Telegraph
May 26, 2011
As of May 10, Belarus and Greece had the same credit rating. Less than a fortnight later, on May 23, Belarus devalued its currency overnight by around 55 per cent. The people of Belarus are now sweeping supermarket shelves clean and queuing outside currency exchanges.
Meanwhile, the IMF says it won’t give Greece its next tranche of funds unless the EU guarantees to finance Greece into 2012, but the Eurogroup president today said that Germany and Finland won’t accept that. A “Senior Western diplomat” has been quoted by Reuters as saying that the US regards a Greek restructuring as “100 per cent unavoidable”.
The fat lady ain’t singing yet, but it sounds like they’ve put Frank Sinatra on...
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