"How can I know what I think until I read what I write?" – Henry James


There are a few lone voices willing to utter heresy. I am an avid follower of Ilusion Monetaria, a blog by ex-Bank of Spain economist (and monetarist) Miguel Navascues here.
Dr Navascues calls a spade a spade. He exhorts Spain to break free of EMU oppression immediately. (Ambrose Evans-Pritchard)

viernes, 20 de febrero de 2015

Actualización Grecia v. EMU

19.31 Reports from Greek television that Spain and Portugal had strong objections to the tabled agreement.



It also seems Greece is being asked to submit reforms which continue to meet its existing budget surplus targets of a 3pc surplus this year, followed by 4.5pc the next.
Previously, the Greek government had claimed such a fiscal straitjacket would make it impossible for the country to get back to economic health.

19.20 From Channel 4's economics editor Paul Mason: "This is - if reports are true - complete capitulation for now from Greece, doesn't solve the fundamental problems."

19.17 Should the accord be an extension for four months, this would mean Greece would need another bail-out programme before it runs out of cash again. The country is due to pay back bonds owed to the ECB in the summer.
19.15 The actual text of the draft accord for a bail-out extension has yet to surface. For now, rumours abound.

Bruno Waterfield thinks developments do not represent a victory for Athens tonight.

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