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Eurointelligence Daily Briefing: Delays are threatening to derail the package - chances of a successful bond swap are already reduced
Yesterday's telephone conference agreed to postpone a decision on Greece until Monday; Germany, Finland and the Netherland seek more letters of assurance from smaller Greek parties; Jean-Claude Juncker said that some issues remained open until a final agreement can be reached; Antonis Samaras has written a letter confirming his commitment to the programme, but said that modification may be necessary if the Greek economy does not recover; Juncker also insisted that the troika would need a permanent representation in Greece; reiterated insistence that the money be disbursed into an escrow account; Wolfgang Schäuble enrages the Greeks with a suggestion that they should postpone the elections; a senior German official said there was now a massive problem of trust; Greek president Karolos Papoulias said he cannot accept Mr Schäuble's insults; Greek finance minister Evangelos Venizelos said there are forces trying to push Greece out of the eurozone; Peter Spiegel has more details of the letters of the financial and legal advisers to the euro working group, in which they warn about the serious consequences of delaying the agreement; the Greek privatisation agency said that they could raise at most €4.7bn in revenues this year, as political obstacles remain; Portugal had a successful auction of Treasury Bills; Mario Monti says there shall be no additional austerity even if economy hits recession; also criticises stereotypes of core and periphery; Nicolas Sarkozy declares his candidacy for the French presidency; French Q4 growth stronger than previously estimated;Erkki Liikanen, meanwhile, warns about the consequences of the ECB's liquidity policies and says an exit strategy is urgently needed.



tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Carrie (migeru at eurotrib dot com) on Thu Feb 16th, 2012 at 08:30:05 AM EST
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