Ο ΠΟΝΟΚΕΦΑΛΟΣ ΤΗΣ ΕΠΟΜΕΝΗΣ ΜΕΡΑΣ

10:50 28/10/2011 - Πηγή: Olympia

The bondholder

Το coyote, κάτι σαν αλεπού όταν πιαστεί σε μια φάκα τρώει το πόδι του για να ελευθερωθεί. Το ίδιο θα κάνουν και οι Ευρωπαίοι με την Ελλάδα σε δυο μήνες. Είχαμε πει τον Ιούλιο ότι δεν θα κρατήσει η συμφωνία. Ούτε η χθεσινή θα υλοποιηθεί. Κερδίζουν χρόνο για να φτιάξουν τείχος προστασίας για τις άλλες χώρες. Σε μια εβδομάδα οι αγορές θα το δείξουν τρανταχτά.

Bloomberg Oct 27th 2011

European leaders’ agreement to expand a bailout fund

to stem the region’s debt crisisonly buys time as Greece will likely still leave the euro, Harvard University economistKenneth Rogoff said.My read of this is that the markets are cheered that they’re still alive,” said Rogoff, 58, a former International Monetary Fund chief economist. “Even in a fairly short period, doubts will start to grow again.”

Still to be worked out in negotiations, which may fall prey to fresh bouts of political infighting and investor revolt, is just how the firepower of the 440 billion-euro rescue facility will be leveraged and what banks will get in return for accepting the Greek haircut. As next week’s Group of 20 summit looms, nations from Greece to Italy remain under pressure to restore fiscal order and the onus is on a Mario Draghi-run European Central Bank to keep buying bonds.

One goal of the agreement is to lower Greece’s debt as a percentage of gross domestic product to 120 percent. Nations historically have run into trouble when public debt exceeds about 90 percent of GDP, according to Rogoff.

“I don’t think there’s any doubt that Greece would default,” Rogoff said.

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