Comment by stjeanluc

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stjeanluc
November 13th, 2012 at 9:21 am

Apparently the bickering in Greece is just rearranging the deck chairs on the Titanic:

http://ftalphaville.ft.com/2012/11/13/1259351/on-greek-elephants/

 

While Lagarde and Juncker go at it in the policymaker equivalent of hammer and tongs over timetables, there’s a risk here of people forgetting the numbers involved. Because they don’t add up.

The first table shows the projected mending of Greece’s finances as envisaged at the time of the second programme back in the spring: Greek debt-to-GDP would come down to 120 per cent by 2020.

The second table shows the projected un-mending of Greece’s finances based on current information: Greek debt-to-GDP rises to 156 per cent by 2020.