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A tale of several hours:

9 hours ago, Greece was going to achieve the additional requirements demanded of it on Friday by making cuts to the military:
http://www.bloomberg.com/news/2012-02-14/greece-to-pare-spending-in-defense-investment-to-close-gap- 1-.html

These were deemed unacceptable by Junker.

Two hours ago, this article came out. There's been a change:

Greece's prospects hinged on Prime Minister Lucas Papademos's Cabinet finding 325 million euros of the extra budget cuts demanded by European governments and the International Monetary Fund as conditions for fresh loans.

The Cabinet late yesterday agreed to trim pensions at state-owned companies and banks by 300 million euros, according to an official who declined to be named. Parties backing Papademos's interim government also need to endorse the savings.

Given the shoddy reporting prevalent in this fiasco, this latter report may be incorrect. But if it isn't, it seems noteworthy--to me at least--that Greece announced cuts in military procurements. They were then rebuffed. It's impossible to know why they were rebuffed or whether the denial was at all related to the plans as they stood at the time.

Now, after the talks are cancelled, we are told that they are making cuts to pensions instead. If indeed this turns out to be true, I will be very curious to see if the new plans will be more acceptable to Junker.

by Upstate NY on Tue Feb 14th, 2012 at 11:12:01 PM EST

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