It looks like Germany has decided that Greece hasn’t given up quite enough of its sovereignty yet. We know that Wolfgang Schaeuble wants to set up an escrow account to make sure loan installments stay out of Athens’ reach (in order to guarantee that debt repayments are made to creditors). But it seems that Berlin also wants to put any money from a Greek primary surplus into that account. Read more
The euro crisis spotlight may be focused on Spain and the larger euro members this week, but it’s unlikely to be long before it swings right around to Greece. Again.
It seems that further EU/IMF loan disbursements to Athens are not likely before September. But some €3.2bn in bond redemptions are due on August 20, requiring perhaps a bridge loan. Read more
Greece’s latest tax revenue numbers were out on Friday, reports the Ekathimerini. Everyone expected them to be dire and, guess what? They are really dire.
Inflows in the first 20 days of May were down 20 per cent on the same period a year ago. The general election in early May didn’t help things, but these figures are still worse than most analysts were expecting. Read more