Tag: budget

Endless Supply of Rabbits? Greece to Make April 9 IMF Repayment; Bond Market Unimpressed; Tsipras Heads to Russia
April 4, 2015 0

Endless Supply of Rabbits? Greece to Make April 9 IMF Repayment; Bond Market Unimpressed; Tsipras Heads to Russia

By News Desk

Sure enough, Reuters reports Greece Says Ready to Make IMF Payment on April 9 Greece will repay a loan tranche to the IMF on time on April 9, its deputy finance minister said on Friday, seeking to quell fears of default after a flurry of contradictory statements on the issue in recent days. Greece is fast running out of cash and its euro zone and International Monetary Fund lenders have frozen bailout aid until the new leftist-led government reaches agreement on a package of reforms. That prompted the interior minister to suggest this week that Athens would prioritize wages and pensions over the roughly 450 million euro ($490 million) payment to the IMF, though the government denied that was its stance

Austria "Bad Bank" Goes Bad, $8.5 Billion "Bail-In" Underway
March 2, 2015 0

Austria "Bad Bank" Goes Bad, $8.5 Billion "Bail-In" Underway

By News Desk

Reuters reports Austria Imposes Debt Moratorium on Heta "Bad Bank" Austria’s Financial Market Authority stepped in on Sunday to wind down "bad bank" Heta Asset Resolution and imposed a moratorium on debt repayments by the vehicle set up last year from the remnants of defunct lender Hypo Alpe Adria. The step, allowed by new legislation that gives banking supervisors more power to intervene, followed an outside audit of Heta’s balance sheet that exposed a capital hole of up to 7.6 billion euros ($8.51 billion) which the government was not prepared to fill, the FMA said. The moratorium on repayment of principal and capital lasts until May 31, 2016, giving the FMA time to work out a detailed plan to ensure equal treatment of all creditors, the FMA said in a decree published on its website