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Response to Prometheus Bound (Reply #148)

Thu May 10, 2012, 08:01 AM

149. It also goes to salaries, pensions, health care and other governement services

Last edited Thu May 10, 2012, 11:44 AM - Edit history (1)

the banks have forgiven 75% of the Greek debt. The money is to fund the Greek government - some will go to debt payment but it also goes to salaries, pensions, health care and other government services.

The bailout deal says that in return for writing off most of the Greek debt and funding the Greek government for two years, the Greeks will implement austerity measure to reduce deficit spending.

The markets have adjusted to Greece on the assumption that the debt will not be paid off. They have already written off 75% so that last 25% will not be the end of the world for them. And don't forget that after the ECB, Greek banks are the largest holders of Greek debt.

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