by Calculated Risk on 1/22/2012 09:20:00 PM
Sunday, January 22, 2012
Greece: Still no deal on debt
Another update ... still a mess.
From Landon Thomas at the NY Times: Greek Talks Hit a Snag Over Rates
While considerable progress has been made, Greece’s financial backers — Germany and the International Monetary Fund — have been unyielding in their insistence that the longer-term bonds that would replace the current securities must carry yields in the low 3 percent range, officials involved in the negotiations said on Sunday.Earlier:
...
Also holding up discussions was the question of what to do about the European Central Bank’s 55 billion euros in Greek bonds. ... To get around this, officials are now discussing the possibility that Europe’s rescue fund might lend money to Greece to allow it to buy the bonds back from the European Central Bank at the price the bank paid for them — thought to be about 75 cents on the euro.
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