Monday, July 04, 2011

€3.3 Billion IMF payment jeopardised as 2nd Greek Bail Out terms deferred to September!

The Irish Times has a good report on the failure by Euro Group finance ministers to even come close to an agreement on a second bail out for Greece over the past weekend.  My posts made over that period which may be read below, supply much of the background and explore in detail the implications for the IMF.

Any reading of that bodies past statements, and its own rules and procedures, on the need for a year's financing to be in place before this month's tranche of 3.3 billion euros can be made, makes clear that Britain's share of some £120,000,000 seems to now to have been spared until September.

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