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Greece has not met any of the fiscal targets set by the International Monetary Fund (IMF) and the European Union (EU

Markets are still worried about the Euro funding status. Hence, Europe’s debt crisis is still in the news. The market is reacting on the basis of reports that Greece has not met any of the fiscal targets set by the International Monetary Fund (IMF) and the European Union (EU). Financial markets continue to get affected with the situation relating to the uncertainty over whether Greece will receive the next 12 billion euro aid, which is required to meet 13.4 billion euro’s in funding. The other countries belonging to the euro zone are also worried and also feel that they are being dragged on account of the Greek payment issue. It was in the month of last May, when Greek took a 110 billion euro ($158 billion) rescue package from the EU and IMF. But it has fallen short of its deficit reduction goals, raising the risk of default on its 327 billion euro debt. This is about 150 percent of its economic output.

European governments are not willing to pledge additional aid to Greece without broader political banking for reforms. This includes aggressive privatizations to meet fiscal targets set by EU/IMF. The European Union is in the favor of drafting a second bailout package for Greece in order to release important loans I the coming month and thereby can avert the risk of the euro zone country defaulting. The euro went up to $1.4407 which is the highest level in three weeks time. This situation took place because of a report that Germany could make concessions on efforts to put together a bailout for Greece. According to Wall Street Journal report, Germany was thinking of dropping its demand for an early rescheduling of Greek bonds in order to provide a new package of aid loans for Greece who is in heavy debt.

Cyprus is now considered as the latest victim of the financial crisis after its credit rating was downgraded by Fitch, the rating agency. Cyprus was downgraded from AA to A. This happened because of the Greek debt crisis with Cypriot Banks assets revealed to Greek firms and households. There is fear spreading around about Ireland who might find it difficult to get buyers for its debt, when it starts testing the money markets in the year 2012. Irish finance minister, Michael Noonan said that the country will not be able to fully come back in the markets. However, it hopes that the NTMA(Irelands debt management agency will be able to collect some private funds in the market in the last quarter of the year 2012.

According to EU officials, Greece could do much more to help. It could sell off State assets. The ECB executive board member, Juergen Stark told Welt am Sonntag newspaper that Athens could collect as much as 300 billion euros from privatizing State property. It is true that Greece lacks a proper land registry and ownership of several potentially lucrative assets legally not sure. However, Greece has a goal of raising 50 billion euros from privatizations by 2015

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Greece has not met any of the fiscal targets set by the International Monetary Fund (IMF) and the European Union (EU

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