How September would unfold for Europe and Greece?
Disastrous Tsunami has already set its way towards the Europe and Greece would be its epicenter. Come Monday and all the attempts to bailout Greece would be put forward and in the course of next 1 month it would clear if Europe collapse will happen in coming months or it would take some time to happen; I have been saying collapse is imminent, its just the matter of time. For those who are unable to track the European updates due to flood of information coming in everyday, here are the dates for some of the very major events of Europe in September:
Key Upcoming Events
- September 9: Deadline for private bondholders to declare participation in Greek Bailout
- September 9-10: Meeting of the G7 in France, Spain votes on budget amendment
- September 9-14: Potential resumption of the EU/IMF Review of Greece
- September 12: Meeting of EU foreign ministers in Brussels, ICB report on UK banks
- September 13-15: Meeting of EU financial ministers in Poland
- September 16: Eurogroup meets in Poland
- September 20: IMF”s Lagarde to meet Greek PM Papandreou (Dow)
- September 29: German Parliament votes on EFSF Changes, Spanish bank deadline to meet new capitalization requirements
Greek Updates to look for:
- Greece’s key concerns regard private sector involvement in the second bail-out, release of the next IMF support tranche (EUR8bn), and the ongoing collateral debate with Finland.
- Private sector investors were due to indicate today (Friday) if they will participate in the July bail-out package. Greece is targeting 90% participation rate, raising EUR135bn in funds. However, media reports suggest the current take up rate is around 70%-75%.
- IMF members are expected to approve the next tranche of Greek aid this month. But talks were suspended at the end of last week to give Athens more time to demonstrate it is meeting its fiscal targets. Informal talks may resume next week, while Dow Jones reports that IMF chief Lagarde will meet with Greece’s PM Papandreou on September 20.
- The EU is asking for a further Greek deficit cut of 0.7% by the end of the year to secure further financing, according to Dow. The IMF would be happy if Athens just met existing targets.
- Citi Economics believes international lenders will push for additional tightening measures, which would likely be announced over the next 10 days.
- Finland has not withdrawn demands for Greek collateral. We do not expect any decisive progress on the matter before the Eurogroup meets on September 16.
- The French parliament approved its part in the new Greek bailout deal on Thursday.