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Monday, December 3, 2012

Debt write-off when primary balance is positive

There was a deal agreed upon to continue with support for Greece. Continuous support was hinted also provided Greece implements the measures agreed.
Angela Merkel gave an interview to Bild, the yelloest of the yellow papers, and sated on the matter of the debt write-off:
"If Greece one day handles its revenues again without taking on new debt, then we must 
 take a look at the situation and assess it. That is not going to happen before 2014/2015 
 if all goes to plan,"   Reuters 
This development probably carries equal  weight to last week's deal. It is significant that Merkel chose Bild to start preparing the Derman public of a possible Greek debt write-off

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