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Update on Greece

Yesterday German Finance Minister Woofgang Schaeuble is reported as having said that:

  • Greece would not default; and,

  • if Greece exited the Eurozone it would be negative to both Greece and the Eurozone.

An article published Saturday reported that:

  • Greek Prime Minister Antonis Samaras said he expects Greece, the European Union and the International Monetary Fund to "bridge their differences on how to cut (Greece's) debt" before this coming Thursday (October 18), the first of a two day European Summit meeting. Watch carefully to see if this timeline is met, because if it isn't that may prove to be a 'red flag' signaling negative things to come; and,

  • Athens has said Greece will "run out of money by the end of November if it doesn't receive the 31.5 billion euro 'next tranche of loans' that it expects in exchange for a new set of spending cuts and reforms.

Greece, based on the size of financial support that likely will be required in the end, almost certainly can be supported by Eurozone partners. Spain is much larger than Greece, and may prove to be a horse of a different colour.

Topical Reference: German finance minister says Greece will not default, from Fox Business, from Reuters, Gernot Heller, October 14, 2012 - reading time 1 minute. Also see Greek PM sees austerity deal by October 18 summit, from Fox Business, from Reuters, Harry Papachristou, October 13, 2012 - reading time 2 minutes.

 

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