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February 21st, 2012 
FAKE NEWS for the Zionist agenda
Tense negotiations struggled throughout Monday to fill shortfalls in reducing
Greek debt after an International Monetary Fund, European Commission and
Central Bank “troika” report warned that unless holes were filled, the
bailout would rise by €50bn before the end of the decade.
As talks threatened to collapse, private investors and banks were asked to
take a greater haircut, or write down, on Greek debt from 50 per cent to
53.5 per cent.
The private investors – mostly banks and investment funds – have agreed to
swap their bonds for ones with longer maturities and lower interest rates,
starting at two per cent and eventually rise to 4.3 per cent.
Under the deal, the ECB will forego profits worth up to €12bn on Greek bonds
funnelling them back through national central banks so that eurozone
governments can use them to “improve the sustainability of Greece’s public
debt”.
In return for the new bailout, Greece must implement a savage austerity
programme, accept an “enhanced and permanent” presence of EU officials
supervising Greek finances and set up a blocked account with three months
debt interest payments in it at any time.
“The Greek economy can no longer rely on a large administration financed by
cheap debt, but by investment to facilities new growth and jobs,” said Olli
Rehn, the EU’s economic and monetary affairs commissioner.
However the agreement was overshadowed by the pessimistic debt sustainability
report compiled by the IMF, ECB and Commission, that warned of a “downside
scenario” of Greek debt hitting 160 per cent of GDP in 2020 – far higher
that the agreed 120.5 per cent target.
Under the troika’s downside modelling, Greece would need an extra €245bn in
bailout aid, almost twice the aid package under discussion last night.
“The Greek authorities may not be able to deliver structural reforms and
policy adjustments at the pace envisioned in the baseline,” the report
warned.
Christine Lagarde, the head of the IMF, was unable to confirm how much the
global fund would contribute to the new Greek bailout.
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