11.10.11

Troika Releases Statement On Greece: Commentary Attached (ΖΗ)



Summarizing the Troika'a statement, with some gratuitous commentary
  • Sixth tranche depends on Eurogroup, IMF approval: the use of Greece as a passthru vehicle for Eurobank funding will continue until morale and bank CDS improve
  • Troika says Greek recession to be deeper than anticipated, 2011 fiscal target no longer within reach: the 50% negative revision in deficit to GDP in the past month has been duly noted
  • Recovery only expected from 2013 onward: when it will be Bundesrepublik Griechenland
  • Privatization revenue below expectations: must sell more islands to the Chinese, more gold to Qatar
  • Additional Greek measures likely needed; essential more emphasis placed on structural reform - back in the day "freefall bankruptcy preparation" was not called "structural reform"
  • Greece needs additional measures for 2012, 2014 - must be certain future penetration can proceed absent lubrication
  • Greece overall made important progress - riotcam viewership is now PeyPerView and is used to pay for G-Pap's 3rd winter vacation
http://www.zerohedge.com/news/troika-releases-statement-greece-commentary-attached
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