Friday, April 16, 2010

Greece Undermines Its Own Position

Greece, despite claiming that it does not need the bailout package offered by the IMF/EU, has requested talks with the European Union, European Central Bank and IMF to discuss the package.

In other words, it doesn't like the conditions attached (were it to take the package) and wants them softened, so that it can then take the package.

Unsurprisingly the markets have been unimpressed by this, and the Euro has fallen as a result whilst the cost to Greece of borrowing has risen.

All in all the Greeks continue to be authors of their own financial destruction.

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