The good news is that Greece managed to raise at least 4 billion euros ($5 billion) from an auction of one-month and three-month T-bills. The results of the sale were better than expected, and some bond traders are reporting that Greece’s liquidity situation is getting better despite overall debt problems. The money will be used to pay off 5 billion euros ($6.3 billion) worth of debt that comes due later this week.
The bad news is that disagreement among Greece’s creditors is heating up and raising concerns that decision making will be delayed. Eurozone officials are apparently in open disagreement about the right strategy and timeline to bring down Greece’s overall debt.
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Jean-Claude Juncker, chairman of the finance ministers, insists that Greece will have until 2022 to to reduce its debt level to 120 percent of GDP.
Christine Lagarde, managing director of the International Monetary Fund, believes the right timeline for that goal is 2020.