Greece clears one hurdle only to face next

Yaldaz Sadakova, Market Watch/The Wall Street Journal, 09.03.2012

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Greece has just secured write-down pledges from its private creditors in a historic bond swap, clearing the last hurdle to a second bailout to avoid an immediate default. But the country isn't out of the woods yet.

Fears are growing that Greece, the epicenter of the debt crisis in Europe, may actually need a third rescue package due to lack of growth prospects. Many are also concerned that Athens may need to restructure its public debt. Adding to this uncertainty are upcoming parliamentary elections. […]

Political uncertainty

In late April or early May Greece will hold parliamentary elections. The uncertainty of that outcome adds to the volatility of the current situation.

Janis Emmanoulidis of the European Policy Centre said in a recent briefing: “A vast majority of Greeks understand the urgency of the moment. Around 65% to 70% want Greece to stay in the euro and I think that this will influence ... the way in which people will be voting.” […]

For the entire article see here.


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