Tuesday, April 19, 2011

There is no Dutch boy

The late Wim is no longer head of the ECB, but even if he was he wouldn't be able to do anything about the rolling crisis hitting the Eurozone. Latest news comes out of Greece iytself, where a newspaper, the Eleftherotypia has reported what we all know, but few dare say,
Greece has accepted that it cannot avoid restructuring its debt, a Greek newspaper cited a senior European Commission official as saying on Tuesday as market fears of such a move persisted despite denials by Athens.
Financial markets are increasingly convinced Greece will have to renegotiate the terms of its public debt, recognising that its economy cannot grow fast enough to service a burden that is set to swell to 160 percent of national output.
"The Greek government has realised that there is no other way and has accepted a mild debt restructuring," daily Eleftherotypia said, quoting a senior Commission official speaking on condition of anonymity.

Publicly, Greek ministers have consistently denied the government is considering such a move.
Batten down the hatches, and buy land.

No comments: