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FACTDROP: EMU Plans Package Deal For Greece, Cyprus, Spain: Press


EMU Plans Package Deal For Greece, Cyprus, Spain: Press

Πηγή: Forexlive
Sept 23 2012

FRANKFURT (MNI) – Eurozone authorities are preparing a broad, multiple-nation bailout package including a modified program for Greece, a second bailout for Spain and a first program for Cyprus, Germany’s Financial Times Deutschland reported over the weekend, citing Eurozone sources.

Fresh support measures for the three countries could be negotiated and presented to national parliaments as a package by November at the latest, the newspaper reported.

A joint package is aimed at breaking resistance against additional concessions to Greece – particularly among German parliamentarians – by presenting a broad solution that could represent a breakthrough in the
debt crisis, the paper said.

Initially, decisions were scheduled to be taken in October. According to the report, however, Berlin is putting the brakes on closing aid-related deal at the next EU summit in mid-October.

Inspectors from the International Monetary Found, the European Central Bank and the European Commission – the so-called “Troika” – will not have concluded their report on Greece by the next Eurozone finance ministers’ meeting on October 8, the paper said.

According to a separate report in Der Spiegel Sunday, preliminary findings from the Troika show that Greece’s budget shortfall amounts to around E20 billion, almost the double of previous estimates.

However, a Greek Finance Ministry official in Athens said the gap was E13.5 billion, and that it would be bridged with E11.5 billion in spending cuts and E2 billion in new revenues.

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