EU Vested Interest in Greece
The on-going saga for Greece and the European Union continues and the latest headlines are these:
RTRS-PURCHASES OF GREEK BONDS BY EURO ZONE STATE-OWNED BANKS IS ONE OF OPTIONS CONSIDERED IN EU PLAN TO SUPPORT GREECE-EU SOURCE
RTRS-EUROGROUP ON MONDAY TO DISCUSS DIFFERENT OPTIONS OF SUPPORT FOR GREECE -EU SOURCE
RTRS-SUPPORT OPTIONS FOR GREECE COULD VARY FROM COUNTRY TO COUNTRY -EU SOURCE
RTRS-GREEK SUPPORT MECHANISM COULD BE STRUCTURED IN STAGES DEPENDING ON LEVEL OF NEED -EU SOURCE
RTRS-OBSTACLE TO MORE DETAILED AGREEMENT ON GREECE SUPPORT NOW IS LACK OF GERMAN JUNIOR COALITION PARTNER CONSENT-EU SOURCE
RTRS-COUNTRIES COULD PARTICIPATE IN SUPPORT FOR GREECE ACCORDING TO THEIR WEIGHT IN EURO ZONE -EU SOURCE
Sounds like the “determined support” is put off until Monday for further discussions. However, I don’t doubt that something will be done. According to Bloomberg, “…German, French, Swiss and U.K. banks have at stake in the so-called PIGS countries. Banks in Germany and France alone have a combined exposure of $119 billion to Greece and $909 billion to the four countries, according to data from the Bank for International Settlements. Overall, European banks have $253 billion in Greece and $2.1 trillion in the so-called PIGS.”
This shows the financial linkage within Europe to Greece and why a rescue package will be forthcoming. Note, the Euro is still getting a beat down in the currency markets as the “package” is likely to be delayed and is likely not to resolve the over-spending by Greece. Unto the strikes!
Tags: bailout, debt, Euro, European Union, Greece