Friday, July 01, 2011

Second Greek Bail Out or Finnish Government MUST FALL

Just as everyone in America, was off for the long 4th July Independence Day weekend, and the Dow Jones closed some 170 points up on the day, the fifth daily gain in a row, Reuters have thrown a real party spoiler with this report!

Another election in Finland could see the True Finns possibly take over the government, as they now lead in the opinion polls, as I reported on this blog earlier today.

Can Greece really now be expected to put up collateral for their next bail out, on top of all their already accrued debt - can the IMF meet the requirement that financing for Geece is therefore assured for the next twelve months?

An extract from the linked report is here:

Now the focus shifts to talks on a second bailout, likely to be about the same size as last year's 110 billion euros ($156 billion).
That will run up against the Finnish collateral condition, which is non-negotiable because it has been agreed by the Finnish parliament. Waiving it would bring down the government in Helsinki, euro zone officials involved in the talks on Greece said.



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