News Headline Summary
Fitch says further cuts in Euro group interest rates would deliver only modest cash flow relief in 2013-2016
- We think the Euro group will extend the program by 2 years to 2016. An extension could mitigate the economic impact of further austerity, but we estimate that it would add about EUR 22bln (11% of GDP) to Greece's fiscal financing needs in 2013 - 2016.
- Factors in a 2 year extension and weaker economy, and points to a further deterioration in Greek public debt dynamics compared to March forecast.
09 Nov 2012 - 12:50
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