Following on from our previous post about the Greece situation, we have had a lot of focus on the unfolding situation in Greece and have set out an update of the days ahead and what is happening. We presume that these will correspond with big moves in the markets and headlines.
It can realistically be questioned that even if the IMF first payment is made then will Greece make it through May without more bailout funds?
April 9th (Thursday) – Repayment to the IMF of 450mio
April 14th (Tuesday) – there is a 1.4bn t-bill maturity of 750mio which is reported to be owned mostly by foreign persons
April 15th (Wednesday) – ELA review and regular ECB Governing Council meeting
April 17th (Friday) – Spring meetings of the IMF
April 24th (Friday) – Meeting in Riga of the European finance minister
May 1st (Friday) – IMF repayment of 200mio EUR
May 8th (Friday) – Another partially owned 1.4bn t-bill maturity
May 11th (Monday) – Meeting of the European finance minister
May 12th (Tuesday) – IMF repayment of 760mio
May 15th (Friday) – 1.4bn maturity of t-bill. This will have less foreign ownership
We have commented previously on what the possibilities are for Greece, so we see this post as a natural follow on. There have been a number of reform proposals submitted and a lot of time wasting. However, with all of the road blocks outlined above in the days ahead, we hope there will be greater clarity going forward.