So, what are the steps here? Approve it. Handholding press conference. Lots of “defining moment” and “mission accomplished” speeches. Then what? Rumors that 20 billion or more of bonds won’t agree to the PSI (that is only 10%). Rioting in the streets? (those ungrateful people just don’t understand the need to sacrifice themselves for the greater good). Then we wait to see the reforms fail? If the PSI works and the people accept their fate, at least we bought a few months in Greece because it takes some time to see the plans actually fail.
How long until other countries question the wisdom of paying par on their bonds (even with money they are borrowing from central banks)?
It will be interesting to see if they try and jam in a retroactive collective action clause and what other details come out of this plan.
BFW 02/07 13:34 Greece Working on Final Draft of Document for Leaders: Official
BN 02/07 13:33 *GREEK DRAFT DOCUMENT ON MEASURES FOR FINANCING, OFFICIAL SAYS
BN 02/07 13:33 *GREEK GOVERNMENT OFFICIAL SPOKE TO REPORTERS IN ATHENS
BN 02/07 13:32 *GREECE WORKING ON FINAL DRAFT OF DOCUMENT FOR LEADERS: OFFICIAL
Greece Working on Final Draft for Leaders Meeting, Official Says
2012-02-07 13:36:22.5 GMT
By Marcus Bensasson
Feb. 7 (Bloomberg) — Greek officials are working on the
final draft of the document listing the budget and structural
measures required to receive international funding, a government
The official, who declined to be named, said the document
would be discussed by political party leaders supporting the
government of interim Prime Minister Lucas Papademos at a
meeting later in the day. The official spoke to reporters in
For Related News and Information:
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