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yes, interesting, I read an article yesterday quoting "biggest possible IRR if the debt was repaid"
but clearly the author missed that info... that 50% was the max to be expected reimbursement
illustrates how toxic this is,
if you're not on top of it,
better not touch it
Just saw something interesting about part of the deal, the sell-off of 50 billion Euros in public Greek assets.
It seems that this is doubtful. Asset sales were already tried under a previous Greek administration, and it didn't go well. I guess that if they know the seller is in trouble, buyers don't feel they have to bid all that much, assuming they bid at all.
According to the last Greek data, Greece had an average of 1.2 mio of net taxpayers during the last decade (population: about 11.8 mio).
ie: 1 net taxpayer supports about 9 public beneficiaries - from the newborn to children to the old and ill, but most of all to a ludicrously inflated and corrupt public sector.
Much in Greece is comparable in structure to the former "public republics" of Eastern Europe which are now
members or candidates of the E(M)U. The GDR, the former CSSR (now Czech Rep. + Slovakia), Hungary, Poland,
Slovenia etc. - all of them had to go through large reform and privatization programs to get rid of rotten
economic and social systems where most of the people depend(ed) more or less on transfers / public welfare.
Private initiative will be a case of do or die - or Greece will simply fall apart like GDR or CSSR.
