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Greek government wanted European debt solution

The Greek authorities have today confirmed that whilst they are not against assistance offered by the International Monetary Fund (IMF) they would rather have a 100% European initiative on the table. This comes at a time when the Greek authorities are looking at a meeting with European Union leaders which is expected to last 10 days and should rubberstamp budget requirements and the rescue package once and for all.

The Greek authorities have today also confirmed they will "drawdown the money when required" which many are taking as an indication this could happen soon rather than later. Whatever does happen over the next few days there is no doubt that money will be required by the Greek authorities as the cost of debt on the commercial money markets continue to rise, set against the difficulty Greek economic backdrop.

This debacle has gone on for far too long now and needs to be concluded and resolved as soon as possible. The constant drip feeding of positive news regarding a potential compensation package had given investors hope for the future but why has a ten-day meeting been arranged if everything has already been agreed?

The longer the situation drags on the more damage this will do to the European investment and European debt markets and could have a knock-on effect to other weakened European economies.

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