Athens Greece Now
LIVECAM | Syntagma | Ermou Street | Corfu Beach Cam | Greece Live Cam List | Greece Media List
Swimming Sunset over the city of Athens

Visiting Greece 2021 | Allowed Travel Rules for Greece

June 27, 2011

"Moment of truth" approaching with June 29 austerity

Almost €12 billion in Greek bonds coming due

With €2.4 billion in 6-month treasury bills due on July 15 and then €2.0 billion from 3-month bills maturing a week later, Papandreou and new finance minister Venizelos are in a pinch and everything seems to be hinged on getting the new negotiated austerity plan through parliament. (Even more doom is ahead in August, when €5.9 billion in 5-year bonds come due.)

June 29 and the 30th is the start of voting on the "troika' plan, and so far opposition parties are more or less united in opposing the plan. The effort to forestall default through major fiscal measures in Greece (primarily cuts) and other radical changes in the Greek economy (i.e., significant tax increases) is a tough sell and may not get any easier unless a third-party lender shows up. Incidentally, China is buying european debt, and already has a foothold into the Greek economy based upon shipping. Could they appear as a savior?

"China has been buying euro zone debt and Chinese officials have said they intend to continue that trend. Chinese sources say the country remains interested in extending its commercial investment in Europe, such as taking stakes in companies."

Quote via CNBC

More about the Troika in Greece:

The June 2011 Troika Loan Plan

"Midterm" Troika plan passes Greek Parliament - June 2011

Troika primary requirement: Reduce the size of the Greek state - Sept 2011

Questions about Troika Powers in Greece - June 2011



January 2011 - Washington Post: Does austerity even work?

May 2011 - Austerity Referendum vote for Greece?

October 20, 2011 - Austerity Vote passes on first reading

September 2011 - Reasons to quit and continue with austerity

Advent of austerity in Greece

June 2011 - Olli Rehn: Austerity or default, no other course

June 2011 - Austerity vote coming

June 27, 2011 - IMF pledges austerity program will succeed

Greece Bicentennial 2021

GREECE BY NIGHT More News - ArchivePhotos of GREECE

You will see Amazon links on this web site because I am an Amazon affiliate. I earn from qualifying purchases.

Fodor's Essential Greece: with the Best Islands (Full-color Travel Guide)

Visiting Greece 2021
Home | Information | Resources | Archive | Photos | Book Shop | Contact | Copyright | Site Map