Archive - May 23, 2011 - Story

It is now as if Europe is urging Greece to fail. The EU's Olli Rehn, better known as lord protector of Ireland (and now Portugal), for once said the sensible thing when he commented on Greek prospects to privatize €50 billion worth of assets: the latest condition for the country to procure additional bailout funding. In word (or two) - not good. This obviously could be a major issue because as we noted yesterday, the country now suddenly only has 2 months of cash left. So if even the very entity that imposed this condition is saying it is a moot point (something we observed yesterday), then why engage in the exercise at all? And how long before Europe (and whoever heads the IMF at that time) decides to pull the plug entirely...

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