The ECB is set to meet today to discuss the ongoing Greece debt saga. Bloomberg is reporting this morning that Greece is potentially going to accept a 6 month extension to its bail out program and thus avoiding what would be financial disaster. This deal would go some way to explaining why European and US stock indexes finished higher along with the Euro.
European leaders seem to be united in their call for Greece to stay within its austerity program and to accept a 6 month extension. There appears to be no European support for the Greek Finance Minister and his Prime Minister. Greece has two options. Either dig their heels in and ultimately commit financial suicide or accept the offer that is on the table and eat some humble Greek pie in front of their own electorate and admit the mandate they campaigned on failed when they won office and tried to have austerity immediately changed.
The newly elected Greek Prime Minister ran a very strong election campaign promising to get Greece’s austerity program immediately changed but in reality he only said it to get elected.
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