Friday, February 12, 2010

Daily Update on Greece

· Greece - Will markets call EU bluff on Greek rescue? Greek bail-out accord lacks substance
and finance's poker players may soon call its bluff. The Greek rescue plan agreed by EU
leaders after a week of leaks is strangely thin, raising suspicions that Germany, Holland and
the creditor states of Northern Europe still cannot agree on the terms of any bail-out. London

· Greece - Next week's European Union finance minister meeting is unlikely to decide an aid
package for Greece, but adverse market reactions could trigger a decision at any time, an EU
government source told Reuters on Friday. Reuters

· Greece – should the country require aid, it would prefer a long-term bond rather than bond
guarantees according to people familiar w/the country’s thinking. "A loan is a clear way of
saying to the markets that the EU has confidence in the Greek government's measures to
tackle the budget deficit,"
one of the people told Dow Jones Newswires. "But there is still no
indication from Brussels on what may be decided." DJ

· Greece revised down its data for gross domestic product for the first three quarters of
2009, indicating the recession was deeper than earlier thought. Bloomberg

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