Headlines for the Finance Ministry and the government, the post-memorandum, as even the most optimistic Europeans do not seem to share the optimism of the Greek side for a "clean" exit in about 10 months from now.
According to high-quality community sources, there is already a quest for a ... Hybrid Preventive Credit Line, recognizing the insurmountable political difficulties of a classic Memorandum, both for Greece and the rest of the Eurozone member states.
The main problem is that the time remaining until August 2018 is not enough to cover Greece with lost ground and build bridges with the markets that have been cut off for about 8 years, trial versions of 2014 and last summer. In his interview with ERT, Euclid Tsakalotos did not move away from the government line but used very cautious expressions and words to describe the course of the coming months, pointing out that several bond issues are required.
The central idea of this Hybrid Credit Line, which has been going on for months in Brussels, is to link the financial "umbrella" - apparently to ESM's unspent - with the implementation of specific reforms instead of new financial measures, with debt relief measures. A necessary prerequisite for such a design, however, is the existence of an appropriate correlation of forces in Germany.
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