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IMF Threatens to Cut Off Greece if €12 Billion of Austerity Isn’t Made in 3 Months
A new report by the International Monetary Fund on Greece requires 12 billion euros of more austerity measures in order to close the funding gap for both 2013 and 2014.
The IMF expects Greece to pass these new measures within the next three months. Otherwise, it will withhold the next tranche of aid to Greece, due in 3 months. This goes to show that the successful completion of the second bailout for Greece just bought more time, even though it finally included a huge restructuring of debt, worth over €00 billion of debt forgiveness.
US Jobless Claims Drop Below 350K
The number of employment claims dropped to 348K in the US, a bit better than 353K that was expected. Last week’s number was revised from 351K to 353K. All in all, the figures are within expectations and point to the same gradual improvement seen beforehand in the US labor market.
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