China is the latest non-EU entity to specifically announce its intention to buy Greek debt, a snub to the ECB from Beijing.
Several weeks ago Norway made the same pledge.
But this particular news is no reason to be optimistic about Greece, because in the end, even massive bond buying by China or Norway (and we have no pricetags on either one), can’t change the simple maths, that at some point the country won’t be able to keep making its debt payments, and have to restructure.
That’s what the market is worried about right now — revenues not being high enough to meet costs, which include debt payments.
So this makes for fine headlines, about China bailing out Greece, but as a practical matter it won’t make a shred of difference.
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