After the memorandums

Everyone in Europe knows there can be no new memorandum in Greece. It would be politically unsustainable and it might not even be necessary after all. The latter will be determined by whether the economy fares better than predicted and by bank recapitalization. The economy’s well-being will be largely affected by the tourism sector, where predictions are excellent this year. If these are verified they will be beneficial to state revenues and the country’s financing needs will be lower. Bank recapitalization through private funds appears to be on the right track too. Foreign investor interest in Eurobank demonstrated that the current climate is favorable for raising capital in Greece. This means that an extra 11 billion euros tucked away in case a local lender needs to resort to the Hellenic Financial Stability Fund might remain intact and eventually be used for state expenditure.... This is based on the optimistic scenario that there will no need for extra EU funding

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