Coming up: Debt Saturday in Greek letters (European Sovereign Debt Crisis)

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

Related articles

• The End of Europe? (ritholtz.com)
• Greek Debt Likely Unsustainable Even With Haircuts, Barclays Complete Q&A On PSI (zerohedge.com)
• The Greek debt dance heating up (money.cnn.com)
• Ben Chu: All Greek bondholders should lose – even the European Central Bank (independent.co.uk)
• Η Goldman Sachs για το PSI – ΦΡΕΣΚΟ και λαχταριστο. Και CDS έχω, λέγετε… (olympia.gr)
• European Sovereign Debt Crisis: Slashing Greek Debt (advantages.us)