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Greek government had secured an extension of the current bailout programme by four months to negotiate over better deals with European counterparts last month. Different views over the negotiation already started flying.
Current Issues -
- Greece is facing trouble with tax revenue that keeps falling from target.
- € 1.6 billion is due to IMF towards repayment in March.
- Payment of € 6.7 billion is due towards ECB in July/August.
- Problems with regular funding as they are currently shut out of bond market.
Comments -
- Spanish finance minister last night provided first clue towards a third bailout programme of € 30 - 50 billion with more flexible conditions.
- Current Greek government rejected any chance of a new programme and said could overcome its immediate funding need.
- Office of the chairman of Euro zone finance ministers shrugged of any such talk of another bailout.
Stand offs -
- Germany strictly opposed to provide the remaining tranche of the bailout € 7.2 billion until the reforms continue.
- Other bailed out countries like Ireland, Spain, and Portugal have warned against any preferential treatment to Greece.
- Poorer countries like Slovenia, Slovakia have spoken against a third bailout for Greece.
Analogy -
- The Greeks require further funds, that was mentioned by IMF well before the current crisis and a bailout programme could be brewing. The conditions are yet to be seen.
- Euro which is currently trading at 1.118 against the dollar slowly started to shift focus from Greek drama and is expected to continue so until the situation deteriorates sharply. Focus is more on bond yields as ECB has started the purchase programme yesterday.
