Tuesday, April 20, 2010

Germany Says Greece Will Need Further Aid After the Euro 30B Loan

Greece may need more aid than the 30B euros promised by the European Union. The issue is that the government is struggling to push through spending cuts amidst many significant protests by the Greek population, said Bundesbank President a session with German lawmakers.
The bank expressed concern that parts of the Greek population either don’t care or "fail to appreciate the seriousness of the situation their debt-laden country faces".

Says Bloomberg: “If public opposition to further austerity measures hardens, the Greek government could find it even tougher to put the public finances back on a sustainable footing,” citing Colin Ellis, an economist at Daiwa Capital Markets Europe Ltd. in London.

In the meantime, the Euro dropped slightly today versus the USD.

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