Zero Hedge reported this morning that Greece is already in default on its June payment! Will these people never learn? Apparently not! The ink isn't even try on this bailout, and its already in trouble!
from FT.com:
When Greece passed a €28bn austerity package last week, it appeared that months of infighting had come to an end: Athens would get its next aid payment, avoiding sovereign default, and the European Union would sign off on a second, €120bn bail-out to keep Greece solvent through 2014.
But only one of those things is now assured: the €12bn July aid payment is expected to be finalised by the International Monetary Fund on Friday. The second Greek rescue is now being held up by what one senior European official called “an impossible knot” – getting private holders of Greek bonds to help pay for the bail-out, but without the financial markets judging the plan to be a default on Greece’s debt commitments.
But only one of those things is now assured: the €12bn July aid payment is expected to be finalised by the International Monetary Fund on Friday. The second Greek rescue is now being held up by what one senior European official called “an impossible knot” – getting private holders of Greek bonds to help pay for the bail-out, but without the financial markets judging the plan to be a default on Greece’s debt commitments.
