Optimal Financial Management - Important Day for Greece and the Eurozone - 11th February 2015

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Optimal Financial Management  - Important Day for Greece and the Eurozone - 11th February 2015

The Greek government gave a resounding vote of confidence for their new PM's 10 point plan to replace almost 30% of their debt and later today the Eurozone Finance Ministers will meet in Brussels to discuss further whether any changes to the bailout deal are acceptable.

Their plan to reduce their primary budget surplus to 1.49% from the targeted 3% and to swap Greek bonds for government debt were cheered by the Greek politicians but have found very little traction in Europe so far.

Having sent his new Finance Minister on the road last week it was plain to see that although there is sympathy for the Greek situation, many of her creditors are not looking to renegotiate and are unwilling to reduce the debt further considering this had been done already back in 2012.

Greece's current debt stands at €320bn, or 174% of GDP.

If the Eurozone FM's cannot agree a new direction for Greece later today, they will at least give the EU members who meet tomorrow something further to discuss and possibly a new set of boundaries that they may or may not be willing to work with.

There is just over 2 weeks before the bailout exit date and as the clock runs down there are already rumors that should the ECB, EU and IMF not look to work with Greece, they look to other countries to help. This would probably mean the US as their first choice but we could not rule out Russia and China looking to come to their aid given the current political climate in the region.

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