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EU Seeks Growth, Delays Greek Package
Good morning. Well it was all change yet again yesterday. The EUR came under pressure again as European leaders seemingly haven’t yet reached a consensus over just what it is they really want Greece to do before they part with the second bailout payment.Having asked the Greeks to push the boat out to reach another EUR 325 million of budget savings via pension reform and public sector redundancies in addition to more written assurances and pledges, they are now unable to reach an agreement on whether to pay this tranche or not.The price had already fallen back under 1.3100 by the European close having failed earlier to breach the 1.32 level.According to an emailed statement from Luxembourg Prime Minister, Jean-Claude Juncker, late yesterday evening the EU will now not make a decision on the next aid payment until 20th February.That has angered the Greek politicians who feel that they have moved mountains to get to where the EU group want them to be in order to qualify for the next bailout package.Greek Finance minister, Evangelos Venizelos, clearly vexed by the situation, told reporters yesterday following the 3 ½ hour telephone conference, that ‘Greece has now met all the conditions set by the European union and the IMF for lifeline’.That it seems is still not enough to satisfy the Dutch and the Fins as before the teleconference both countries had appealed for a further postponement of the new tranche until after the Greek elections in April.
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