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If the markets doubt the credibility of the Greek programme, further steps will have to be taken [by Greece ?]. The Euro zone will only intervene once that has been done.

That is, the Euro zone will only intervene when intervention is no longer necessary.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Fri Feb 12th, 2010 at 02:54:06 PM EST
I understand it as further measures by Greece, as you suggest.
by afew (afew(a in a circle)eurotrib_dot_com) on Fri Feb 12th, 2010 at 03:04:20 PM EST
[ Parent ]
Time keeps on ticking.

Nothing Greece can do in the next month is going to make a difference--other than shady bookkeeping.

The bill comes due in April. That's like, 2 months away. Greece is not going to get its pensions in order, cut wages, have any benefit from a hiring freeze, slash health care, etc., in that time.

The plan is there. Parliament has to pass it. They already passed parts of it. Is that enough? Simply to vote austerity in?

Somehow I don't think so.

by Upstate NY on Fri Feb 12th, 2010 at 06:49:32 PM EST
[ Parent ]
What happens in April?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Sat Feb 13th, 2010 at 02:26:27 AM EST
[ Parent ]
Probably the next Greek bond issue.
by afew (afew(a in a circle)eurotrib_dot_com) on Sat Feb 13th, 2010 at 04:58:46 AM EST
[ Parent ]
The bills come due. Greece cannot meet its debt payments in April unless it sells more bonds. There's not enough in the coffers currently for April's bills.
by Upstate NY on Sat Feb 13th, 2010 at 10:43:12 AM EST
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Maybe, that's why Zapatero is talking about "reforms", King included, with a great business man called Díaz Ferrán and unions: to make decisions that the right-wind would take with the help of tankers for demonstrations. Isn't it?
by kukute on Fri Feb 12th, 2010 at 03:05:00 PM EST
[ Parent ]
Isn't Diaz Ferran a crook who owed millions in social security contributions for his employees, was found in default of a loan by a Caja on whose board he sat because he pledged the same stock as collateral for two loans with different institutions, and so on?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Feb 12th, 2010 at 03:07:46 PM EST
[ Parent ]
Of course. This shows how serious the business class takes ZP. And Botín has been the main supporter of ZP's pension-system reform. The man who sent home lots of employees of his bank at the age of fifty with the maximum pension.
by kukute on Sat Feb 13th, 2010 at 06:21:24 AM EST
[ Parent ]

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