Trader Talk

No Greek Debt Deal? No Problem! (Maybe)


Good news! Euro-zone finance ministers have been summoned to Brussels Thursday to discuss the Greek debt deal.

Macduff Everton | Ironica | Getty Images

The only thing missing: a Greek debt deal.

Hrumpf. Yes, the finance ministers will be examining the details of the Greek bailout package and the private sector debt swap.

No agreement on a deal because Greek politicians haven't signed off on it? No problem! We're having a meeting anyway!

The message: we don't care what the Greeks do, we're going ahead with the deal, with or without them.

If they don't sign off, maybe we can get the Romanians to sign off for them. By proxy. Maybe.


Meantime, one of the wire services has obtained a copy of the draft troika (EU/IMF/ECB)* proposal to Greece.

Greece pledges, according to the reports, a 20 percent cut in minimum wages, among other concessions. The minimum wage in Greece is about $12,000 a year, so a 20 percent cut would reduce that to roughly $9,600. That is not trivial.

* CNBC Explains:

What Is the IMF?

What Is the ECB?

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