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Friday, February 10, 2012

Eurozone Postpones Greek Bailout

Eurozone finance ministers are more than a little sceptical about yesterday's announcement by Greece that they have accepted the Troika's deal. As such the Eurozone have refused to authorise the second tranche of the bailout, and have postponed their decision until next Wednesday.

The Eurozone, in addition to wanting to see the Greek parliament vote in favour of the deal and enact supporting legislation, also wants to see the Euro325M hole (funding gap) in the "plan" closed before next Wednesday.

In effect, and unsurprisingly, the Eurozone do not believe that the Greeks will live up to their promises.

Greek finance minister, Evangelos Venizelos, was more than a little "peeved" at having to return home empty handed, and has allegedly stated that Greece now needed to decide whether or not to remain in the single currency.

It seems as though the Eurozone wants Greece to leave of its own accord.

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