S&P Warns Greek Bailout Plan Constitutes Default; Greece at Risk of Missing June Target; Spoon Feeding will Continue Until Greece Dies

Wednesday, July 6, 2011
By Paul Martin

By Mike Shedlock

Before receiving the next bailout tranche, Greece May Have Missed June Primary Balance Target
Greece is at risk of missing a key budget target in June, European Union experts said in a report, a sign of the uphill struggle the country faces as it tries to get its deficit reduction plans back on track.
The report, prepared by European Commission budget experts with input from European Central Bank officials and published over the weekend, says that Greece could miss its June target for its primary budget balance, a measure of the government deficit that excludes interest payments on outstanding debt.

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