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Friday, March 29, 2024

European Commission Refutes Spiegel Report About €25 Billion Greek Bailout

Courtesy of Tyler Durden

Thank goodness the SEC doesn’t care about pursuing, well, anything, as its 1-man enforcement team would be horribly torn in trying to find just who the leaks, and the various benefactors, in the ongoing barrage of Greek realted, totally unjustified rumor mongering are. Earlier today European Commission spokesperson for economic and monetary affairs Amadeu Altafaj Tardio stated “there is no Eurozone plan to bail out Greece” refuting a story that appeared over the weekend in Der Spiegel, claiming a €25 billion fund to bailout Greece was in the making. Furthermore, he noted that Eurostat, which has requested details on all swap agreements done by Greece over the past decade or so, has not gotten all the needed information, due to, wait for it, a 4 day strike at the Greek finance ministry.

Market News reports:

The German weekly Der Spiegel Monday reported that Eurozone member states were preparing a rescue package of between E20 and E25 billion for Greece, which is struggling to manage a budget deficit more than four times the EU’s stipulated limit of 3% of GDP.

Asked about this report, Tardio replied, “There is no such a plan,” reiterating the point that Greece hasn’t asked for help but that European leaders have said they were ready to help if needed.

“They are ready, they are determined but there is no such plan, because first of all Greece has not requested one single euro of financial aid,” he said.

On top of its debt and deficit woes, the Greek government is also being asked to respond to allegations that it used currency swaps to mask the level of its public deficits. On February 12, the Commission asked Greece to submit information about these transactions by February 19.

“Eurostat has received some information but not all relevant information from the Greek authorities,” Tardio said.

“Athens told us that the reason for the delay was partly to do with the 4-day strike at the finance ministry,” he added.

The only question remaining now is if when Greece finally wakes up and realizes it can stop with the posturing about not needing a bailout, there will be any non-striking employees at the GNB who can actually accept the incoming wire transfer from Brussels/Frankfurt.

 

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