Better than I expected, but the ESEF fund is still too low and will have to be topped up.
50% Greek default isn't enough, should have been up to 60%. After this haricut they still have a 120% gdp debt ratio and I can't see how they can ever bring this down.
Meanwhile Italy is making vague noises about austerity and cutting it's 2 trillion euro debt. Yeah right.
Ireland will run out of cash next year.
And I've never understood how Spain paid its way (apart from Catalonia which is economically strong).
Meanwhile the unacknowledged elephant in the room is France with no austerity plans in hand at all.
It was a good hard kick of the can down the road, but I'm afraid it will have to picked up again later.
50% Greek default isn't enough, should have been up to 60%. After this haricut they still have a 120% gdp debt ratio and I can't see how they can ever bring this down.
Meanwhile Italy is making vague noises about austerity and cutting it's 2 trillion euro debt. Yeah right.
Ireland will run out of cash next year.
And I've never understood how Spain paid its way (apart from Catalonia which is economically strong).
Meanwhile the unacknowledged elephant in the room is France with no austerity plans in hand at all.
It was a good hard kick of the can down the road, but I'm afraid it will have to picked up again later.
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