Hamish McRae: The odds are on a Greek debt deal. But it won't work - Hamish McRae - Business Comment - The Independent

Hamish McRae: The odds are on a Greek debt deal. But it won't work - Hamish McRae - Business Comment - The Independent

there is a strong probability, let’s say 80 per cent that, after a difficult couple of months, a deal will be patched up, allowing longer repayments, lower interest rates, some formula that reduces the headline level of debt without reducing its substance. In exchange for that, the Greek government comes up with a new set of economic proposals that allows the rest of the eurozone to claim that it is making appropriate structural reforms. Both sides will claim common sense has won, and Greece does not formally default and it keeps the euro.