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GREEK ‘DEAL’: It might be ‘agreed’ today, but it won’t be done.
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GREEK ‘DEAL’: It might be ‘agreed’ today, but it won’t be done.
The supposed Greek austerity/bondholder ‘package’ being agreed by the EU today is shot full of holes
If ever there was weaving to deceive, then that’s what we’ve been observing in both the US and EU handouts to the mainstream media over the last 24 hours.
Following The Slog’s piece yesterday – in which a trusted senior source in New York confirmed a loose arrangement between Washington, Wall Street and at least Germany to nudge Greece inexorably towards default – all has been sweetness and light. To be more accurate, the EU began licking Greece all over late Saturday afternoon, but by Sunday evening even Schauble was giving seriously good tongue. And the word from Brussels is that wow, hey you’ll never guess, the austerity package will be agreed today. Then there will be a bond swap around March 8th – 11th (so the month required to set up the details suddenly ceases to exist), and then all will be well. The EU is, unbelievably – and most things they say now are unbelievable – about to throw a staggering 130 billion of our tax euros at a horse killed weeks ago by the very austerity programme it and the IMF demanded.
So is my New York highly-trusted informant full of it? Time will tell: a day is a long time in the EU. But to be fair, after the person spoke to me early evening Saturday EST, there’ve been a couple of genuine developments. And – something the MSM is gaily ignoring – the deal will trigger default insurances left right and centre anyway.
But let’s start with Wolfgang Munchau, whose piece...
[link to hat4uk.wordpress.com]
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