Why Greece Could Have Returned To Financial Markets Much Earlier

A few weeks ago Athens persuaded private holders of about €30 billion in Greek debt to swap short maturity bonds for five new ones of longer maturity so as to improve market liquidity and push yield rates down before the country emerges from bailouts in August 2018. Actually, the 10-year bond dived swiftly below the 5% threshold within a week to reach 3.8%. With the return to global financial markets, the Greek government has sought also to maximize political gains before the scheduled 2019 elections through the communication of a “success story”.

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Distortive "friendly" debates

The inaugural comment on this blog is quite a short exercise.  A couple of weeks ago, Varoufakis and his aid, Theocharakis accused Greek central – and “friend” - banker Stournaras when he claimed that Varoufakis’s negotiations cost the Greek taxpayers 86 bn. Euro during disastrous 2015 negotiations. 

According to them, a bankrun started on December 3, 2014, when Mr. Stournaras committed a single faux pas in the world history of central banking stating publicly that he fears of a "liquidity problem" in the market. In their statement, they added there is no country in the world which will not begin a bankrun after such a statement of the central banker.

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