.Every child in Greece knows that Santa slides the chimney a week later than else where in the world, that is on the New Year’s Eve. However many Greek children missed Santa this year due to their parents’ economic situation. And yet, a miracle is happening!
To paraphrase a bit Greek Finance Minister George Papaconstantinou, Santa is still due to come to Greece and thus directly from China!
Bluffing Similarity
Chinese Santa Greek FinMin
In an interview to news agency REUTERS, Papaconstantinou said that ”talks with China over the purchase of Greek state bonds were progressing”.
He declined to say anything more specific over the amount or the time of the deal, yet his statement raised hopes in millions of children in the debt-driven country.
Greece’s devastating economic situation, huge debt, speculative betting on Greece bankrupcty and threats to degrade the south-European country into a junk position give extraordinary hard times to Greek bonds.
So at times when no investor wants to see a Greek Bond even on a virtual PC screen and Pimcoadvices ‘Hands Off from Greece and other PIIGS’, the fact that China is interested in Greek papers jingles in my ears like forever lasting Merry Melodies in a Mandarin palace full of Santas.
Bonds and CDS reach historical heights recently and are currently dancing over 970 basic points; today, Wednesday ten-year Greek bonds are at 972 b.p. Wednesday) and Greek CDS at 1,014 b.p.
Who cares whether Papaconstantinou “categorically rejected speculation over a debt restructuring with creditors” or vehemently believes ”Greece would weather out the debt crisis, helped by privatization of state assets worth seven billion euros.”
Who care if Greeks ought to be addicted to gaming in order to help the state get its planned revenues?
Papaconstantinou interview quote:
Privatisation proceeds were expected to total 1.0 billion euros this year, with an additional six billion euros expected in 2012-2013, including airports, public sector enterprises, real estate property and gaming (read interview via Athens News Agency)
http://www.keeptalkinggreece.com/2011/01/05/greek-finmin-claims-santa-is-chinese/
