From Gonzalo Lira:
On March 20, Greece has to come up with 14.3 billion euros -- or else it will be bankrupt.
Of course, Greece doesn't have 14.3 billion euros -- that's why the Troika of the IMF, the EC, and the ECB are trying to hammer out a deal to bail them out again: A bailout to the tune of 136 billion euros. They've had marathon-length negotiating sessions, one "crucial emergency meeting" after another -- hell, they even called the Pope to send them a case of holy water and a truckload of wooden stakes. I'm serious!
Last Monday, a deal seemed to have emerged: That's what the announcement sounded like...
But then we all started looking at the fine print of the deal. And that's when everyone who follows this stuff started to realize that the deal wasn't a deal -- merely the illusion of a deal.
A motto of mine: Never try to do the work someone else has already done for you. In the case of analyzing the Greak "deal," I turn to John Ward, who pretty much nailed the critique of the deal...
Read full article...
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