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Tuesday, February 03, 2015

Greece Changes Its Tune

As per Reuters, late on Monday, Greek Finance Minister Varoufakis issued a statement saying that earlier comments of his to financial investors had been misinterpreted (ie the new Greek government is backtracking on its statements of last week).

As such the new economic plan is for Greece to swap bonds for growth linked debt or perpetual bonds. This is of course subject to the plan being costed and agreed by Germany et al. 

Next week, doubtless there will be another plan on the table as reality finally dawns that there is no way out of this mess without either paying down the debt or leaving the Euro.

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