by Calculated Risk on 2/20/2010 02:26:00 PM
Saturday, February 20, 2010
German Finance Minister: No Concrete Plan to Aid Greece
Earlier today, according to Reuters, Der Spiegel magazine reported an aid package for Greece was being worked out: Up to 25 billion euros in aid mulled for Greece: report (ht Rajesh)
Now from Bloomberg: Germany Doesn’t Have Plan to Aid Greece, Finance Ministry Says
Germany’s Finance Ministry said it has no specific plans for helping Greece combat its deficit crisis, denying a magazine report ... It’s “incorrect” that Germany is considering a “concrete” plan for countries sharing the euro to pump billions in financial aid to Greece, ministry spokesman Martin Kreienbaum said in an e-mailed statement. “The Finance Ministry has taken no decisions in this regard,” the statement said.Apparently nothing has changed. Greece has a debt offering coming up next week, from the Financial Times: Greece set for critical test with bond issue
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Greece is “not requesting money from any European Union taxpayer,” government spokesman George Petalotis said in an e- mailed statement today
Greece is close to attempting ... to raise €3bn-€5bn ($4bn-$6.7bn) as early as next week.The EU gave Greece a March 16th deadline to show progress on their budget deficit and I don't expect anthing to be announced until after that deadline.
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Greece’s debt crisis remains acute [with] €20bn of bonds to be rolled over in April and May.
excerpted with permission