It was revealed late yesterday that European deputy finance ministers and representatives from the Central Bank were going to be burning the midnight oil last night in an effort to piece together a solid rescue plan for debt ridden Greece. Emergency loan options were to be discussed and all of the alternative options were to be brought to the table.
Late last month European leaders stated that they were willing to extend a financial safety net to Greece if it transpired that the debt ridden country was unable to get on top of its debt commitments. While making this guarantee at the time they refrained from giving any detailed breakdown of how this would be done in terms of interest rates and what the specifics of the loans offered would be in relation to repayment periods and duration.
However it has been revealed that the terms that are being put together at present will be similar in scope and duration to those normally offered by the International Monetary Fund and that their standard guidelines will be adhered to.
Another analyst suggested that the rate that will be agreed upon is likely to be calculated using the same methods that were employed for the calculation of the bank guarantee schemes last year.
However the full details will not be revealed until this morning at the earliest or may not be fully known until much later today.Paul Holdsworth, Staff Writer, Gulf Jobs Market News