The highly anticipated report on Greece from the Troika (EU/ECB/IMF) has been seen by Der Spiegel, and the outlook is bleak...
Here are the key details... refresh for updates:
- Greece won't be able to return to the market in 2012, as previously hoped.
- GDP will continue to shrink for the rest of this year and next.
- A new bailout will be needed, but this will violate current IMF rules, which stipulate that there has to be an expectation of an imminent ability to payback the loan.
- Implementation of reforms have come to a "standstill" in recent quarters.
This is the devastating line from the report: "Given the remoteness of Greece returning to funding markets in 2012, the adjustment program is now underfinanced. The next disbursement cannot take place before this underfinancing is resolved"
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See Also:
- Everything We Know About The Revised Greek Bailout And Austerity Package Right Now
- Here Comes Greece To Save The DAY: EU-IMF Review Completed "Positively"
- Whoa, Have You Seen Greek Stocks Today?
Full story at http://feedproxy.google.com/~r/businessinsider/~3/_w-v1TwQoc8/troika-report-leaked-2011-6
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