Euro zone officials are in talks to implement or withhold a sixth bailout to Greece because of its financial policies and over-spending. Overall it seems they are willing to go the extra mile to save Greece, but currently are not getting enough in commitments back from Bank of Greece Governor George Provopoulos. It seems the world bank heads are giving a lot of rope to Greece with the latest round of default threats to a country that claims they were the first to start the democratic system that we all enjoy. Maybe the bank heads are waiting for a pinky swear and a nice Mediterranean side salad and a life time supply of Gyro platters before they send more financial aid.
We will probably never truly know the deal but it might not be as far fetched as it sounds since they really don’t have much else to offer other than “I promise” and a nice meal. Greece may have delivered recently as the European Central Bank in conjunction with the Federal Reserve (U.S.), the Bank of England (BOE), the Bank of Japan (BOJ) and the Swiss National Bank (SNB) announced on September 15th to provide as much U.S. dollar liquidity as necessary in three different phases with a maturity of approximately three months that will keep things afloat until the end of the year.
Word of the 6th bail-out without calling it a bailout has given some life to the euro which has been getting hit pretty hard this month against the U.S. dollar and the Yen. The latest round of rescue help has given Euro investors a bit of a breather but whether it is enough remains to be seen. In the meantime you may see a bit more life to the Euro for the remainder of the year with this latest stimulus package unless anything unforeseen hits the airwaves.
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