Financial Standard Comments - Pigs may fly but they won't default Now Greece is virtually assured of another 12 billion euros from the EU/ECB/IMF troika to tide it over until the next time it has to rollover its debt. https://www.financialstandard.com.au/feed/latest?story=12082815 Thu, 30 Jun 2011 14:15:38 +1000 Thu, 30 Jun 2011 14:15:38 +1000 en-AU Copyright 2026 Financial Standard 5 Comment by Darryl () The Greeks will have their existing debt rolled over but this time I doubt they will be getting much additional lending to fund the scale of the existing Primary Budget Deficit. The Budget cuts are not so much about paying off the current debt as reducing its growth. Cutting the Deficit can probably be accomplished quite quickly by getting a proper tax system in place, including getting taxes paid, and more people understanding you have to spend more years at work than years retired at the State's expense. Shock. Horror.
The comments from the French and German bankers about a possible European Lehman's event show how serious this could have been for the rest of them. Yes, the Greek economy may shrink for a while but perhaps it was just the borrowing and deficits that was behind the past growth in any case.

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]]> Darryl () Thu, 30 Jun 2011 14:15:38 +1000