FINANCIAL TIMES: A “strictly confidential” report on Greece’s debt projections prepared for eurozone finance debt levels to rise by severely weakening the economy while its €200bn debt restructuring could prevent Greece from ever returning to the financial markets by scaring off future private investors…
The report made clear why the fight over the new Greek bail-out has been so intense. A German-led group of creditor countries – including the ministers reveals Athens’ rescue programme is way off track and suggests the Greek government may need another bail-out once a second rescue – set to be agreed on Monday night – runs out.
It warned that two of the new bail-out’s main principles might be self-defeating. Forcing austerity on Greece could cause Netherlands and Finland – has expressed extreme reluctance to go through with the deal since they received the report… (more)
EDITOR: The economy must grow to overcome a deficit, not shrink!
The bailout money will not go to Greece but straight into the lender banks that Greece already owes money to.
Greece should be allowed to leave the Euro and default, before the high-debt European countries demand billions more cash.