Wrangling over Bailout Continues as Greeces Inches Toward Default

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By Trey Thoelcke Published
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After months of wrangling, disagreement and partial compromise, Greece does not have the money it needs to avoid default. The Greek government claims it has gone along with all the austerity requests of the European Union, International Monetary Fund and European Central Bank. The IMF and ECB recently went head to head on how long Greece should have to gain partial control of its finances. Creditors continue to fight as they worry they will be asked to take more write-downs, on top of those they took less than six months ago.

Reuters reports:

Euro zone finance ministers are likely to give tentative approval for the next tranche of loans to Greece on Tuesday although the money is unlikely to be disbursed before December and a deal on debt reduction may also require further talks.

Officials familiar with preparations for the finance ministers’ meeting expect a “political endorsement in principle” on unfreezing loans to Athens, after Greece completed almost all the reforms that were required of it in exchange for funding.

The final go-ahead from the ministers is likely to come only once the remaining few Greek reforms are in place and once there is agreement in the euro zone on how to reduce the country’s huge debt and secure extra financing while it is being done.

Douglas A. McIntyre

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About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.

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