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The eurozone crisis is evolving but necessarily towards a rapid or, indeed, satisfactory conclusion. Greece’s original ‘soft default’ proposal – the voluntary loss 21% of value by the bondholders was superseded by a proposal for a 50% loss – and will still only limit its debt-to-GDP to 120%, twice the Maastricht Treaty requirement. But if the politicians believed that this was a resolution of the eurozone crisis, subsequent events proved them wrong. With domestic resistance to the Greece austerity programmes the government acceded to a regime run by a technocrat, which is another way of saying, an unelected one.
Source : AXA Real Estate
