"There is a crack in everything, that's how the light gets in"
(Leonard Cohen)
"Ignore all proffered rules and create your own, suitable for what you want to say"
(Michael Moorcock)
"Look for your own. Do not do what someone else could do as well as you. Do not say, do not write what someone else could say, could write as well as you. Care for nothing in yourself but what you feel exists nowhere else. And, out of yourself create, impatiently or patiently, the most irreplaceable of beings."
(Andre Gide)
"I want my place, my own place, my true place in the world, my proper sphere, my thing which Nature intended me to perform when she fashioned me thus awry, and which I have vainly sought all my life-time."
(Nathaniel Hawthorne)
“A book must be the axe for the frozen sea within us.”
(Franz Kafka)
"All mankind is of one author, and is one volume; when one man dies, one chapter is not torn out of the book, but translated into a better language; and every chapter must be so translated"
(John Donne)
“Never attribute to malice that which is adequately explained by stupidity.”
(Robert J. Hanlon)
"Life is beautiful, but the world is hell"
(Harold Pinter)

Thursday, February 16, 2012

Danger of Default Catastrophe Remains

EXTRACT: Even if the virtually impossible happens, and the Greek government over the next few days conjures up a cuts plan that entirely satisfies the EU leaders, the national parliaments in Germany, Finland and the Netherlands still have to vote on the second bailout package. Since these countries have been the most vocal critics of the bailouts - why should we subsidise these ‘lazy’ and ‘unproductive’ countries? - it is by no means an automatic certainty that they will vote in favour of the second bailout package. They will need a lot of convincing that the deal will actually make Greece’s debt sustainable again.
Then there are the long-running and torturous negotiations with Greece’s private creditors over debt restructuring, which must also be concluded before it is too late - March 20 is not that far away. Yes, Rehn may have told reporters that the “draft agreement” with the creditors is “practically finalised”, but in the new economic order nothing is guaranteed. And if the bailout deal is delayed to after the general election, then that could frighten the horses - causing the creditors to give up on Greece and backtrack on its 70% haircut. The threat of a disorderly default remains.

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