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European Commission joins Greek bailout saga

Despite the fact that the European Union and the IMF have been in talks with the Greek authorities for some days now the European Commission has today commented on the situation suggesting that a deal will be concluded "in the next few days". However, investment and debt markets are unmoved by this comment as we have heard this all before over the last few weeks.

Now is a time for action rather than words and unless the European Union and the IMF quicken the pace of the ongoing talks there is a serious danger that the euro zone could collapse. This is the first real test for the European Union and so far, after a decent start, the signs are not good. Markets had expected immediate and determined action to tackle the problem but all we have is internal fighting amongst euro zone members and delay after delay after delay in the delivery of the actual bailout package.

Even today there is not one member of the European Union or the IMF who can categorically clarify the amount of money which the Greek authorities require. This despite the fact that a fund of EUR45 billion had been initially suggested.

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