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Friday, November 30, 2012

Deal? What deal? [updated]

Place du Luxembourg Blog has a really interesting take... don't miss it : The Latest Greek Deal – Another Indictment of Intergovernmentalism 

Bloomberg Businessweek thinks that The Greek Rescue Plan Is No Rescue at All

Joe Weisenthal at Business Insider  The Greek Deal Actually Accomplished Something

Bloomberg editorial d/d 28/11  Europe’s Plan C for Greece Is No Better Than Plans A or B

MY OVERSIHGT": (with apologies) SPIEGEL's review of the German Press.

Gideon Rachman at the FT/ The World
Gabriel Sterne of the brokerage Exotix : The much-discussed Greek buyback - condition for disbursment of IMF funds- decision is complex, worthy of the dozen game theorists who have so far won the Nobel Prize for Economics.  
(My insert)
Jan Strupczewski of Reuters  Key elements of the Greek debt deal with the euro zone and IMF

While Nicholas Hastings at WSJ Blogs is rather a SYRIZA supporter (that's my sense of humorl)
the latest package of interest-rate reductions, debt buybacks and deferred payments is not the full debt restructuring and debt write-down that Greece needs to get its economy back on its feet.
At best, the terms of the deal will provide the country with just enough debt relief to get it through another year or two. 
Finally, Katie Martin at same WSJ Blog gathers the reaction of the markets
For example,
CITIGROUP: Economists still see a 60% chance of Greece leaving the euro over the next year or two. Although the probability of Greece leaving in the very near-term has fallen 
Hugo Dixon at Reuters/Opinion thinks that the Battle against Grexit (is) far from won

I must really get my teeth into, and challenge my wits with David Mackie of JPMorgan Analysis 
"The Greek show is kept on the road for now "  

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