Catches on quick, don’t he?
- Disorderly default of Greece would have disasterous impact on markets
- Greece must make far-reaching reforms in exchange for more aid
- Many people doubt that Greece will be able to pay back debt (we call them doubting thomases round these here parts)
- Sees first signs of economic recovery in Greece (could have fooled me)
- Participation of private sector in additional Greek debt relief “unavoidable”
- Bond swap that extends maturities by 7 years would give Greece time, fair solution
- Working group has been set up to study private sector role in Greek relief that won’t hurt markets (good luck with that)
- Germany will not accept dilution of private sector language in ESM
