Greece announced huge new cuts over the weekend in a campaign to receive $11 billion in aid from the troika (ECB/EU/IMF), amid fears that the country would fail to meet its deficit goals.The country’s future looks ever bleaker, as political pressure mounts across Europe to let the troubled sovereign default on its debts.
Here’s what else is new:
– According to senior Greek officials cited by WSJ, Europe’s finance ministers have said that Greece might not receive the $11 billion in aid Greece promised as part of last year’s bailout if it does not meet its deficit reduction goals.
– So in order to recieve the next tranche of troika aid, Greece will lay off 100,000 public sector workers by 2015.
– Greek Finance Minister Evangelos Venizelos will hold a conference call with troika officials today at 12 PM ET, according to a Greek state-run TV station (via Bloomberg).
– Elections in Germany over the weekend suggest that political opposition to bailing out Greece is rising quickly, via Der Spiegel. Support for the ruling coalition’s pro-business FDP party slumped, and party leader Phillipp Rösler has ramped up criticism of Chancellor Angela Merkel’s euro policy in order to gain support.
– More and more analysts are suggesting that Greece should default directly.
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