Greece called into question on Saturday a major debt repayment it must make to the European Central Bank this summer, after acknowledging it faces problems in meeting its obligations to international creditors.
There is more , most of all showing the Greeks have not obtained much leverage from the talks. They are in a deep liquidity squeeze, even post “agreement.” The Bundestag overwhelmingly approved last week’s “deal,” whereas the Greeks don’t even want to vote on it. So who won that round? The on-paper ability to be flexible with a primary surplus — that isn’t real any more — just isn’t worth very much right now.
Published on February 28, 2015 07:26