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Goldman's Erik Nielsen Loses His Greek Optimism
From traditionally cheery Erik Nielsen:
Dirk Schumacher reports from the road: The finance minister has failed to convince Conservative MPs to approve his chosen tactic to get the financial help package for Greece fast through parliament. The finance minister had planned to "attach" the financial help to a draft law that had already passed most of the usual parliamentary hurdles. This plan, however, has now been rejected by the Conservative MPs who demanded a specific stand alone law.
This may significantly delay the whole process of parliamentary approval. There is the possibility of fast track legislation that would take only about two weeks but the opposition would need to approve this. All this does not imply that the financial help will not be approved by parliament in the end, but it has significantly increased the possibility that the German part of the package will be disbursed only later.
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erik, grab a brain - i hear brains have been marked down at walmart! the germans will send exactly 'NO' money to greece. the math fails to work - so no bailout from the germans.
Awwww... So, does this mean that counting on nepotism, corruption and moral hazard may actually NOT be an optimal investment strategy? This could be serious...
A rate around 5% - as agreed - seemed like fair when the market was 7%. Now the 2 year market is 10%, surely the Germans will push Merkel to try to renegotiate? - and screw things for another week or so in the process? Isnt the next step that Greece simply runs out of cash.... o dear