Monday, November 26, 2012

Euro zone, IMF reach deal on long-term Greek debt

Bullshit.  Plain old down on the farm bullshit.  What is being proposed is a Greek debt expansion.  There is no deal.  There are no willing participants.  The IMF wants nothing to do with a basket case lacking resources to disburse and the EU knows Greece is a black hole.

Reuters says:

To reduce the debt pile, the ministers agreed to cut the interest rate on loans to Greece and return 11 billion euros to Athens in profits from European Central Bank purchases of Greek government bonds on the secondary market.

They also agreed to help Greece to buy back its own bonds from private investors at an expected cost of around 35 cents in the euro, officials said.

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I don't even know how to respond.  The ouzo isn't near enough to make sense of this.  

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