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 [5], 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.
[6]
And this is how previous IMF projections of Greek economic results have fared:
[7]