Sunday, February 26, 2012

26/02/2012: Some numbers on Greek Deals 1 and 2

So the number for Greece Deals 1 & 2 are finally emerging and it's a massive one. Here's the tally to-date:

  • Deal 1 = €110 billion extended May 2010
  • Deal 2 Loans package = €130 billion (though Troika report implies €145 billion requirement)
  • Deal 2 PSI package = €107 billion bonds swap
  • Deal 2 ECB package = no writedown, but a rebate of profits to NCBs - current level of profits estimated at €11 billion (€50 billion face value of bonds against €39 billion purchase value of bonds)
  • Deal 2 Banks support package = the stand by arrangement for Euro area banks €30 billion
Grand total so far: €388 billion (although if NCBs rebate under ECB package above were to go to funding €130 billion Loans package, and if there is no call on Banks support package, this number falls to €347 billion). For comparison, Greek current prices GDP stood at (estimated) €163 billion at the end of 2011 or 42% of the Deals 1 & 2 combined worth.
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