The EC claims that "good progress" was made in yesterday's phone conference between Evangelos
Venizelos, the Greek finance minister, and the troika.
Platitudes are all very well. However, it is the citizens of Greece who will have to endure the pain of the additional austerity measures being imposed on them.
Oddly enough the Greek government is currently in "silent" mode wrt communicating "progress" to its own people. Allegedly there will be a statement issued this afternoon, letting the people know what fresh pain they will have to endure.
Senior bods from the troika will return to Athens next week, to take a hard look at the figures and the reality of Greece's promises (so often broken in the past). It also seems that the troika will be discussing the 2011 budget next week.
The sharp eyed amongst you will have noticed that as we are now in September, there are but three months remaining of 2011.
Such is the absurdity of the "Twilight Zone" of Greek finances and the schemes of those who are trying to keep the dead parrot of the Euro experiment alive!
BTW, if you think that things can't get any worse then I suggest that you read this:
Greece has a EUR2bn zero-coupon bond due on 9/23 and a de minimus EUR13mm in interest payments due 9/30.
Source Zero Hedge.
UPDATE
The Cabinet meeting postponed till later this afternoon while the Greek Finance Minister faces objections to the new measures in Parliament.
BREAKING NEWS
Austerity measures being debated by Cabinet - public announcement might not be made till Monday
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