Is Greece’s Bad Economy Good for Business?
European finance ministers, the European Central Bank, and the International Monetary Fund failed to reach an agreement on how to release a round of emergency aid to Greece in meetings this week. The funding, necessary for Greece to meet debt obligations due in December, is tied up in technical disagreements about how long Greece should have to meet debt-reduction targets, and how to plug funding gaps.
The situation in Europe has weighed on global markets since 2009 when the crisis entered full swing. The U.S. equity markets are pushing for gains on Wednesday despite the indecision in Brussels. European officials downplayed disagreements, pointing to a meeting on November 26 where the 31.5 billion euros ($40.3 billion) Greece needs to pay its bills will be released.
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“It’s not good news but the market has been waiting for a while now for these issues to be resolved so I guess we can all wait until next Monday,” said Gary Jenkins, managing director of Swordfish Research, to CBS News.