25th October 2011
Markets remained flat yesterday after 5 days of rallying came to a hold as the Eurozone's ugly head stuck itself out again. An extra €8 billion was asked to prop Greece up until the end of the month after they missed this month's payments by €1.5 billion.
The Eurozone grand plan to boost its bailout fund hit a hurdle as Slovakia voted no to increasing guarantees to the EFSF. This may turn into a yes after many re-votes however this now sets a precedent for other members who are actually poorer than Greece to stand up and be noticed.
To make this clear Greece will not make their payments this year and are questionable to start covering its costs by end of 2012. Euro sits firm at 1.3600 handle , last time we had issues like this we sold off $0.05c.
Posted by Andrew Johnston
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