This morning I noted that:
‘…the undermining of Greece continues in European media: this morning Greek news website Ekathemerini leads with yet another leak suggesting there are ‘significant risks’ that the country might fail to bring down its debt because ‘the authorities may not be able to implement reforms at the pace envisioned.’ This came from the existing private creditors – aka, the US via the AP wire…’
This afternoon Yoham Elay writes to me pointing out his piece at Forex:
‘A new report by the International Monetary Fund on Greece requires 12 billion euros of more austerity measures in order to close the funding gap for both 2013 and 2014.
The IMF expects Greece to pass these new measures within the next three months. Otherwise, it will withhold the next tranche of aid to Greece, due in 3 months.
This goes to show that the successful completion of the second bailout for Greece just bought more time, even though it finally included a huge restructuring of debt….’
So as I say, it seems to me the only question now is ‘when?’
Who knows, maybe with the Americans trying to push Greece out and the Germans secretlly planning to leave, they’ll both go.
The eurocrats are disorganised enough to arrange it.