♠ Posted by Emmanuel in Credit Crisis,Europe
at 7/11/2015 01:30:00 AM
From Patrick Chovanec, it's the barbershop special for Greece. I doubt whether its creditors will reduce the amount of debt they're owed by Greece this time around, but it's likely inevitable if they decide to keep the country in the Eurozone. That is, a reduction or haircut on the face value of Greece's debts can hardly be avoided. At the moment it looks like "extend and pretend" that Greece will be able to pay. Until the day of reckoning comes, enjoy the stylistic decisions that have to be made before then...
