The Wall
Street Journal
JANUARY 16,
2012, 5:22 AM
… news from Athens that the debt-restructuring talks
there have been suspended should really be of bigger concern…
… Greece has a €14.4 billion bond
maturing on March 20 that it can’t afford to pay in full,…
… We’ll go through those steps one by one…
… It first has to come to an agreement with its
private-sector creditors…
… For the deal to be consummated, Greece’s
not-too-happy euro-zone peers have to sign off on sending some €60 billion its
way…
… it will need €30 billion to recapitalize
its own banks… and another €30 billion to give to the wounded bondholders as an
upfront cash sweetener…