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German government rules out immediate financial assistance for Greece

Despite signs earlier this week that the EU was prepared to offer financial assistance to Greece in the short term, to help alleviate budget and fiscal worries in the country, it now appears this may not be the case. In what is seen by many as a new bargaining tool, the German government has spoken on behalf of the EU suggesting that no financial assistance will be forwarded until the Greek authorities agree to significant cuts in the national budget.

While it may be the case that after today's meeting we will see confirmation of financial assistance for the Greek authorities, there is a feeling that some members of the EU are dragging their heels at the moment. The German government was one of the initial members of the EU to question a no holds barred bailout without significant concessions from the Greek authorities. It would appear that this particular opinion has now spread to other members and the Greek authorities are under pressure again.

While investment markets have shown little reaction to the German government announcement, possibly in the hope that short-term financial backing would be forthcoming, we may see some reaction next week if no deal can be agreed.

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