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Where does Münchau get the €50bn ($68bn, £44bn) figure from?  Can we look up the corresponding figure for other countries?

The point is not to be right, but to get to right.
by marco on Mon Apr 19th, 2010 at 02:50:47 AM EST
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FT.com: Investors flock to Greek bond issue (January 25 2010)
Investors placed about €20bn ($28bn, £17bn) in orders for the five-year, fixed-rate bond, four times more than the government had reckoned on. However, in a sign that Greece is being made to pay for years of fiscal profligacy, the bond carried a record high interest rate spread relative to the rate for German bonds, the eurozone's benchmark.

Greece is under heavy pressure from its 15 eurozone partners to restore discipline to its public finances after it disclosed last year that it had massively understated its budget deficits, partly because of political interference with the national statistical service.

Greece needs about €53bn to fund its debt requirements this year, a task that may prove harder than raising last year's sum of more than €60bn if, as some investors suspect, global financing conditions tighten in the course of 2010.

These figures are in each country's national budgets - they should be no secret though I am not sure where we could readily find the numbers...

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Mon Apr 19th, 2010 at 04:47:39 AM EST
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By the way, Munchau makes it sound like Greece is doing Ponzi finance:
Greece needs to raise around €50bn ($68bn, £44bn) in finance for each of the next five years to roll over existing debt and pay interest.
since the implication is that Greece is paying its interest out of issuing debt...

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Mon Apr 19th, 2010 at 05:00:13 AM EST
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Migeru: By the way, Munchau makes it sound like Greece is doing Ponzi finance...

Well, so do Peter Boone and Simon Johnson, right?

The point is not to be right, but to get to right.

by marco on Mon Apr 19th, 2010 at 05:48:56 AM EST
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Well, any crisis has the potential to push a speculatively-financing unit into nonfraudulent Ponzi finance, or a Ponzi-financing unit into default.

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Tue Apr 20th, 2010 at 01:43:11 AM EST
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