Wednesday, February 8, 2012

Some Newer Greek Debt Deal is Hailed

Another day, another haircut for holders of Greek debt, this time for the European Central Bank.

The European Central Bank has made key concessions over its holdings of Greek government bonds, which will contribute to a reduction of the country's debt burden and smooth the path toward a new bailout for the country, said people briefed on Greece's debt-restructuring negotiations.

The decision by one of the Greek government's biggest creditors will narrow a gap in Greece's finances, helping pave the way for a debt-restructuring agreement . . .
The Greeks are saved, hooray. Wait haven't we heard this before? To continue:
But it is still unclear whether Greek politicians, facing public outrage, will accept the tough austerity policies pushed by European authorities and the IMF as the conditions to secure a deal.
If I was a Greek politician, I would just keep failing to get the votes needed for a deal, because every time I did, I would just get more concessions out of the EU.

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