Europe gives Greece one month to show first results of adjustment programme
15-02-2010
The 16 countries of the Eurozone have set Greece a one-month deadline to show the first results of its public finances plan. If the situation is not satisfactory "additional measures" will have to be taken.
The President of the Euro Group, Jean-Claude Juncker, speaking after the monthly meeting of the 16 Eurozone finance ministers, said the agreed sequence of events will be as follows:
Continues: http://www.eu2010.es/en/documentosyn...eurogrupo.html
Greek Bailout Details TBD In One Month; In The Meantime, "Markets Are Wrong To Attack Greece"
Submitted by Tyler Durden on 02/15/2010
Commentary: http://www.zerohedge.com/article/gre...-attack-greece
Now The Game's Afoot (Greece and Goldman)
Monday, February 15. 2010
Posted by
Karl Denninger in Corruption
This is amusing.... Greece’s Goldman Sachs Swaps Spawn EU Dispute on Disclosure http://www.bloomberg.com/apps/news?p...2jvtHvWk&pos=1
Greece turned to Goldman Sachs Group Inc. in 2002, just after adopting the euro, to get $1 billion in funding through a swap on $10 billion of debt, Christoforos Sardelis, head of Greece’s Public Debt Management Agency at the time, said in an interview last week. Eurostat, the EU’s statistics office, was aware of the plan, he said. Risk Magazine also reported on the swap in July 2003.
“Eurostat was not until recently aware of this alleged currency swap transaction made by Greece,” spokesman Johan Wullt said by e-mail yesterday.
Bloomberg goes on to opine about whether the EU's statistics office knew about the swaps and their purpose at the time of origination.
This is not the correct question, in my opinion, to be asking.
The question to be asking is
what was the essential purpose of transactions in question?
Continues: http://market-ticker.denninger.net/a...d-Goldman.html