By John Ward: Cast your minds back ten months to late winter earlier this year, when the International (Troika) lenders to Greece said the immovable line in the sand was a target of 120% of the country’s GDP. But today, most of the debt – four fifths roughly – has been transferred from private to public hands. So now the situation is….Greek debt at 174% of GDP. Funny how our money is always more easily risked than bank money.
You will recall perhaps that at the start of all this nonsense, I posted to say that Greek debt must get higher by year unless there was debt relief. Here’s the Kathimerini chart that vindicates the view: