"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

Capitulación de Grecia

Caben pocas dudas que Grecia ha tenido que aceptar duras condiciones, excepto que se le da cierta holgura en el superávit primario exigido, según las circunstancias de 2015. Del Telegraph:



20.11 The key parts of the agreement:

The Greek authorities have also committed to ensure the appropriate primary fiscal surpluses or financing proceeds required to guarantee debtsustainability in line with the November 2012 Eurogroup statement.The institutions will, for the 2015 primary surplus target, take the economic circumstances in 2015 into account.

In light of these commitments, we welcome that in a number of areas the Greek policy priorities can contribute to a strengthening and better implementation of the current arrangement.

The Greek authorities commit to refrain from any rollback of measures and unilateral changes to the policies and structural reforms that would negatively impact fiscal targets, economic recovery or financial stability, as assessed by the institutions.

Here is the Eurogroup statement in full.

20.08 Bruno Waterfield, our man in Brussels, is calling today's agreement a "terrible defeat" for the Greeks.

20.07 Greece will now be asked to specify how it exactly it will meet these targets. That's due to happen on Monday.

Today's deal represents a huge climbdown for the Syriza government and looks like a concession to the precise deal they rejected out of hand on Monday.

20.06 Here is that Eurogroup statement. Greece has been given no leeway on meeting its tough fiscal targets.



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