Research (Česká spořitelna)
Markets  |  November 21, 2012 09:27:01

Negotiations Eurogroup Greek solve the issue, the IMF insists on biting and Haircut, Europe's resolutely refuses


Yesterday's meeting of Eurogroup than expected did not make any deal to resolve the Greek situation. The meeting, which lasted eleven hours and ended up through today in the morning, did not result in approval of the next tranche of financial aid to Greece or in a particular way to solve the Greek debt reduction. The situation remains blocked mainly in the fact that the IMF adamantly requested haircut of Greek debt held by public institutions (in particular the ECB), which clearly rejects Europe, she is not able to agree on a specific procedure. Another meeting is scheduled for next Monday, ie 26 November.

According J.-C. Junker but the agreement does not prevent the major differences in the overall view, but only technical details. Well, hopefully. The dispute is still leading on whether Greece will reduce its debt to 120% of the "already" in 2020, which promotes the IMF, but which would also predicted simultaneously haircut on the debt held by the ECB and EMU funds, or whether this term moves to 2022 , which is again like EMU and the ECB. There was also quite interesting suggestion that Greece of the rescue money bought part of its debt from private investors, but for approximately 30% of its nominal value and the value of the debt hit. Responded to the weakening of the Euro 1280 to 1275.

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