It was just over a week ago that Greece wouldn’t admit it was having a problem.
Then last week Euro leaders pledged some kind of bailout.
But as we pointed out, there was no bailout at all. Just a promise of one. And for investors who saw the way TARP went down, this was no good.
Now Greece is freaking out, and its finance minister is begging for hard details:
Here’s the full report from the AP:
Greek Finance Minister George Papaconstantinou said Monday that a detailed bailout plan from other eurozone nations would be the best way to soothe market fears that Greece could default on debt payments.
European leaderes last week made a general statement support for Greece without saying what they would do to help if Greece neared default.
“My guess is that what will stop markets attacking Greece at the moment is a further, more explicit message that makes operational what has been decided last Thursday,” at a meeting of EU leaders, he said.
Market fears have hiked the cost of Greek government borrowing in recent months and caused the euro to slide to a near nine-month low against the dollar.
Eurozone nations pledged last week to aid Greece “if needed to guard financial stability in the euro area” — but did not say how they would help the country.
Papaconstantinou said the 16 countries that use the euro need to go beyond that to “work out a mechanism so that if necessary the mechanism will be there” for any member that cannot pay its debts.
“I think this is the logical way of addressing the issue,” he told an audience of European Union policy makers in Brussels.
Eurozone finance ministers meet for talks later Monday.
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