Sunday, February 05, 2012

Greek talks fail, new deadline noon tomorrow

The FT has the report linked here. In considering the latest brinkmanship it is important to realise this is not a continuation of the dispute over the haircut of the private sector bondholders, but a question of actual money being advanced for the second Greek  bailout.

Now not just potentially scalped private banks, insurance companies etc are crying "enough" this weekend - it is the Troika of the IMF, ECB and EU itself, but also the governments of the other EU member states within the Euro who must raise the cash from the austerity strapped electorates to whom they must eventually look for re-election! A very different kettle of fish.



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