Euro zone finance ministers have provisionally granted Greece a two month “technical extension” to its €245bn bailout.
The Eurogroup of finance ministers said in a statement that if a series of fiscal adjustments were carried out within the two month period, the euro zone’s rescue fund – the EFSF – would release the final tranche The Greek government is expected to make a formal request for the extension tomorrow.
At a later date the euro zone is expected to favourably consider an application by Athens for a precautionary credit line. (full story rte.ie)
The news is kind of good for PM Antonis Samaras as the Eurozone finance ministers seemed to favor a six month extension but Athens wanted one to last just a couple of weeks.
The bargain was apparently successful for the country.
But what is a “technical extension” ??? What does it mean for the real pockets of real people? Is it “technical” in terms of “bring the missing paper over”, “need a signature here and a stamp there” or is it some political set phrase to make the pill more easy to swallow?
PS my hairdresser claims that extensions are only artificial and need a lots of technic….