by Marc Chandler
For investors, the most important thing about the favorable review of Greece’s implementation of last year’s agreement is that it effectively removes it from the list of potential disruptive factors in the coming quarters. There will be no repeat of last year’s drama.
Assuming Greece resolves a few outstanding issues in the next few days, it will be given roughly 7.5 bln euros next month and another three bln euros over the summer. The funds will be in Greece’s hands for the shortest of periods. The lion’s share of the money is not for Greece, though the ideological language continues to call it a bailout of Greece. Greece is not made whole. Its debt burden is higher than ever. The social and economic costs are among the highest that any country has born in modern time.