Greece Will Need Third Bailout

“Greece will require additional financing, which may take the form either of official-sector involvement or of additional loans, hopefully on more favourable terms,” Thanos Catsambas, a former assistant director at the IMF’s Fiscal Affairs department, told the Wall Street Journal.
Mr Catsambas, who represents Greece at meetings between “troika” officials at the EU, IMF and European Central Bank, added that the previous coalition government under Lucas Papademos estimated that “only 22pc of the commitments under the troika-supported program were implemented” in 2011.
Greece has repeatedly missed the fiscal targets agreed under its multi-billion euro bail-outs, and Mr Catsambas said that it would be “impossible” for the IMF to grant Greece an extension on its part of the loans.
“All terms and conditions of IMF loans to all countries are based on rules that are not negotiable,” he said, insisting that eurozone governments and ECB should take the strain of filling the rest of the gap.
Troika representatives are currently in Athens to assess Greece’s situation and the possible disbursement of a €31bn (£24.8bn) loan, part of a second bail-out package.

via Telegraph

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.