A meeting between Euro zone finance ministers that was set for February 6 has been postponed and may be held sometime next week. The continued delay for any meaningful resolutions in Greece has caused confusion in the markets. A deal was originally supposed to be done last week, then that turned into this week and finally no one really knows when a deal will be done.
The meeting between the euro zone officials was supposed to put the final touches on Greece’s second bailout package. That hit a snag this week as reports came out saying the funds may need to be increased by $20 billion.
In Greece, the EU and IMF are demanding that private sector wages be cut even more. Unions and employers sent the Greek government a letter Friday rejecting those proposals. The private sector has already been hit by a 14% loss in income because of emergency taxes imposed in 2010.
Issues continue to pop up that are derailing the second bailout for Greece. Who knows how much longer it will take, but I’m sure we will hear of an “imminent deal” on Monday.