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Thursday, March 28, 2024

Greece Stoops To America’s Level, Bans Short Selling As EC Says No Change In Bailout Amount

Courtesy of Tyler Durden

Any time a country has to stoop to the level of the US, implicitly or explicitly, you know it is game over. Today the Greek securities regulator banned short-selling on the ASE (Athens Stock Exchange) until June 28. Well that should surely fix everything. From an official statement: “The Capital Market Commission, having considered the extraordinary conditions in the Greek market, has decided to ban short selling on the Athens stock exchange. The rule will be in effect from April 28 until June 28.” In the meantime, the European Commission just threw cold water on hopes of a trillion dollar expanded bailout package, saying it is not changing the amount of money to be provided to a short-free Greece. It appears the IMF will be on its own.

From Market News:

There is no change in the amount of bilateral loans being offered to Greece by Eurozone countries, the European Commission said on Wednesday.

Eurozone member states and the International Monetary Fund have offered Greece an aid package worth up to E45 billion this year and more in subsequent years, but reports Wednesday said that the amount could be higher.

“For the euro area, the figure for the first year…is clear… for next year no figure has been discussed and identified,” European Commission spokesman for Economic and Monetary Affairs, Amadeu Tardio told reporters at a press conference in Brussels.

The Eurozone has said it will offer up to E30 billion in bilateral loans to Greece this year and possibly more in subsequent years. Officials say this is likely to comprise two-thirds of the total
package.

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