Looks like Greece might get some help, or maybe not.

[Free Trade is managed by the invisible hand.]

I thought all of this would come on thursday,but apparently the EU is starting to warm to the idea of bailing out Greece. I am also reading reports that conflict with the notion that the EU will bail greece out, but the stock market thinks otherwise.

This is all very good news and is perhaps the biggest sign that a "V" shape recovery is still possible, but things will have to wait for first quarter GDP, and unemployment reports. If the results are positive than the worst should be over.....I wonder when the next report gets released?

[opebo]

It would be mind bogglingly stupid not to bail them out, but lots of stupid things are done by right wing governments.

[Sam Spade]

The funny thing is that Greece is, much like Dubai (even though they're bigger), a real bit player in this whole game.  The two Is and the S in the PI(I)GS are where the real explosives lie.

Therefore, Greece won't get any help.  Or at least not any help that they want (i.e. non-IMF-style).  Watch.  Probably not at least until we've had a bit of real turmoil.

Points to anyone who can tell me why this is (the reason can be found in the post).

[Bo]

How did Greece get in this situation in the first place? The same way that Dubai did?

[Landslide Lyndon]

How did Greece get in this situation in the first place? The same way that Dubai did?

It's a looooong story.
But let's say the fact that the conservative governement we had from 2004 till last October was by far the most inept and corrupt of the last 35 years played a major role.

[Јas]

The funny thing is that Greece is, much like Dubai (even though they're bigger), a real bit player in this whole game.  The two Is and the S in the PI(I)GS are where the real explosives lie.

Therefore, Greece won't get any help.  Or at least not any help that they want (i.e. non-IMF-style).  Watch.  Probably not at least until we've had a bit of real turmoil.

Points to anyone who can tell me why this is (the reason can be found in the post).

The Greeks haven't asked for any financial support. Not yet anyway. (Though it's clear that there is the political will in Berlin and Paris to prevent any possible default. The practicalities are difficult, and I'd be surprised if any eventual aid didn't involve the IMF. Ecofin on Tuesday might lead to some more clarity on this, but probably not.)

By the by, Sam, I'd appreciate an update on your take of the Irish situation - it now being a year since you advised us to stock up on tinned goods.

[Sam Spade]

The funny thing is that Greece is, much like Dubai (even though they're bigger), a real bit player in this whole game.  The two Is and the S in the PI(I)GS are where the real explosives lie.

Therefore, Greece won't get any help.  Or at least not any help that they want (i.e. non-IMF-style).  Watch.  Probably not at least until we've had a bit of real turmoil.

Points to anyone who can tell me why this is (the reason can be found in the post).

The Greeks haven't asked for any financial support. Not yet anyway. (Though it's clear that there is the political will in Berlin and Paris to prevent any possible default. The practicalities are difficult, and I'd be surprised if any eventual aid didn't involve the IMF. Ecofin on Tuesday might lead to some more clarity on this, but probably not.)

Why are the Greeks going to want IMF-style help?  That requires severe austerity measures and the Greeks would probably rather have a revolution than take that on (go see Beet's thread).

The Greeks haven't asked for any financial support, btw, because they don't think they need it.  Kind of amusing if you ask me - their CDS spreads are getting in default range territory.

Once again, I must ask, why are the Europeans (or really Germany) not going to bail out Greece unless we get some real turmoil (and may not even do so then, given the consequences)?  Being in Ireland, you should know.

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Timing is a b!tch.  I haven't changed my mind about it one bit.  You've just been given some reprieve - which allows you to plan.  And profit too.

Ireland is still the biggest bomb out there in Europe - their external debt ratio is mind-boggling and they're not a little dipsh**t state like Greece.

[Free Trade is managed by the invisible hand.]

The Greeks may have not "officially" asked for any economic support, but this is because the greek government does not want to cause any worry for investors. The financial minister has already admitted to this obvious point:http://www.calculatedriskblog.com/2010/02/greek-finance-minister-call-for-help.html

In any event the EU has agreed to help Greece in principal,but we will have to wait for the weekend to end in order to be fully aware of the EU's final decision.

[Free Trade is managed by the invisible hand.]

How did Greece get in this situation in the first place? The same way that Dubai did?

deficits usually increase because recessions dry up revenue.....its just an historical thing.