By Pater Tenebrarum:
Greek Bailout Debt Swap Mooted
How can one continue to pretend that the government of a country that has been in technical default for 90 of the past 180 years and remains clearly bankrupt even after two major bailouts and two ‘debt haircuts’ in a row will somehow ‘make it’ and actually repay its debts one day?
The answer is: extend and pretend. As reported by Reuters, Greece, the EU’s major leading indicator in terms of bailout policy, is proposing just that solution:
"Greece is looking into swapping a big chunk of its bailout loans with a 50-year government bond as a way to achieve debt relief once it attains a primary budget surplus this year, an official close to the discussions told Reuters on Saturday.
Twice bailed out with 240 billion euros by its euro zonepartners and the International Monetary Fund, Greece aims at a primary budget surplus
via SeekingAlpha.com: Home Page http://seekingalpha.com/article/1737352-extend-and-pretend-phase-of-the-euro-debt-crisis-begins?source=feed