EFSF bailout fund approves Greek emergency payment - News and Current Events | futures.io
futures.io futures trading

Go Back   futures.io

> Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events

EFSF bailout fund approves Greek emergency payment
Started:May 9th, 2012 (09:38 PM) by kbit Views / Replies:153 / 0
Last Reply:May 9th, 2012 (09:38 PM) Attachments:0

Welcome to futures.io.

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Thread Tools Search this Thread

EFSF bailout fund approves Greek emergency payment

Old May 9th, 2012, 09:38 PM   #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,839 since Nov 2010
Thanks: 3,275 given, 3,321 received

EFSF bailout fund approves Greek emergency payment

(Reuters) - Euro zone governments kept Greece afloat on Wednesday after agreeing a payment of 5.2 billion euros from the region's bailout fund, despite opposition from some member states following the Greek election results.

After a conference call, the board of the European Financial Stability Facility, the 700 billion euro bailout fund administered by the 17 countries that use the euro, agreed to make the scheduled payment, which will allow Greece to meet near-term bond redemptions and other obligations.

An initial 4.2 billion euros will be paid on Thursday, while the remaining 1 billion will be paid out later, "depending on the financing needs of Greece," a statement said.

It said the remaining 1 billion was not needed before June.

European bond and currency markets were on edge in late trading on Wednesday out of concern the board could decide to withhold the payment because of frustration over the anti-EU/IMF bailout sentiment prevailing among Greek political parties.

"They will get the money," one official who was on the conference call told Reuters after it ended.

Another confirmed that the payment would go ahead and the first 4.2 billion would be paid into a blocked Greek account on May 10.

If Greece were not to get the money, it would face financing problems because of a lack of cash for salaries as well as money for the redemption of 435 million euros of a bond maturing on May 15, a bond that was not fully swapped into new paper under the Greek debt restructuring deal finalized last month.

European leaders are struggling to decide how to respond to Greece following Sunday's election, in which no party secured a clear majority and fringe anti-bailout parties made substantial gains, raising questions about Greece's long-term ability to stick to the program agreed with the EU and IMF.

Senior officials, including Germany's Joerg Asmussen, a member of the European Central Bank executive board, have cautioned Greece that it cannot expect to renegotiate the terms of the bailout and remain in the euro zone.

While opinion polls show the vast majority of Greeks want to retain the euro, most also want to renegotiate the bailout package or scrap it altogether.

EFSF bailout fund approves Greek emergency payment | Reuters

Reply With Quote


futures.io > Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events > EFSF bailout fund approves Greek emergency payment

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

NinjaTrader 8: Programming Profitable Trading Edges w/Scott Hodson

Elite only

Anthony Drager: Executing on Intermarket Correlations & Order Flow, Part 2

Elite only

Adam Grimes: Five critically important keys to professional trading

Elite only

Machine Learning Concepts w/FIO member NJAMC

Elite only

MarketDelta Cloud Platform: Announcing new mobile features

Dec 1

NinjaTrader 8: Features and Enhancements

Dec 6

Similar Threads
Thread Thread Starter Forum Replies Last Post
Greek Parliament Approves New Austerity Bill Quick Summary News and Current Events 1 February 14th, 2012 10:06 AM
European Leaders Agree to Boost Size of EFSF Fund Quick Summary News and Current Events 0 November 29th, 2011 10:00 PM
EFSF Cash For Irish Bailout Running Out Quick Summary News and Current Events 0 November 27th, 2011 12:50 PM
European Bailout Fund For Greek Money Laundering And Fraud Quick Summary News and Current Events 0 November 17th, 2011 08:50 PM
Europe Approves Bailout Plan For Greece, Other Nations Quick Summary News and Current Events 0 July 21st, 2011 05:20 PM

All times are GMT -4. The time now is 09:11 PM.

Copyright © 2016 by futures.io. All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts

Page generated 2016-10-26 in 0.06 seconds with 19 queries on phoenix via your IP