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Tuesday, November 18, 2014

Greece's Bailout Negotiations Stall

As I noted a couple of weeks ago, Greece is looking for another bailout in order for it to be able to exit its current bailout cleanly when it matures on 31 December.

Unfortunately, the negotiations between Greece and its international creditors have become deadlocked over a final round of measures required to release the last tranche of the country’s bailout.

According to Bloomberg the Greek government is resisting pressure from the troika for additional budget savings in 2015 of about 2.5BN euros.

Seemingly Greece now risks missing the 8 December deadline to reach agreement on the steps required to unlock the aid and what comes after. Dutch Finance Minister Jeroen Dijsselbloem said:
It’s crucial that Greek authorities work with the troika to complete the current review and the program so we have a clear cut between the finishing of the program and any instruments that will follow up on that from Jan. 1.
As I have noted many time before, Greece's best path to economic stability and growth lies outwith the Eurozone.

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