Friday, 5 July 2013

If you can print money, you will print money

By Patrick Barron

From today's Open Europe news summary:

Troika may show flexibility as Greece admits it cannot meet reform targets Greek Administrative Reform Minister Kyriakos Mitsotakis admitted yesterday that it is unlikely that Greece will be able to meet its reform targets and civil servant job cuts in time for the latest bailout review. However, Kathimerini reports that a deal may still be agreed, with the EU/IMF/ECB Troika showing some willingness to be flexible. The pressure is on to reach an agreement today to allow for the next disbursement of bailout funds to be approved at Monday’s meeting of eurozone finance ministers. Otherwise, Greece could have to wait until September for the next tranche of funds.
Kathimerini Kathimerini 2 Kathimerini 3 Kathimerini 4

It now appears that whether or not Greece or any other eurozone country in crisis actually meets its agreed upon reforms, the EU/IMF/ECB Troika will disperse money anyway.

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