For the next round

With the completion of this deal, the International Monetary Fund and Greece’s European partners will possess 77 percent of the country’s outstanding debt. From now on, foreign taxpayers will be asked to suffer the bulk of the loss the next time Greece confronts a financial crisis — and they are likely to be much less forgiving.

There is more here.  Obviously, this will make it correspondingly difficult for Greece to borrow money from the private sector too.  Lending to Greece will put you at the near-back of a very long line…


Comments for this post are closed