- Little flexibility on timetable for Greek bailout talks because of February deadline on debt swap plan
- Greek debt swap talks with banks constructive, useful but too early to predict outcome
- Conditions set by EU summits for Greek bailout, debt swap are challenging, Greece must bring offer attractive to bondholders
- Banks’ demand for creditor status equal to official lenders is new element in discussion, no decision taken
- Aim for Greek talks is voluntary debt swap, but no guarantee of success
- Greece mulling allowing collective action clause under Greek law
- Greek 2011 deficit likely to be higher than 9% of GDP target
- Greece should not take aid from new bailout for granted, must first convince EU, IMF that money will be well spent
- Grrece must proceed to proper reform of public administration, address taboo of firing state workers
- EU/ECB/IMF team expressed concerns during inspection visit this week to Athens about delays in reforms
Same shit, different day………
