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Help me with this: If Greece has currently (2010) a primary deficit of 4,5% than why would "a default at this time would lead to the cessation of pension and other social payments" and not a net cut of ~5% in all public expenses?
And how worse can this "market sentiment" be? Spreads are at over 1000 bps for 10 year bonds, the day the PM announced an extension of the auterity program complete with a sell out of most of the public sectors assets.

On another note "Greeks would transfer all their deposit to foreign banks, a process that is already partially under way" implies that when the process is completed, there won't be much of a problem. I note that the Greek taxpayer has offered the Greek banks from the start of the crisis until now, somewhere close to 110 billion euros in direct funding and (mostly) guarantees - 30 billion Euros a few days ago

The road of excess leads to the palace of wisdom - William Blake

by talos (mihalis at gmail dot com) on Sat Apr 16th, 2011 at 06:13:02 AM EST
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