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Friday, May 27, 2016

Greek Bailout Deal NOT Agreed

It transpires that despite the media and Eurogroup hype that a Greek bailout deal has been agreed, as usual the reality is completely different.

Aside from the fact that the IMF has nixed it, it is reported by ekathimerini that Greek government officials and representatives of the country’s international creditors discussed on Thursday a series of “technical details” that Greece must legislate in order to secure a sub-tranche of 7.2 billion euros in loan funding, Finance Minister Euclid Tsakalotos and Alternate Finance Minister Giorgos Houliarakis said.

Houliarakis conceded that creditors want to see “a large amount of technical improvements” to legislation that Greece passed into law last week. In its provisions relating to nonperforming bank loans, which will henceforth be subject to sale, the government did not include loans guaranteed by the state. The omission was discussed by the ministers, creditor representatives and Bank of Greece officials during a teleconference.

Quel surprise!

What's the betting that the technical details never get passed by the Greek parliament?

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