EU Seeks to Keep Crisis Fight on Track After Greek Vote

Posted by Forexsq 648 days ago (http://www.bloomberg.com)
img Greek lawmakers’ midnight approval of a 2013 austerity budget put the onus on European finance ministers meeting later today to keep their three-year crisis fight on track.

The finance chiefs gathering at 5 p.m. in Brussels intend to prevent a 5 billion-euro ($6.4 billion) Greek bill redemption on Nov. 16 from triggering an accidental default, while they’re unlikely to ratify a 31.5 billion-euro payment to Greece that has been frozen since June, a European official said Nov. 9.

We remain confident that European support will be agreed on by the end of November, or early in December,” Erik Nielsen, London-based chief global economist at UniCredit SpA, wrote in a note to clients yesterday.

With the euro-area economic slowdown reaching Germany and stoking mounting public protests in France and Spain, German Chancellor Angela Merkel will travel to Lisbon today, following her trip last month to Athens. European Central Bank President Mario Draghi said last week the outlook for the euro area is worsening. The euro has fallen 0.8 percent against the U.S. dollar since Nov. 7.

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