3rd Greece bailout coming up?

A quickie via BNP:

The "ongoing relief" in Greece is likely to be temporary

There are payment deadlines about to come into market focus in March

"There was no provision forGreece's funding until the end of April in either February Eurogroup decision.Greece must pay expiring IMF loans, Greek t-bills, and GGB coupons in March andApril. E2bn in IMF loans will expire in these two months, with EUR 1.5bn inMarch alone"

BNP expect one of the following three solutions to the funding issue:

  1. More intra-general-government short-term repos
  2. Early disbursement of EUR 1.9bn of SMP gains
  3. Permission to issue additional T-bills that Greek banks will be able to buy using more ECB funding

BNP are also looking for a 3rd bailout program

  • In the region of between E30bln to E50bln
  • Depending on the duration and assumptions around revised macroeconomic data