Greek bail-out teams face hard balancing act

Article reports that Greece capitulated to market pressure on the 15 April 2010 and asked the European Commission for 'consultations' on a €30bn loan package to stave off default.

George Papaconstantinou, Finance Minister, said in a letter to the European Commission that the government wanted to discuss 'a multi-year economic policy programme with the Commission, the European Central Bank and the International Monetary Fund'.

Officials from the European Commission, European Central Bank and the IMF were planning to spend two weeks in Athens following the call co-ordinating a three-year programme of fiscal and structural reforms with Greece’s finance ministry.

Hope burns brightly in the IMF that this could be another Brazil. But fear that it could be a re-run of Argentina casts a long shadow.

ESO: Background information: Greece seeks talks on €30bn rescue http://www.europeansources.info/record/greece-seeks-talks-on-e30bn-rescue/

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