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http://www.ft.com/intl/cms/s/0/9ec817d8-cadf-11e3-9c6a-00144feabdc0.html#axzz3UH8U2Yfu

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Since the crisis has abated, however, the political pressure for eurozone countries to carry out a major writedown of Greek debt has also eased. Still, the November 2012 agreement requires Greek creditors to begin getting the country's debt levels "substantially below" 110 per cent of GDP by 2022.

There are a lot of other promises for Greece in those agreements as well, which have not been upheld.

by Upstate NY on Fri Mar 13th, 2015 at 10:21:31 AM EST
[ Parent ]
Sorry for the additional copy.
by Upstate NY on Fri Mar 13th, 2015 at 10:22:11 AM EST
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That 110% debt projection was completely unsupported by anything.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Mar 13th, 2015 at 10:45:35 AM EST
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That 110% debt projection was completely unsupported by anything....

...except all of the hype and rhetoric surrounding Reinhart and Rogoff's carefully cooked data in their famous paper on debt sustainability.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Mar 13th, 2015 at 11:57:38 AM EST
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Tch. You're just naive.
by ThatBritGuy (thatbritguy (at) googlemail.com) on Fri Mar 13th, 2015 at 12:04:07 PM EST
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I mean there was no way to get there from here. Not the infamous 90% Debt-to-GDP threshold.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Mar 13th, 2015 at 12:06:20 PM EST
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If it had been carefully cooked, it wouldn't have been so easy to point out the mistake.
by gk (gk (gk quattro due due sette @gmail.com)) on Fri Mar 13th, 2015 at 12:14:33 PM EST
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Heh. Carefully cooked in the era of Twitter means the mistakes are buried in the body of the text (which no one reads).

Here's another gem by R and R: "Greece has been in default for over 50% of its existence."

Is anyone really going to read the body of the text after that?

by Upstate NY on Fri Mar 13th, 2015 at 03:58:54 PM EST
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Worse yet. The errors were not detected until the U Mass. professor and grad students used the spreadsheet Reinhart and Rogoff claimed to have used and could not replicate the results. They then requested the original data sets. It was when they got these that they found out what had happened. It HAD been carefully cooked and the evidence deeply buried, but the stench rose to the surface after a while.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Mar 13th, 2015 at 10:15:36 PM EST
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 a target that formally launches talks over additional debt relief.

Thought so. They did promise talks about debt relief, nothing more.

by IM on Fri Mar 13th, 2015 at 10:57:42 AM EST
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