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FINANCIAL NEWS

Eurogroup Meeting May Point To New Measures For Greece

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Economic diplomacy is underway in Luxembourg on the way EU countries will politically accept the revision of the Greek deficit and debt that threatens to subvert the goals of the 2011 budget, but also on the question of extending the loan, and - possibly - the Memorandum.

On the sidelines of a two-day meeting of finance ministers, Greece’s George Papaconstantinou will attempt to understand the intentions of his colleagues on the impact of the announcement by Eurostat on 22 October and - if possible - to form a favorable trend for Greece. Officials do not exclude a debate on the extension of the repayment of the Greek loan, depending on the weight of developments.

The problem is that the Greek government now has to manage another unknown factor, the revision of its 2009 deficit. It is expected to know the exact figures on Thursday and thus try to figure out the "weight" in this years budget and the additional costs that will incur the following years.

Executives of the economic team in recent days say that they are unaware of the final outcome.
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