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EZA945/03May10: Greece Debt Crisis Update
· € 110 bn 3-year support package for Greece finalised by EuroZone ministers and IMF, as Germany falls back into line.
· EuroZone governments offer €80 bn, of which €30 bn this year, IMF a €30 bn 3-year SBA.
· Detailed and tough conditions attached, to be policed quarterly by the IMF.
· ECB suspends rating threshold for eligibility of Greek government debt as collateral.
Brief respite likely in bond markets but uncertainty over Greek ability to implement the agreed programme, and the benchmarking against it of other vulnerable EuroZone debtors' consolidation measures, point to intermittent volatility.
Please see the attached briefing note from John Arrowsmith & Michael Clauss; simply read onscreen or print from the attached pdf and read at your convenience
Discussion Partners
Dr Michael Clauss: Politics / Economy / Equities Sectoral Analysis
Tel: +49 89 64254046
michael.clauss@eurozoneadvisors.com
John Arrowsmith: ECB / Regulatory
Tel: +44 7720 59 1726
john.arrowsmith@eurozoneadvisors.com