Greece Today

Currency in Crisis
Interest rate spreads are steady at the start of the week. The details on the currency swaps that Greece was to provide at the end of last week appear to have been partial, according to reports, as strikes in the finance ministry prevented accessing all the data. The EU has now given Greece until February 19 to provide the rest of the information. Note a general strike is planned for Feb 24.

Meanwhile, new speculation has emerged about a 20-25 bln euro package, but this still seems premature. Surely the first implementation report due March 16 is needed first. If Greece is at or ahead of plan, and there is some reason to expect many of the one-off measures to be having an impact, no package in mid-March will be needed. On the other hand, if Greece is failing to implement its program, it may be even more difficult to cobble political support for it. Op-ed arguments that Greece is just the tip, and a small tip at that, of the proverbial iceberg, is hardly news and has had little impact.
Greece Today Greece Today Reviewed by Marc Chandler on February 22, 2010 Rating: 5
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