STOX.CZ (Grant Capital)
Markets  |  November 14, 2012 10:39:34

Searches Greek events of the last days

Eurozone finance ministers meeting on předvčerejším as expected decided to release another billion euros from the rescue package for Greece by the 20th November held another special meeting. It is a bailout tranche until the second quarter. Greece on Friday for the delay in the "cash flow" responded issuing short-term bills with a yield approaching 4% on the monthly bond. Monday's "undecided" forced the Greeks to the similar step as yesterday, the country sold the 1-month bills at a yield of 3.95% 3-month bills at yield of 4.2% in the total volume of 4.062 billion euros bid to cover 1.66.

Germany, however, would prefer to pay the remaining three installments of financial aid to Greece at a time, totaling 44 billion euros.A spokesman for the German Finance Ministry did not comment on the report and merely stated that a final decision has been made. The Synthesis and payments would amount € 31.5 billion. This corresponds precisely tranche, which the country had received in the second quarter. It is therefore evident effort to rescue Greece, Germany and thus maintain the eurozone in its current form. Athens hopes that the money received by the end of November in order to avoid state bankruptcy Greece. In the evening, the Greek finance minister said that this risk is currently understood to be very high due to the need to take into account certain limits which his country is able to handle.

The sequence of these events and statements disappeared two years' delay report on the fulfillment of the conditions set out by the Eurogroup. Postponement conditions for two years, but reportedly requested in 2016 the additional costs of debt financing of € 32.6 billion, which would be recorded reflections on the third package of financial assistance.

In other words, not only the U.S. is approaching the edge of your fiscal cliff. In the case of Greece, be at least to 20 November even talk about balancing on the edge of bankruptcy.


Mojmír Boček

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