14 February 2012

Greek tragedy

The Independent editorial gets it slightly wrong:
As things currently stand, Greece will receive the €130bn it needs to stave off a disorderly default and it will be able to write off €100bn of privately held debt. But the agreement has to be finalised by EU finance ministers in Brussels tomorrow; only then will the money be released.
Well no, actually.  There remain some significant details to be cleared up.  The Greek leaders need to give believable assurances that the agreement will be implemented; a missing 325 million euros of cuts need to be identified; and the German Bundestag (don't ask why) has to agree the arrangements on 27 February.  None of these is a given.

Oh, and the final humiliation, the funds will be paid into a special escrow account so that the troika can ensure that it is not misused.

On and on and on.  While Athens goes up in flames ...

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