LONDON (Dow Jones)–Greece on Friday will formally launch its bond-swap offer to private creditors but doubts remain over the durability of Greece’s EUR130 billion ($173 billion) rescue deal, while a Group of 20 weekend meeting of finance ministers and central bank governors could increase the pressure on European governments to put up more money to guard against new trouble.
Members of the G-20 advanced and developing economies will discuss a proposal to more double the lending capacity of the International Monetary Fund to $1 trillion, which still needs to determine its contribution to the Greek bailout at a board meeting, expected in the second week of March.
The Greek bailout deal sealed earlier this week still faces several hurdles, including parliamentary approvals in Germany, Austria, Finland and the Netherlands.
It also hinges on the successful completion of the bond swap as part of a massive debt restructuring plan. The debt exchange calls for private investors to waive 53.5% of their principal, cutting Greece’s outstanding debt stock by EUR107 billion.
Greece hopes to complete the debt exchange by early April and possibly call new elections soon afterward.
This is the known worry list:
–Friday, Feb. 24: Italian bond auction. Greece to formally launch debt swap offer.
–Saturday, Feb. 25: Group of 20 finance ministers, central-bank governors meet.
–Monday, Feb. 27: Belgian bond auction, Italian T-bill auction. German lower house extraordinary session to vote on Greek bailout.
–Tuesday, Feb. 28: Italian bond auction. Date by which analysts expect decision by the Irish attorney general on whether it will have to schedule a public referendum on the European Union’s new treaty. Finnish Parliament to vote on Greek bailout program.
–Wednesday, Feb. 29: Allotment of ECB three-month, three-year long-term refinancing operations. EUR10.6 billion of Italian CTZ bonds mature. German bond auction.
–Thursday, March 1: Euro-zone finance ministers meet. EUR14.9 billion of Italian BTP and EUR12.3 billion CCT bonds mature. Euro-zone February manufacturing PMI data. Spanish and French bond auctions.
–Thursday, March 1-Friday, March 2: E.U. leaders’ summit.
–Monday, March 5: Euro-zone February services PMI data.
–Tuesday, March 6: Revised E.U. fourth-quarter GDP growth data.
–Wednesday, March 7: German bond auction.
–Thursday, March 8: ECB interest rate decision. German January industrial production data. Expected date for Greek PSI offer.
–Monday, March 12: Euro-zone finance ministers meet. Greece aims to complete PSI by this date.
–Tuesday, March 13: German March ZEW economic sentiment indicator. Italian and Greek T-bill auctions.
–Wednesday, March 14: Italian bond auction.
–Thursday, March 15: Spanish and French bond auctions.
–Tuesday, March 20: EUR14.4 billion of Greek government bonds mature. Spanish and Greek T-bill auctions.
–Wednesday, March 21: German bond auction.
–Thursday, March 22: Flash euro zone March PMI data.
–Monday, March 26: German March Ifo business climate index. Belgium bond auction.
–Tuesday, March 27: Spanish T-bill auction. Italian bond auction.
–Wednesday, March 28: Allotment of ECB three-month long-term refinancing operation. Italian T-bill auction.
–Thursday, March 29: Italian bond auction.
–Friday, March 30: Euro zone finance ministers meet.
-By Jenny Paris and William Kemble-Diaz, Dow Jones Newswires; 44-20-78429347; email@example.com
–Emese Bartha, David Roman, Neelabh Chaturvedi, Alkman Granitsas, Patricia Kowsmann and Eamon Quinn contributed to this article.