old Byzantine monastery in Kaisariani, Athens, Greece

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August 20, 2012

Samaras to Berlin August 25

Mixed signals out of the eurozone leadership on what to do about Greece has circled back around to where it always does: what does Germany plan to do? Samaras will go to Berlin this week to meet with German Chancellor Merkel, who has indicated a willingness to extend timelines on Greek deficit targets (which Greece has been asking for). Meanwhile, revenue shortfalls of up to €14 billion (instead of the troika projected €11.5 for 2012) has put a tight squeeze on Athens, which just went through a monthly bond issue to raise funds (with a 4.43 yield) for the debt payments of August. But September is looming much larger, and the next tranche payment from the €78 Billion "Midterm" treaty of 2011 isn't a certainty.

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