Posts Tagged bailout
Greek Expectations
Posted by Natalie Hamill in European Union on 02/11/2011
If there is one thing we should learn from the Eurozone crisis it is to expect the unexpected and, whatever you do, don’t breathe a sigh of relief too soon. With every hard-negotiated plan to keep the euro area afloat another twist emerges; for who could have predicted that Greece – given a lifeline just a week ago after an eleventh hour summit – would be so ready to cut its own rope and potentially take the rest of Europe down with it. Mere days after the markets bounced back and headlines declared there was ‘light at the end of the tunnel’ the Greek Prime Minister George Papandreou has left many in the EU horrified by his decision to put the latest bailout package to a Greek referendum.
Slovakia stumbles over EFSF vote
Posted by Natalie Hamill in European Union on 12/10/2011
Plans to expand the European Financial Stability Facility (EFSF) have taken a tumble at the last hurdle. Yesterday (11 October), a vote in the Slovak parliament – the 17thand final Eurozone member state needed to accept the reform measures – failed to gather the necessary support, leaving the expansion of the EFSF in disarray. The result of the vote is likely to cause further damage to international confidence in the EU’s ability to resolve the Eurozone crisis, as well as having a severe knock-on effect on the internal politics of Slovakia.
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Un- ‘Finnish’ business
Posted by Natalie Hamill in European Union on 24/08/2011
Greece’s second bailout package looks to be on the cusp of unravelling, as several member states are pushing for their own conditions in return for their bailout contributions. The ring leader, Finland’s new government, is proving a thorn in the side of the would-be Eurozone ‘fixers’, obstinately refusing to roll over and ‘play ball’ and leading others along the path of rebellion. The bailout package, agreed only last month, may well not be ready for Greece’s September payments and, after all the thrashing to try to stay afloat, Greece could finally go under.
Portugal’s pick me up
Posted by Natalie Hamill in European Union on 18/05/2011
After a tumultuous few weeks the Portuguese bailout has come one step closer to fruition, with Eurozone ministers having finally agreed the finer details of the three-year €78 billion loan intended to ‘safeguard financial stability in the euro area and the EU as a whole’.