The Greek PM says borrowing at high interest rates, twice those paid by Germany, is not sustainable.
Looks as though the prime minister is unfamiliar with the concept of creditworthiness….
A major problem for Greece is that those high borrowing costs will make it very difficult for them to close their budget gap even as they slice spending and raise taxes. Slow growth and high interest expenses will likely badly pressure tax receipts, keeping the Greek deficit high despite Herculean efforts, pun intended.
Also on the wires, Secretary of State Clinton says that the Greek government has not asked the US government for anything…
EUR/USD is range trading, now at 1.3627.
