By John Galt
September 9, 2011 – 05:30 ET
Oh the brutality of Greek theater.
The stories continue first from the Athens News via Reuters:
Chrysochoidis sees higher 2011 deficit than agreed
In other words, the situation is worsened as the unemployment problems are reducing inbound revenues from employee taxes and reduced consumer spending. Unemployment is at a nasty level of 16% with the 15-24 year old citizens sitting at a 43.3% rate. This needless to say has led to more protests (also from the Athens News):
Strikers, protesters move to Thessaloniki
With Q2 GDP contracting at an astonishing 7.3% rate and the Finnish government holding to their demands for collateral for their participation in the bailout program, it is beginning to look quite doubtful that Greece will be able to meet the demands of the non-Teutonic nations of the EU to collateralize future loans and meet the budgetary requirements as demanded in the original package.
The mumblings and rumors about a secret deal to allow Greece to leave the European Union continue so watch out for one of those Black Swans dropping a gyro on to the markets will little warning if the Troika meetings in Athens next eek end without a concrete agreement to move forward.
Meanwhile, here is a summary of the current major bond yields from Greece (data via Bloomberg):
1 year: 95.06%
2 year: 55.14%
10 year: 20.30%
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