The Greek Judgement Day Cometh, Wednesday

greek basketball

A key European Commission (EC) verdict on Greece’s recently presented stability and development program will be released on Wednesday, February 3rd.

This could easily result in tangible bailout plans released by the EC, despite repeated affirmations from the Greek finance minister that Greece doesn’t require any help from other Eurozone economies.

Problem is, as a part of the euro currency system, it isn’t Greece’s matter to decide:

The Economist: Judgment will be passed on the Greek government’s budget-cutting plans by the European Commission on Wednesday February 3rd. The country’s public finances are in a parlous state and fears that the markets may lose faith in Greece altogether were only partly allayed when it recently raised €8 billion ($11 billion) in the bond market. Amid fears that Greece may not present a credible plan for fiscal austerity, talk is circulating of a bail-out, perhaps through a big fund underwritten by the commission or France and Germany, that could offer loans, albeit at punitive rates, to see Greece past this tight spot.

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