The Telegraph is citing a leaked Troika report on Greece that says this year’s deficit will probably fall to 1.5%, as expected but “current projections reveal large fiscal gaps in 2013-14.”
Athens will have to impose further fiscal cuts of as much as 5.5pc of GDP to meet next year’s targets.
There is lots of talk about 10-year yields at 19% but maybe the focus should be on new bills due in September, yielding a distressed 8.34%. The latest agreements may not even last that long.
