Chillin' out till it needs to be funded
Greece gets closer to the deadline for a settlement of its $130 bln debt rollover plans currently stuck at Private investors led by IIF (Ackerman, DB) not ready to go beyond 50% haircut with a coupon of less than 4% , NPV of the debt reducing by more than 65-70% . Greece’s agreement to the current deal might still keep increasing the debt on its bookss and it iprobably needs to work off the Saturday to come back where GDP cuts of 6 and 2% in ’12 and ’13 give it the advantage of a reducing debt / GDP ratio as well.
Italy is trying ‘hard’ reforms in the meantime incl calling no. of Licences for Taxis in each city to review, opening 5000 pharmacies as a taste of derregulation in such occupations and raising cash from the sale of petro company Eni sPA