Greek Discussions

Greece has begun renegotiations with with the European Commission and International Monetary Fund (IMF) over the terms of the bailout package.

Greece issued the following statement yesterday:

"The discussions concern a three-year programme of economic policies... which can be supported with financial assistance from eurozone members and the International Monetary Fund should Greek authorities decide to request the activation of the mechanism."

Although the Greeks continue to deny that they will use the bailout, only the very naive could possibly believe that they will not use it. Interest rates for Greek debt have soared, and the latest estimates indicate that Greece will need up to Euro 80BN.

The renegotiations are expected to last 10 days.