GREEK BAILOUT UPDATE: Is everything normal or not?


There seemed to be some confusion last night as to the point I was making about the new tranche of money being paid to Greece. I’m not surprised, because virtually none of scheduled numbers or dates released previously by the Troika tally with what happened yesterday. Bur officially, it seems to me like this:

1. Greece will not get any of this payment for at least two weeks. Thus the country will be getting €9.2bn in “Q2”, where it is supposed to get only 4.7bn. There was a 5bn funding gap in that quarter: so with a little Greek surplus (1.3bn) that would be about right to avoid a May 21st default.

Greekbail283142. I must assume that Greece already received its Q1 amount, otherwise we would’ve heard the squealing of fat Evangelos at being reduced from three to two lunches a day. But if they didn’t get it, then (a) how did they pay the Q1 debt and (b) why is this new figure neither 4.9 nor 4.2bn?

My take on this is as follows:

* This has been snook through at an odd time with a confusing amount so Angela Mirakle can tell the German electorate that this isn’t new bailout money for Greece.

* As Greece can just about scramble together enough to be still alive on May 22nd, the Sprouts can go into the euro-elections lying through their teeth about Greece being “on target and out of trouble”.

But that still leaves another shortfall and thus default looming on 20th August 2014 – see my original post of January.

If any Greek friends/Sloggers are reading this and they think I’m wrong, do please say. And if your or our MSMs don’t pick up this story, can somebody please nudge them awake, because I’m busy on another story today? Cheers.


Last night at The Slog: In memoriam for the Dead and the Consciously Uncoupled.