Seeing, hearing and speaking no evil.
The European Stability Mechanism has waved its magic wand over the Greek numbers and *poof!* everything’s fine. The IMF—which has long experience with such matters—approves. Now let’s never say the words “debt restructuring” ever again.
Mr. Regling said he is optimistic about the IMF’s participation in the €86 billion aid package after the fund accepted the European model on how to calculate debt sustainability, which looks at Greece’s gross refinancing needs instead of the overall debt level….
Mr. Regling said talks about debt relief for Greece are possible in autumn, although a cut in Greece’s nominal debt, known as a haircut, isn't on the agenda.