Monday, January 23, 2012

Have Ecofin Finance Ministers more cash to waste on Greece?

The Finance Ministers of the Euro Group, who have been collectively regularly gathering since May 2009, with their own agent now assisting at the head of the IMF acrossd the pond, meet today to witter about the waste they have already caused and attempt to defer proper action even further. One report is here.

Other problems than Greece also loom as this quote from the linked report makes clear:

Greek debt is not the only tough issue EU officials need to tackle with at the meeting. The Lloyds Bank Corporate Markets Research team outline the difficulties connected with the revised blueprint of the fiscal pact: “While the new fiscal proposals seek to avoid potential problems, it cannot address the current financing needs of some of the euro area’s most fiscally vulnerable countries” as well as with the ESM fund: “Standard & Poor’s downgraded the EFSF last week from AAA to AA+, which raises concerns around the potential credit rating that will be associated with the new fund and the capacity to increase its size if needed.”

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