Tuesday, April 06, 2010

Chaos and confusion in Greece hits Euro still further

At the last European Council of Ministers meeting, with the German's and French to the fore the Eurocrats thought they had finagled a way through the Greek Euro morass.

Seems like they forgot to tell Athens. Bloomberg report that,
The euro declined for a third day against the dollar amid speculation that a plan for Greece to obtain European Union and International Monetary Fund help in cutting its budget deficit may falter.

Meanwhile in a desperate action to steady the ship Reuters are reporting,
Greece is not seeking to renegotiate an EU-IMF safety net agreement, a senior finance ministry official told Reuters on Tuesday after media reports that the debt-laden country had wanted to amend the deal. "There is no request from Greece to renegotiate the agreement. There is a deal on the support mechanism and we are sticking to it," said the official, who requested anonymity.

If that is the case why demand anonymity? Why indeed. The bottom line is that the markets don't seem to believe it.

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