Just dawned on me; poor old George must be getting real tired round about now. He’s on the go day after day, week after week. I hate to think what his blood pressure must be like. Maybe I should send him over some of my pills.
- His first task is to restore credibility, then implement structural reforms
- Greece has potential to become thriving economy
- Commited to stability of euro
- If Greece keeps borrowing at high rates, cannot sustain deficit reduction
- Greece not asking for help, but needs political support
- Europe needs to take action on Greece
- Greek problems should prompt institutional changes in EU
- Aid mechanism needed for euro zone countries in trouble
- Hopes it will not be necessary for Greece to go to IMF
- Greek austerity measures are like those a country takes under IMF programme
- Prefers European solution to Greek problems
- Greece will not default
Meanwhile Greek 5 year credit default swap widens to 295.7 bps from 287.7 bps in late New York Wednesday.
Greek/German 10 year government bond yield spread widens to 310 bps, up 7 bps on day.
EUR/USD slips back again, presently at 1.3665.