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January 9, 2012

Reforms lagging; next tranche may not be paid

The next tranche payment from the €110 billion ($152.6 billion) bailout has been pushed back, with a March deadline apparently the make or break for the government in Athens under Lucas Papademos (if Greece makes it through again, the next payment will happen in June 2012).

Wall Street Journal:

"The schedule for Greece to receive payments under its first EUR110 billion bailout package has been pushed back by three months so Athens will receive the next tranche in March, European Commission spokesman Olivier Bailly said, if Greece implements its policy commitments."

New York Times article:

"There are increasing signs that Greece will fail to make the structural changes to its economy that its leaders have promised. Greek’s prime minister, Lucas Papademos, warned last week that without deeper spending cuts a disorderly default was a possibility, and could result in Greece leaving the euro.

....A drumbeat of bad economic news lately has led many economists to predict the imminent return to recession for many of the countries that use the euro. At the same time, European countries and financial institutions need to raise roughly $2.4 trillion in 2012."

And the frequent "warning" is issued again:

"There are increasing signs that Greece will fail to make the structural changes to its economy that its leaders have promised. Greek’s prime minister, Lucas Papademos, warned last week that without deeper spending cuts a disorderly default was a possibility, and could result in Greece leaving the euro. "

More about the Tranche:

Summary of New Fiscal Plan - Called "The Midterm" or "Troika Plan"

IMF approves €3.2 billion tranche payment

 
 

Also see: Referendum vote likely? May 24, 2011

Austerity

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

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