Greece Is Saved, Again, As Eurozone And IMF Reach Deal On Greek Debt/GDP of 124% By 2020

Tyler Durden's picture

No 4:00 AM morning session this time, as the general revulsion to even pretending to work on behalf of a totally destroyed country is tangible:

  • EURO ZONE MINISTERS, IMF REACH DEAL TO CUT GREEK DEBT TO 124 PCT/GDP IN 2020 THROUGH PACKAGE OF EXTRA STEPS TOTALLING 20 PCT/GDP -OFFICIAL

Phew - great, Greece is fixed or something. The only problem, of course, as we explained earlier, is that Greece has to magically grow its GDP by EUR 50 billion from EUR 184 billion to EUR235 billion by 2020 for this 124% debt/GDP to be hit (and another EUR 20 billion in the next two years). No, really.

Behold, Europe's magic stick, which puts every "hockey stick" ever conceived to shame.

And this is how previous IMF projections of Greek economic results have fared: