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Thursday, February 09, 2012

Greece Accepts The Treaty of Versailles

In a volte farce (sic) Greece has now told the ECB that its political parties have now agreed the Troika's "Treaty of Versailles".

However, the ECB is not saying whether it accepts the deal.

Sorry for sounding a tad cynical over this, but this sudden change of heart does not ring true. There is also the annoying problem (which some in the mainstream media seem to have forgotten) that Papademos revised his budget targets, and only informed the Troika at 6am this morning, as such the Troika will have to rework their calculations to see if the bailout actually works.

Here is the draft of the Troika's plan for Greece before they rework it.

Oh and by the way, there is still the none too small matter of the Greek parliament having to endorse this.

Here is the text of the official statement (short on details and rather woolly) from the Prime Minister's Office :

The agreement with the troika has been completed

February nine, 2012 | Categories: Articles and Statements , Prime Minister

Prime Minister's Press Office
Thursday, February 9, 2012
The government's discussions with the troika were concluded successfully this morning on the issue which had remained open for further elaboration. The political leaders have agreed on the result of these discussions.
Thus there is general agreement on the content of the new program, in view also of this evening's Eurogroup meeting. This program accompanies the new loan agreement to finance Greece with 130 billion euro.

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