BRUSSELS — Greece’s international debt inspectors have discovered that the debt-ridden country still needs an extra €15 billion ($20 billion) in help — on top of a promised €130 billion bailout and a €100 billion debt relief from private investors, a European official said Thursday.

The European Commission, the executive arm of the European Union, has asked the other 16 countries that also use the euro to help foot the bill for the missing €15 billion, the official said, indicating that a limit has been reached of what can be achieved by Athens implementing further cuts and private investors taking losses on the bonds they hold in the country.

The gap could be filled either though more help from eurozone governments or by eurozone central banks or state-owned banks like France’s Caisse de Depots taking a cut on their Greek bondholdings, the official said. He was speaking on condition of anonymity because of the sensitivity of the matter.

The new push for Greece’s public and government creditors to take a cut on their investments — dubbed the official sector involvement, or OSI — is a new front in the battle to save the country from a potentially devastating default. So far the eurozone and the International Monetary Fund have given billions in bailout loans to the struggling country, but they haven’t been asked to take losses.

The official added that a related deal with private creditors to take losses on their holdings has to be announced before the end of the week, adding that experts from national finance ministries will discuss the tentative deal on Friday.

People familiar with the talks on so-called private sector involvement — or PSI — have said that the deal would see investors take losses of more than 70 percent through a 50 per cent cut in the value of the bonds, a lower interest rate of between 3.5 per cent and 4.5 per cent on the bond and more time to pay back the debt.

Analysts estimate that the European Central Bank holds €50 billion to €55 billion in Greek bonds. The majority of these bonds were bought at a discount by the ECB, with the idea that the central bank would up give up any profits it may get on these holdings. However, the ECB has so far given no indication that it is willing to do so, with some of its governing board members saying that forgoing profits would clash with the bank’s ban on funding national governments.

If eurozone states are unwilling to boost their bailout loans beyond €130 billion, some relief for Greece could be achieved by further lowering interest rates on these loans.

Meanwhile :

S&P report says Eurozone recession could end in late 2012

Feb 02 - The eurozone should gradually climb out of its mild recession in the second half of this year and into 2013, said Standard & Poor's today in announcing the publication of its report "Assessing The Severity Of The Eurozone Recession Is A Close Call."

"The core countries will likely lead the way back to growth, with other member countries delivering diverging performances," said Jean-Michel Six, Standard & Poor's EMEA chief economist.

Under our baseline forecast for 2012-2013, which we updated at the end of 2011, we project flat GDP growth for the eurozone as a whole in 2012 and 1% growth in 2013. We currently assign a 60% probability to our baseline forecast, versus 40% for our alternative forecast of a true double dip. This would have a particularly adverse impact in countries like Spain, Portugal, and Italy.

Source: www.reuters.com . . .

a limit has been reached of what can be achieved by Athens implementing further cuts and private investors taking losses on the bonds they hold in the country.

The greeks have not cut jack shit and they do not intend to cut anything.

That is the whole joke about this nonsense,

Everyday, the greek filth finance minister says "we are day away from solving the bond issue, it is just technical details" and evey day gives way to another sunrise and sunset.

The greek filth insist that they will accept no real oversight of actual disbursements from the treasury once they get their next tranche while the germans are insisting on control. Its a matter of manliness and pride for the greeks after all.

Meanwhile Bukkake and Geither print and shovel print and shovel.

You have to hand it to the Greeks. They know that they can keep screwing the hard workers in northern europe because of the stupidity of the eucrats and the sovereign leaders.

What the fuck is a "€"?

The european currency. Shared by spain,italy,france,germany,holland,belgium and so on..

The european currency. Shared by spain,italy,fr*nce,germany,holland,belgium and so on..


There. I fixed it.

Germany will rise again

!!!! LONG LIVE GERMANY

LTK ,your video is forbidden in France. it is a song ?

balls wrote:

The european currency. Shared by spain,italy,fr*nce,germany,holland,belgium and so on..


There. I fixed it.

Why did you remove Italy ? They use the € you know.

simplefrench wrote:

LTK ,your video is forbidden in France. it is a song ?

I think it is the Third Reich anthem

testicles wrote:

What the fuck is a "€"?

Worth more than a $

simplefrench wrote:

balls wrote:

The european currency. Shared by spain,italy,fr*nce,germany,holland,belgium and so on..


There. I fixed it.

Why did you remove Italy ? They use the € you know.

I'm living in next year. You know. Preparing for the future.

There IS no "euro". And I don't recognize bankrupt former nations.

balls wrote:

There IS no "euro". And I don't recognize bankrupt former nations.

Oh how will we ever get by without your recognition?

Simp, why is it banned in france?

this is what you are missing , if you cant read krautish like me

horst wessel lied, see about from being a nazi he was dishonest too

The flag is high! The ranks are firmly closed!
The SA march with quiet, steady step.
Comrades shot by the Redfront and reactionaries
March in spirit within our ranks.
Clear the streets for the brown battalions,
Clear the streets for the stormtrooper!
Millions are inspired when they see the swastika,
The day of freedom and of bread dawns!
For the last time, the call to arms is sounded!
For the fight, we all stand prepared!
Soon Hitler's banners will fly over all streets.
Our time of bondage is nearly over!
The flag is high! The ranks are firmly closed!
The SA march with quiet, steady step.
Comrades shot by the Redfront and reactionaries
March in spirit within our ranks.



Sa are sturmabteilung forerunners of the SS

simplefrench Comments: 64158, member since Wed Mar 19, 2003
On Thu Feb 02, 2012 12:49 PM
LTK ,your video is forbidden in France. it is a song ?

You don't need to know, Simp. Your Government decided it for you. So stop asking questions and pay off the Greeks as your Government is telling ya

simplefrench wrote:

LTK ,your video is forbidden in France. it is a song ?

Horst Wessel

He's going to need to take on an additional paper route to help bail out the lazy greek cretins

MadRusski wrote:

simplefrench Comments: 64158, member since Wed Mar 19, 2003
On Thu Feb 02, 2012 12:49 PM
LTK ,your video is forbidden in France. it is a song ?

You don't need to know, Simp. Your Government decided it for you. So stop asking questions and pay off the Greeks as your Government is telling ya