Wednesday, May 09, 2012

Does Spanking Your Deadbeat Brother Work?

Greece is about to test this question.
BRUSSELS—Euro-zone officials are debating delaying a €5.2 billion payment to Greece as the political backlash grows in Athens against a bailout program negotiated with international creditors, officials familiar with the discussion said Wednesday.  
The European Commission said earlier this week that Greece is due to receive the funds Thursday, part of a previously approved disbursement from the €130 billion bailout sealed in March with the euro zone and the International Monetary Fund. But Germany, Finland and others are wary of making the payment because of comments from Greek politicians following Sunday's elections calling for the bailout to be renegotiated.
 They need the money to make their loan payments.
Greece needs the funds mainly to repay €3.3 billion in Greek bonds maturing May 18 that are held by the European Central Bank and national euro-zone central banks. 
Someone's gonna get a paddlin'.


Mostly Nothing said...

Well so far it's just political grandstanding. The new government isn't even in power yet right?

Delaying payment would just fuel the fire of the Greeks that are bad at math.

Ira Morse said...

Very funny. I think Euro Zone will kick Greece out of the league, if Greece will not take austerity.

By: exchange rates comparison