Tuesday, June 21, 2011

Barroso plans to bring forward €1 Billion for Greece

The EU Commission President, Barroso, has the EU Cohesion Fund in his sights today, as all across the EU the ineffectual leadership scrambles for means to delay the inevitable, to avoid the whole horrible truth being revealed.

More flames, more petrol and yet more taxpayer funds, burnt to no end. One report is here, Some quotes:

"Greece has the potential to access a significant amount of EU money under cohesion policy," Barroso told a news conference....
"There's been talk of front-loading and some of the measures can be taken without the need for a legislative act. For example, the Greek government could agree to review certain aspects of its programmed reforms," Barroso said.

The Commission could also offer administrative help to Greece so that the country could better access the remaining funds -- 14.3 billion euros by 2013 -- he said.

Open Europe notes in new research, out today and linked here, that every household in the eurozone currently underwrites €535 in Greek debt, through the existing loan guarantees. By 2014, and following a second bail-out, this amount could increase to €1,450 per household, as around 64% of Greek debt would by then be held by official creditors (EU, IMF, ECB)

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