Market Overview

Greek Bailout Talks Drag On

Despite the fact that euro-zone finance ministers are meeting in Brussels on Monday yet again, they still are not expected to give the final go-ahead to the 130 billion euro ($170.6 billion) Greek bailout, as discussions are set to continue.

One has to wonder what they have left to talk about. The deal is on the table and it has been spelled out in every language under the sun, then passed around like a stick at a piñata party. Everyone knows the details. At this point, it feels as if the ministers are just using the meetings as an excuse for a free lunch.

According to the Wall Street Journal, a diplomat said that Friday's decision was very important, referring to the completion of Greece's debt restructuring. “Now that the PSI [private sector involvement] has been decided, we have to discuss further details, this has always been a step-by-step process."

We hear words like “completion” and think that we're close to a conclusion, but alas, no. A second EU teleconference is expected on Wednesday, although some are speculating that 5 billion euros could be released to Greece on Monday.

Greece isn't the only country under discussion, with Spain also fighting for its economic future.

“The ball is in the Spanish court. They must convince us," said one official.

The discussions seem to have been going on forever. There is nothing left to write. We, like you, are waiting to hear that the deal is signed, sealed and delivered.

Posted-In: News Politics Global General

 

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