US Treasury Secretary supports Greek reform package

US Treasury Secretary Timothy Geithner Sunday threw US support behind the latest Greek economic reform package and said the United States would encourage the International Monetary Fund (IMF) to back this agreement.
“We welcome the program of economic reforms agreed to by the Prime Minister of Greece and the coalition parties, and the public statement of support from the major economies of Europe,” Mr. Geithner said in a statement.

“This is a very strong and very difficult package of reforms, deserving of support of the international community and the IMF. The United States will encourage the IMF to support this agreement, ” noted the statement.

The United States is the largest shareholder of the Washington based Global lender.

The Greek cabinet approved Saturday evening a final supplementary austerity package to secure further International financing next week to avoid bankruptcy in March.

The additional 325-M Euros worth (US$427-M) spending cuts sealed Saturday were one of the last preconditions set by the European Union and IMF in order to give the “Green Light” to a 130-B Euro bailout package to Greece, the 2nd in 2 yrs.

Greece has been committed to a total of 3.2-B Euros budget cuts this year included in a bill approved by the assembly Monday in order to secure the release of further international funds on time to repay a 14.5-B Euro Bond on 20 March.

Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
www.livetradingnews.com

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Posted by Shayne Heffernan on Feb 20th, 2012and filed underCentral Banks, Currencies, Europe, Financials, Forex, Fundamental Analysis, Latest News, Oil, Paul Ebeling, Rates & Bonds.You can follow any responses to this entry through theRSS 2.0Responses are currently closed, but you can trackback from your own site.