(BN) Greece Working on Final Draft for Leaders Meeting, Official Says

So, what are the steps here?  Approve it.  Handholding press conference.  Lots of “defining moment” and “mission accomplished” speeches.  Then what?  Rumors that 20 billion or more of bonds won’t agree to the PSI (that is only 10%).  Rioting in the streets?  (those ungrateful people just don’t understand the need to sacrifice themselves for the greater good).  Then we wait to see the reforms fail?  If the PSI works and the people accept their fate, at least we bought a few months in Greece because it takes some time to see the plans actually fail.

How long until other countries question the wisdom of paying par on their bonds (even with money they are borrowing from central banks)?

It will be interesting to see if they try and jam in a retroactive collective action clause and what other details come out of this plan.

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BFW 02/07 13:34 Greece Working on Final Draft of Document for Leaders: Official

 BN 02/07 13:33 *GREEK DRAFT DOCUMENT ON MEASURES FOR FINANCING, OFFICIAL SAYS

 BN 02/07 13:33 *GREEK GOVERNMENT OFFICIAL SPOKE TO REPORTERS IN ATHENS

 BN 02/07 13:32 *GREECE WORKING ON FINAL DRAFT OF DOCUMENT FOR LEADERS: OFFICIAL

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Greece Working on Final Draft for Leaders Meeting, Official Says

2012-02-07 13:36:22.5 GMT

 

By Marcus Bensasson

     Feb. 7 (Bloomberg) — Greek officials are working on the

final draft of the document listing the budget and structural

measures required to receive international funding, a government

official said.

     The official, who declined to be named, said the document

would be discussed by political party leaders supporting the

government of interim Prime Minister Lucas Papademos at a

meeting later in the day. The official spoke to reporters in

Athens.

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To contact the reporter on this story:

Marcus Bensasson in Athens at +30-210-741-9077 or

mbensasson@bloomberg.net

To contact the editor responsible for this story:

Maria Petrakis at +30-210-741-9080 or

mpetrakis@bloomberg.net