Bloomberg: Greek Finance Minister Evangelos Venizelos made “good progress” in a second round of talks with the European Union and International Monetary Fund aimed at staving off default, the EU said. ＊「金を借りることはできそうだ」というGood Progress？
The telephone meeting late yesterday, which followed discussions the day before, were intended to damp concerns that Greece may miss deficit-reduction targets required to received rescue loans. The EU statement said a “full mission” will return to Athens next week after Venizelos’s talks in coming days at the IMF annual meeting in Washington.
Staying in the euro area is an “irreversible and fundamental national choice,” Venizelos said in a statement yesterday. “We acknowledge that our fiscal data and economic structures are a problem for the euro area, which we are determined to tackle once and for all.”
The EU comments suggest the next payment for Greece is likely to be released next month as Prime Minister George Papandreou counters investor doubts that he can avoid default. European leaders are squabbling over the terms of a July 21 agreement for a second Greek rescue and the prospect that they will be forced to channel more money to keep Greece in the currency union.
Papandreou will chair a Cabinet meeting at 11:30 a.m. Athens time today (Sep 21, 2011) to discuss the content of the talks with the so-called troika team, which comprises the EU, European Central Bank and IMF.
Greek bonds fell yesterday on concern the country would fail to qualify for the payment, the latest from a 110 billion- euro ($151 billion) bailout agreed upon last year. The yield on the 10-year bond rose 2 basis points to 23.24 percent, while the yield on two-year notes added 28 basis points to 64.18 percent. The two-year yield surged 625 basis yesterday before the call.
While Greece says it has enough cash to cover its needs for October, any disbursement of new funds would likely only see it through to the end of the year.
Greece’s woes have contributed to a decline in the euro in recent days. It approached a 10-year low against the yen yesterday after Standard & Poor’s cut Italy’s credit rating one step, adding to the risk that Europe’s debt crisis will raise borrowing costs for the region’s largest economies. The currency was little changed today at $1.3681 and 104.62 yen at 8:10 a.m. in Tokyo.