »
    Every week they have half as much patience as the week before.
    Only really an issue when there is an election coming though.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    wotsthat wrote: »
    I doubt the Greeks are that worried. History is starting to suggest that the money tree delivers regardless of how many empty threats are delivered by the IMF or EU officials.

    You've summed it up!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    wotsthat wrote: »
    Well I suppose the Greeks could honour their part of the agreement.

    The Greeks are unable to agree amongst themselves on how to tackle the issues.

    I imagine Brussels trying to get the Conservatives and Labour to agree in the UK. Then the Unions will also have their own view.

    Centralisation doesn't work.
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    ILW wrote: »
    German government know the problems, but the German voters are fast losing patience.

    German voters might get a little upset when they discover what happens when you bankrupt all your customers.
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