FT: Split opens over Greek bail-out terms

via ZH

A split has opened in the eurozone over the terms of Greece’s second €109bn bail-out with as many as seven of the bloc’s 17 members arguing for private creditors to swallow a bigger writedown on their Greek bond holdings, according to senior European officials.

The divisions have emerged amid mounting concerns that Athens’ funding needs are much bigger than estimated just two months ago. They threaten to unpick a painfully negotiated deal reached with private sector bond holders in July.

While hardliners in Germany and the Netherlands are leading the calls for more losses to be imposed on the private sector, France and the European Central Bank are fiercely resisting any such move. They fear re-opening the bond deal could spark renewed selling of shares in European banks, which have significant holdings of Greek and other peripheral eurozone debt.

Because of the recent economic downturn and Greece’s slow implementation of austerity measures, officials estimate Athens’ funding needs over the next three years have grown beyond the €172bn forecast this summer. The scale of the shortfall will be determined by international lenders over the next few weeks.

ft.com

μινι επιβεβαίωση: Europe Nears Agreement on Bailout Fund That May Be Inadequate

μεγάλη επιβεβαίωση: (voxeu) Greece: The sudden stop that wasn’t

It is time to address Greece‘s economic policy options in a holistic manner, and stop the emergency measures that only provide Greece with another lifeline. Greece’s fresh financing needs are much larger than those considered in the Greek rescue package. The financing gap has been covered with de jure revolving loans from European central banks to the Greek central bank, that de facto have become long-term debt. This backdoor financing, however, cannot go on indefinitely. Jurgen Stark’s resignation should help concentrate minds in finding a long-lasting solution.

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ευτυχώς η ημέρα ξεκινάει με γέλια - κάποιοι γελάνε από χθες!!!

όλα δείχνουν ότι στο τέλος του 2012 (αν φτάσουμε μέχρι εκεί) το δημόσιο χρέος θα είναι στο 237%ΑΕΠ, μπορεί και στο 267%ΑΕΠ

υ.γ. μπορεί κάποιος να σκεφτεί πως θα κάνουν τη διαφορά να έρθει στα ίσα της;
εμένα πάντως μου μοιάζει με haircut

υ.γ.2 η λύση δείχνει να κρύβεται στη ευρωτράπεζα