Wait A Second - I Thought Greece Was Done?
Wednesday, March 17. 2010
Posted by
Karl Denninger in International
Weren't we told Greece was "bailed out", "backstopped", or whatever you care to use? That's all I've heard all week on ToutTV.
So what's this about? Greece May Turn to IMF If EU Fails to Deliver http://abcnews.go.com/Business/wireStory?id=10124540
Quote:
Greece could seek IMF funding to help overcome its debt crisis if its EU partners do not provide "clear support" next week, a government spokesman said Wednesday.
George Petalotis said the March 25-26 European Union summit on how to deal with a potential bailout for Greece will be crucial, as the country struggles to reduce a bloated budget deficit and public debt.
"I believe the summit is when it will become evident whether the European partners want to support a country ... or whether we have to resort to some other solution," Petalotis said.
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Doesn't sound "done" to me!
Oh wait - what's this? F
eldstein Sees Greek Euro-Exit Pressure as Plan Fails http://www.bloomberg.com/apps/news?p...d=a4Wx3yJPeNXY
Quote:
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“The idea that Greece can go from a 12 percent deficit now to a 3 percent deficit two years from now seems fantasy,” Feldstein, an adviser to U.S. presidents since Ronald Reagan, said in a March 13 interview in Geneva. “The alternatives are to default in some way or to leave, or both.”
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Of course it's a fantasy. So tell me this - why are the markets going up in the belief that the Greece problem is in fact fixed, when:
Continues: http://market-ticker.denninger.net/a...-Was-Done.html