Via Peter Tchir of TF Market Advisors [5],
So, what are the steps here? Approve it. Handholding press conference. Lots of "defining moment" and "mission accomplished" speeches. Then what? Rumors that 20 billion or more of bonds won't agree to the PSI (that is only 10%). Rioting in the streets? (those ungrateful people just don't understand the need to sacrifice themselves for the greater good). Then we wait to see the reforms fail? If the PSI works and the people accept their fate, at least we bought a few months in Greece because it takes some time to see the plans actually fail.
How long until other countries question the wisdom of paying par on their bonds (even with money they are borrowing from central banks)?
It will be interesting to see if they try and jam in a retroactive collective action clause and what other details come out of this plan.
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- BN 02/07 13:33 *GREEK DRAFT DOCUMENT ON MEASURES FOR FINANCING, OFFICIAL SAYS
- BN 02/07 13:33 *GREEK GOVERNMENT OFFICIAL SPOKE TO REPORTERS IN ATHENS
- BN 02/07 13:32 *GREECE WORKING ON FINAL DRAFT OF DOCUMENT FOR LEADERS: OFFICIAL
- BFW 02/07 13:34 Greece Working on Final Draft of Document for Leaders: Official
[6]
Greece Working on Final Draft for Leaders Meeting, Official Says
2012-02-07 13:36:22.5 GMT
By Marcus Bensasson
Feb. 7 (Bloomberg) -- Greek officials are working on the final draft of the document listing the budget and structural measures required to receive international funding, a government official said.