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

This article 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 Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

Latest posts by Alfonso Esparza (see all)