Exchange for what, magic beans?

In amongst the Fed hot air brigade the IMF threw out some comments about Greece.

  • IMF has exchanged preliminary view on debt relief

  • Is ready to consider a Greek program if conditions are met

  • Welcomes the start of talks on debt relief

  • Greece needs long grace periods and maturities without haircuts

  • Replacing debt with less-expensive debt would help

Hands up if you would like to replace your debts for a less expensive ones, particularly if you were skint? Not too fast, the waft of arms might cause a hurricane somewhere.

May 24th is when the next can is being lined up for kicking.