Trouble Brewing: Greek Tragedy Mark Two?

Trouble Brewing: Greek Tragedy Mark Two?

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Greek stocks tumbled 6 percent on Friday, falling to a six-month low, as the country faced yet another political crisis, compounded by rumors of a suspension of bailout money from the International Monetary Fund.

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Officials involved in the management of the Greek bailout told the Financial Times on Friday that the organization could suspend aid payments to Greece by the end of July due to a 3-4 billion euro shortfall in the 172 billion euro rescue program.

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The shortfall is because euro zone central banks refused to roll over the Greek bonds they hold and the possibility that privatization plans in Athens were falling behind schedule, the newspaper said.

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Greek stocks fell on the news and the yield on 10-year government bonds rose to more than 11 percent.
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Kiran Moodley – CNBC