The EU And IMF Have A Deal On Greece*

Olli Rehn

Photo: ec.europa.eu

Just out from the FT….The EU and the IMF supposedly have a deal on Greece.

Details:

  • The Greek parliament MUST pass austerity measures (this is a big hurdle) by the end of Jue.
  • The IMF would then do¬† a funds disbursement, even without a full bailout package, thus avoiding a default this summer.
  • Current tranche would come to about $17 billion.

Really, the huge hurdle right now seems internal. PASOK, the party of PM George Papandreou is severely fractured, and there’s talk he might not survive the week, as members of his party defect ahead of a big vote of confidence.

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