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July 31, 2012

August 20 bond maturities pressuring talks

Athens and the troika leadership are still arguing over whether to revise (or not revise) the existing cost-cutting schedule. Greek leadership is saying it is (politically) impossible to hit all targets, and are demanding a relaxing of certain date targets, pushing many cuts out to 2016. Germany, among others, is not budging on requiring the treaty dates to be meant.

The Greek dilemma is the rapidly decreasing cash reserves on hand, and €3.2 billion in bond payments due on August 20.

But a more serious issue is the audit happening right now in Athens from troika investigators who are measuring how off-target Greece is on treaty obligations. At stake is the €30 Billion tranche payment Greece is scheduled to receive in September 2012. If the IMF, ECB and EU decide to cease the flow of loan money, the result will be the long-predicted default.

The three-party coalition now ruling Greece (New Democracy, PASOK and Democratic Left) at present has only been able to show approximately €8.1 billion in cuts from the scheduled €11 billion that were due in June 2012.



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