Creditors Not Done Shoving A Hot Poker Up Greece's Ass

When Germany says 'bend over,' you say 'how far'.
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If anyone thought Greece and its creditors reaching a deal this week- ahead of schedule!- was a harbinger of better days to come, they thought wrong! Over the next few months, the Hellenic Republic is going to be thinking downright fondly of the era when it was begging for money and people weren't having night terrors starring Angela Merkel tucking them in for bed.

The European Union moved to keep Greece on a tight rein after its latest bailout, with sources saying the 85 billion euro ($94.83 billion) deal will be reviewed by lenders in October and any discussion of debt relief will only come at a later stage. Greece was forced to accept tougher terms than were initially on offer and its creditors want to be sure that reforms are being carried out as promised. Germany, for one, said the agreement lacked clarity on Greece's policy direction. "There will be a strong first review of the implementation of measures in October," an EU source said. At the same time, rescue funds for Greek banks will be placed in a special account and the lenders will receive fresh equity only after a "stress test" is finished by the end of October, several sources told Reuters.

Creditors to subject Greek deal to tough October review [Reuters]

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Greece doesn't need any of you! Greece's finance minister on Thursday denied a report citing the country's representative to the IMF as saying Athens would need a third bailout package. The euro weakened against the dollar on the report, which was later also denied by the official quoted in the article and came as international inspectors are mulling handing over the next tranche of Greece's second aid package. "The country's positions are formulated by the Prime Minister and the Finance Minister," Greek Finance Minister Yannis Stournaras told Reuters in response to the Dow Jones/Wall Street Journal report. The article quoted Thanos Catsambas, Alternate Executive Director at the IMF Executive Board representing Greece, as saying the country would need a third bailout from European creditors. It also reported Greece could not bridge a funding gap and had met only 22 percent of targets for the second bailout...Catsambas issued a statement saying the article included "at least three important inaccuracies". [Reuters]