Friday, February 20, 2015

Greece agrees to what it already agreed to

Paul Krugman dissects the Eurogroup-Greece deal --

Greece seemingly gave a lot of ground on the language: the stuff about fiscal adjustment in line with the November 2012 Eurogroup is back in, which Germany will presumably claim represents a commitment to stay with the 4.5 percent primary surplus target.

Note: That November 2012 Eurogroup clause was in the earlier mystery draft agreement that was previously accepted by Greece. It's not where either side perceives the break points in a deal to be.