Greece – Copout still more likely than Bailout or Burnout
Events in the past 48 hours have reinforced my long-held view that a copout – whereby the Troika grants the Greek government new loans in exchange for agreeing to strict reforms – is more likely than a full bailout (including significant debt forgiveness) or burnout (Greece defaults and leaves the eurozone). See Greece Lightening (28 January 2015) and Half-Time: Pass the smelling salts (3 July 2015). Read more