- EFSF to buy back Greek debt itself, not Greece
- To focus buying on debt trading at less than 65 cents
- Bond buyback not limited in size to EUR 20 bln figure indicated after summit (+)
- IMF has not decided yet on its share of new Greek bailout (-)
- EFSF may not raise all the money for Greece agreed by Euro zone leaders in cash; may provide own bonds (not sure)
A lot to digest here, some positive for the euro, some negative. Key to me is that it will be almost six-months before they get their act together, a life-time in the Greek debt debacle.
