Anorak

Anorak | Companies clear cash from eurozone as Greece’s March 20 D-day nears

Companies clear cash from eurozone as Greece’s March 20 D-day nears

by | 8th, February 2012

THE big crunch day on this Greek thing is March 20. That’s the day that they’ve got to pay back squiddely billions (erm, about £12 billion or so) of money they borrowed years ago.

Normally, governments don’t ever in fact pay back such money: what they do is issue new bonds to that amount, collect the money, then give it to the people with the old bonds. But there’s no one sane out there willing to buy more new Greek bonds, quite understandably, so they can’t do that.

So, they’ve got to agree a deal then borrow the money off the IMF and the EU so that they can pay these bonds back. Or, if they don’t make the deal, they can’t pay the bonds back and they’re

You have already read 1 premium article for free today
Access immediately the premium content with Multipass

Or come back tomorrow



Posted: 8th, February 2012 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink