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- Grant provides a (very) brief historical lead-up to today’s situation.
- He then discusses the just leaked document prepared for Europe’s finance ministers.
- As he states: the leaked document seemed at pains to make it abundantly clear that, not only was Greece in no position to comply with the parameters which would be set in the bailout agreement, but that, in fact, things were actually FAR worse than anybody had believed.
- The document concludes, that by 2020, debt-to-GDP could still be 160%, almost exactly where it is now.
- He also cites reports that after only one month into the new year, the 2012 budget estimate for the contraction in GDP will have to be revised from 2.8 percent to 3.5-4 percent.
- He details compliance creep that the EU is imposing on Greece. That is they keep adding more and more onerous and impossible demands forcing Greece into an inevitable default condition but in a manner it appears as Greece’s fault and not their machinations.
- He reviews other issues, some of which we have commented on elsewhere.
- He concludes his letter with detailed reviews of what he found pertinent from others.