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Saturday, 24 November 2012

No more money: Greece left alone to weather the storm

Germany's Chancellor Angela Merkel arrives at the European Union (EU) council headquarters for an EU leaders summit discussing the EU's long-term budget in Brussels, Belgium, November 23, 2012.  REUTERS-Francois Lenoir
Is this a look of a desperate person?
Germany's Chancellor Angela Merkel arrives at the European Union (EU) council headquarters for an EU leaders summit discussing the EU's long-term budget in Brussels, Belgium, November 23, 2012.

There was no budget accepted, but on the other newswires Greece got its break from creditors:

SYDNEY (MarketWatch) -- Greece's international creditors have agreed to a new Greek government debt target of 124% of gross domestic product by 2020, according to reports out late Monday. Euro-zone finance ministers and the International Monetary Fund have agreed on measures that will see Greece's debt cut by 20% of GDP, according to the reports. Talks between the euro-zone finance ministers, the European Central Bank and the International Monetary Fund took place in Brussels late Monday, and a press conference is set to be held after the talks.

Remains unclear whether Germany is on board with this decision. They are definitely not giving new 44 billions euros to Greece. The creditors probably extended the maturity, no one is going to knock the Greeks'  door for money in the next few months. and no more interest rate.

BUT on the downside NO more money for Greece- they will stand alone against what mother nature will throw into them.

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