Mark Grant On Greece: “There Is No Deal Here”!

• Mark Grant On Greece: “There Is No Deal Here” !
  by Mark Grant, via http://www.zerohedge.com/ 
  There is no deal here. There is a fantasy of projections and some wishful thinking but no deal. There is not even an agreement on disbursement as codified in the last paragraph of the statement (here). The odds on Greece reaching a primary surplus in the next several years are about 1 degree off of Kelvin’s Absolute Zero [the market seems to agree]
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  The deferral of interest payments and the extension of the loans have some meaning but are nowhere close to bridging the deficit gap. All of this of course has to go back to the nations’ Parliaments and it may not be as readily accepted as some hope.
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  There is not even a definitive agreement yet to give Greece more money.
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  The debt buy-back (as we discussed here) is governed under British law and while they are once again going after the private sector bondholders there is no CAC to enforce any action though there is the obvious falsification of prior claims that “it will never happen again.”
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  What we have here are more promises, a concocted ruse and an agreement on a concept that is actually no deal at all.
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  I would also say that Mr. Draghi lost a good deal of credibility tonight touting this statement as an agreement that would “reduce uncertainty.”
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  read more!

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