Head of the ESM on the news

  • Size of bailout fund is sufficient for Greece if it is agreed
  • Contagion risks from Greek sovereign is no longer there
  • Greek banks still oppose a risk to euro region stability
  • If Greece fails to get a 3rd bailout their banking system will collapse

Schaeuble popping up for his daily Greek digest

  • Greek implementation progress will be monitored (they did such a great job last time)
  • Debt forgiveness not possible within euro (but maybe so out??)
  • Greece needs to stick to its obligations
  • Many economists including the IMF doubt whether Greece problems can be solved without a debt haircut
  • Temporary exit would be a better path
  • No one knows how it should work without a haircut

That's a good point. It doesn't seem like anyone knows what to do with Greece and its debt load. All these measures are still just putting fingers in leaks

  • ECB and EC said Greece poses a risk for the Eurozone
  • Achieving Greek debt sustainability is difficult
  • Will not bend a single ESM rule for Greece
  • Will submit a request to parliament for further aid with full conviction