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Greek Default: Why Now May Be Best Time to Do It
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Greek Default: Why Now May Be Best Time to Do It

  #21 (permalink)
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Prohibition of monetary financing of
the public sector


http://www.abgs.gov.tr/tarama/tarama_files/17/SC17EXP_Prohibition%20of%20direct%...%20of%20the%20public.pdf


ECB Praet: Must Not Circumvent Monetary Financing Prohibition

ECB Praet: Must Not Circumvent Monetary Financing Prohibition | ForexLive

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IMF Draft Sees Greek Debt Reaching 129% of GDP in 2020

LONDON—The International Monetary Fund now expects Greece's debt to reach 129% of the country's gross domestic product in 2020, three people with direct knowledge of a draft debt-sustainability analysis put together by the fund said on Sunday.

That is even further above the level most economists consider sustainable than previously thought, making it more difficult than ever to argue that the country can ever repay its debts.

IMF Draft Sees Greek Debt Reaching 129% of GDP in 2020 - WSJ.com

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20.18 Reuters has seen a leaked troika document showing that - as expected - Greece's debt will only be cut to 129pc of GDP by 2020. This is bad news because the IMF is still demanding that Greece hits the 120pc target to qualify for a bail-out. Clearly there will need to be a lot of compromise in Brussels tonight...

Debt crisis and Greek bail-out: live - Telegraph


......Dutch Finance Minister Jan Kees De Jager wants the EU and IMF to take "permanent" control of government decision-making on revenues and public expenditure in Greece

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Eurozone ministers agree on ways to cut Greek debt to 123/124pc of GDP by 2020, aiming to go close to 120pc. Eurozone in talks with representatives of private sector about finding further debt relief. Issue of ECB forgoing profits on its holdings of Greek bonds remains a sticking point.

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EU ministers work through the night on Greek bailout, but issues remain over spending controls

By Associated Press, Updated: Monday, February 20, 6:02 PM




BRUSSELS — Eurozone governments worked into the night on Monday, hoping to agree on a long-awaited rescue package for Greece that would save it from a potentially calamitous bankruptcy next month, but several key points of division remained, senior officials said.


EU ministers work through the night on Greek bailout, but issues remain over spending controls - The Washington Post

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Eurozone ministers agree on ways to cut Greek debt to 123/124pc of GDP by 2020, aiming to go close to 120pc. Eurozone in talks with representatives of private sector about finding further debt relief. Issue of ECB forgoing profits on its holdings of Greek bonds remains a sticking point.

I just don't get any of this.
We are supposed to consider what Greek debt will be in 2020, some 8 years from now when, it seems, everyone has
been unable to correctly assess any figures about anything even 8 days into the future....

We're all being led down the path and I get the impression it 'aint to a blooming garden..
I need a lie down...

Every moment I wake up I realize I know nothing, and then I smile...
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Patrick Cockburn: Greece sells its independence to escape the burden of debt - Commentators - Opinion - The Independent

"Greeks expect to agree a deal with the Eurozone leaders tomorrow that will cede much of their country's independence. Greece will become an economic – and to a large extent a political – colony of Germany and its allies. Berlin will have a say in everything from the choice of prime minister to the types of medicines dispensed by pharmacies.

In return for €230bn, made up of €130bn in fresh loans and €100bn in write-downs on privately held Greek government bonds, Greece is relieved from its immediate debt burden. But the money does not go to the Greek government, still less to the Greek people. It simply leaves them to live off the money they earn."

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BRUSSELS (Dow Jones)--Efforts to complete a new, enhanced bailout deal for Greece have snagged on a demand from the International Monetary Fund and the euro zone that private creditors take an even larger loss than already foreseen, officials involved in the talks said late Monday.

Officials said the 16 euro-zone creditor governments had agreed in principle on measures that would reduce Greece's burden to 123% of gross domestic product by 2020, leaving a gap of little more than EUR5.5 billion ($7.3 billion) to be bridged.

As reported, that gap originally had been estimated at EUR15 billion. The IMF insists the final rescue plan puts Greece's debt on a path to fall to no more than 120% of GDP by 2020, from 164% this year.

"We're still looking for around EUR5.5 to EUR6 billion to reach the 120% target," one official said, noting all the parties concerned were trying to force a different party to accept the extra costs.

Officials noted wringing extra compromises out of private creditors is bound to be extremely tough. Greece's private bondholders already have agreed to write off 50% of the face value of their holdings, plus lower interest rates and longer repayment schedules. Moreover, their representative in the talks, the International Institute of Finance, is unable to guarantee the bondholders ultimately will accept the terms of what is supposed to be a voluntary debt restructuring.

Eurogroup Greece Talks Snagged On Demand For More Private-Sector Involvement -Sources - WSJ.com

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zt379 View Post
I just don't get any of this.
We are supposed to consider what Greek debt will be in 2020, some 8 years from now when, it seems, everyone has
been unable to correctly assess any figures about anything even 8 days into the future....

We're all being led down the path and I get the impression it 'aint to a blooming garden..
I need a lie down...



"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
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The following user says Thank You to GridKing for this post:
 
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Well now that I understand the rules...thx

All I see is Trioka being used as middlemen to get the money to the creditors...
This talk of creditor write downs etc...is just smoke and mirrors.
....but what do I know...

Every moment I wake up I realize I know nothing, and then I smile...
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