No peace for the wicked they say.. I'm back. Congrats to Novak. Always tough to beat a legend like Federer as Murray found out on Friday
Anyhow I digress. Reuters has some headlines based on seeing a draft of the Eurogroup communique/terms for Greece which form the basis of the talks now under way between the Eurozone top bods
- €82-86bln financing needed
- €7bln by 20 July, €5bln by mid-August
- "serious concerns" on Greek debt sustainability, haircuts not possible
Looks like "Mr Happy" Schaueble and others got their way then
- ESM programme for Greece would include €20-25bln for bank capital, inc €10bln available immediately
- Greece to pass laws by Wednesday streamlining vat and broadening the tax base and reforming pensions
Is that going to be do-able for Tsipras & Co ?
- bailout-loans would only start after laws passed by July 15 and after parliament endorses whole package
- the draft offers alternative ways for Greece to increase and improve privatisation
- offers alternative to bailout - time out from the Eurozone and possible deb restructuring
A Grexit-lite deal being offered as a carrot for debt restructuring. This "time-out" was mooted yesterday as a German initiative, unsurprisingly, on which Adam posted this at the time
