As Bloomberg reports, Greece is still having trouble coming to terms with a bailout package:
Greek stocks and bonds fell on Monday after the government in Athens failed to bridge differences with European creditors over the conditions attached to the country’s latest bailout review and the International Monetary Fund warned that its debt is on an unsustainable path.
In fact, Greece isn’t anywhere near a position that creditors want to see in order to feel comfortable lending the country more money:
Almost two-thirds of the actions creditors have demanded for the disbursement of the next tranche of emergency loans have yet to be completed, the government conceded in a memo discussed between Finance Minister Euclid Tsakalotos and bailout auditors last week in Brussels, a person familiar with the matter said.
Greece has avoided complete economic collapse via a bailout involving the European Stability Mechanism, the European Commission, the European Central Bank and the IMF since 2010. The country is now trying to renegotiate the terms of that loan, which it is having major issues repaying due to ongoing economic turmoil.
Its creditors are open to more favorable terms, but only if major measures are first taken to sustainably shore up Greece’s finances.
The Global X MSCI Greece ETF (NYSE:GREK) fell $0.16 (-2.02%) in premarket trading Monday. Year-to-date, GREK has declined -1.03%, versus a 2.07% rise in the benchmark S&P 500 index during the same period.