Jan 23, 2012

Greece Talks Restart but Brinkmanship Continues

In line with WhatIf's analysis yesterday, the Greece talks have indeed hit a snag over the weekend. CNBC reports that IIF says creditors at limits of "voluntary" Greek deal. There is nothing surprising there, as Greece's negotiations with the "Troika" have been a never ending game of political brinkmanship. And to be fair to the private creditors, there is no legal justification for the losses (a.k.a. "haircut") they are expected to take, given that the ECB will be repaid in full.

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