Saturday, August 27, 2011

IMF in Greece on Monday - tough talks on more missed targets!

The details of the failure to reach the traget figures for the Greek €135 Billion bond swap is updated this morning from here where a figure as low as 50% participation is now quoted. Elsewhere, as in this CNBC report, linked here, the more frequently quoted level of less than 60% is used, although again this is way short of the required 90%, presumed necessary for there to be any chance of Greece not being declared as in default.

That same CNBC item, also covers the miss of the Greek growth targets, likely to be the subject of much discussion and speculation over the coming week, as the IMF team return to Athens to consider whether or not to pay another tranche of aid, due at the end of September.

Also quoted by CNBC, is the Finnish PM, still demanding his collateral deal, in spite of the intense pressure to back down imposed from Germany throughout the past week:

In an interview with Finnish daily Helsingin Sanomat on Saturday, the country's prime minister, Jyrki Katainen, said "This matter has to be solved as soon as possible so Finland's aims will not hurt other countries.



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