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07-22-2011, 02:27 AM #1
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EUR Surging On "Marshall Plan" For Greece
EUR Surging On Draft EU Proposal Which Sees "Marshall Plan" For Greece
Submitted by Tyler Durden
07/21/2011 08:18 -0400
118 comments
Headlines out of Reuters:
• Draft EU summit conclusions call for "Marshall plan" of investment, growth stimulation for Greek economy
• Collateral will be part of new Greek aid deal according to Eurozone draft
• Draft EU summit conclusions says three options for private sector role in second Greek bailout remain on the table; debt buyback, rollover and swap
• Draft EU summit conclusions says EFSF will be able to recapitalise financial institutions through loans to governments,including non-programme nations
• Cost of recapitalising Greek banks estimated to be total of EUR 25bln according to Eurozone document
• Draft EU summit conclusions see rate of around 3.5% on new EFSF loan for Greece
• Draft EU summit conclusions says EFSF will be able to intervene in a precautionary basis
• Draft EU summit conclusions see extension of EFSF loans from 7.5 years to at least 15 years, according to a Eurozone document
The Rubicon has now been crossed: Europe goes all or nothing on Greece. When this latest bluff fails it is all over.
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