Feb

1

Stock market vigilantes create Greek moussakis delight

"Tsipras Targets Deal With Euro Area After Market Pummeling"

By Nikos Chrysoloras and Corina Ruhe (Bloomberg) — Greek Prime Minister Alexis Tsipras sought to repair relations with creditors after a week-long selloff in bonds and stocks, a move welcomed by euro area officials concerned they were headed for a showdown with the bloc's most indebted nation.

Greece will repay its debts to the European Central Bank and the International Monetary Fund and reach a deal "soon" with the euro-area nations that funded most of the country's financial rescue, Tsipras said in a statement e-mailed to Bloomberg News on Saturday.

"The deliberation with our European partners has just begun," Tsipras said. "Despite the fact that there are differences in perspective, I am absolutely confident that we will soon manage to reach a mutually beneficial agreement, both for Greece and for Europe as a whole."

Bond yields surged on Friday after Finance Minister Yanis Varoufakis said the new government will turn its back on the rescue program that allowed Greece to pay pensions and public wages for the past five years in exchange for a punishing regime of spending cuts that wiped out 25 percent of its economy.

Gary Rogan writes: 

You'd think that almost 3,000 years after inventing Western Civilization they'd have enough sense not to believe the "No more bailouts, no more submission, no more blackmailing" promises of a wild-eyed radical.
 


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