Eurozone finance ministers announced that they would grant Greece a two-year extension to get its fiscal house in order, but stopped short of giving the go-ahead on the €31.5bn tranche. Eurogroup Chairman Jean-Claude Juncker boldly stated that Athens's deadline to bring debt down to 120% of gross domestic product by 2020 would be extended to 2022.
"Although EU finance ministers agreed to give Greece two additional years until budget and deficit targets have to be met, there has no progress been made what the main sticking point is concerned which is how to raise the extra funds needed resulting from giving Greece more time," said Markus Huber, the head of German HNW trading at ETX Capital.
However International Monetary Fund (IMF) Managing Director Christine Lagarde openly showed her disapproval and said that the two organisations obviously had "different views" on the timetable that the Hellenic Republic needs to complete.
http://www.lse.co.uk/sharecast-news-article.asp?ArticleCode=20493874&ArticleHeadline=london_open:_stocks_drop_as_greece_given_more_time
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