The markets have been calmed by the news of the latest Greek bail out. Politicians are clapping themselves on the back and the Euro as we know it lives to fight on in the international currency markets. We all like a bit of fantasy accounting don't we?
European officials attempting to fend off the euro area’s first sovereign default will try to settle remaining disputes today as they close in on a 130 billion-euro ($170 billion) Greek bailout. Finance ministers meet in Brussels at 3:30 p.m., joining Greece’s prime minister, Lucas Papademos, who arrived on the eve of the gathering. Their talks on his country’s second bailout in two years will aim to reconcile demands made on Greek leaders, a debt swap among private creditors, the role of the European Central Bank and concerns the measures won’t bear fruit.
Chancellor George Osborne should focus on implementing the growth-boosting measures he unveiled last year in the budget due on March 21, Britain's biggest business lobby group said on Wednesday.
Eurozone finance ministers have agreed a second bailout for Greece after marathon talks in Brussels. Greece is to receive loans worth more than 130bn euros (£110bn; $170bn).
Optimism grew on Friday that Greece has finally done enough to secure a second bailout despite worsening relations with Germany, but doubts remained over lenders' demands for tighter supervision of how Athens will implement the deal. Greek officials say they have done everything asked of them for euro zone finance ministers to sign off on the 130 billion euro (108 billion pound) rescue package on Monday -- a month before Athens needs the money to make 14.5 billion euros of debt repayments due on March 20 or go bankrupt.
