Greece and Troika deal after EU summit

http://community.nasdaq.com/News/2012-10/greece-and-troika-deal-after-eu-summit.aspx?storyid=181478

FXstreet.com (San Francisco) - "It is difficult to reach an agreement by the EU Summit" said Greece's Finance Minister Giannis Stournaras on Monday after meeting with Troika's officials. "There is still the issue of the debt sustainability and the financing gap," Stournaras added and pointed that "all show that we are heading towards an emergency Eurogroup" meeting.

"It is difficult to reach an agreement by the EU Summit. Negotiations are progressing but there are a lot issues still open. Structural and fiscal measures will be determined just before or just after the Summit," states the Greece minister.

On the other hand, talks from German press say that Greece would have a extension of two years to repay its bailout loans. This "has helped lower Greek-German bond spreads to their narrowest in 6 months when the restructuring took place," as said Jamie Coleman from Forexlive.com.

The budget would be voted after summit and next bailout tranche to be disbursed in the middle of November.

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