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I.m.f. Clears Latest Installment Of Aid To Greece

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http://www.nytimes.com/2010/11/24/business/global/24euro.html?_r=1&ref=business

Greece’s international lenders cleared the way Tuesday for Athens to receive another installment of its bailout package, saying the government had made significant progress in reducing the budget deficit. But they warned that “extra effort” would be needed to meet next year’s targets.

The green light came as the embattled coalition government in Ireland was putting the final touches on a budget, due Wednesday, that will be crucial in unlocking its own international aid package.

The review of the Greek program clears the way for the disbursement of €9 billion, or $12 billion, in January, part of a €110 billion loan for Greece that was agreed to last spring.

The European Commission, the European Central Bank and International Monetary Fund said that the Greek austerity program “remains broadly on track,” and concluded that the economy should begin turning around in 2011.

Wage and price inflation is beginning to moderate, “setting the stage for improvements in competitiveness,” they said after completing a second review of Greece’s progress in meeting the conditions attached to the loan.

The mission praised the fact that the reduction in the deficit by 6 percent of G.D.P. so far in 2010 has been larger than initially planned, and it played down fears about recent revisions to 2009 data.

So Euro bailout 1 continues, sorry I mean the great pan Euro Bank bailout continues without any serious hitch.

Bankers must get their bonus and if they lose money the taxpayer's of the world get to pick up the tab.

Happy days.

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  • 245 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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