Writing for PS Soros suggested:
"The most effective solution would be to issue jointly and separately guaranteed eurobonds to refinance, say, 75% of the maturing debt, as long as Greece meets its agreed-upon targets, leaving Greece to finance the rest of its needs as best it can. This would significantly reduce the cost of financing, and it would be the equivalent of the IMF disbursing its loans in tranches as long as conditions are met."
"But this is politically impossible at present, because Germany is adamantly opposed to serving as the deep pocket for its profligate partners. Therefore, makeshift arrangements will have to be found."
Forward
"It is clear what is needed: more intrusive monitoring and institutional arrangements for conditional assistance. Moreover, a well-organized eurobond market would be desirable. The question is whether the political will to take these steps can be generated."
"The most effective solution would be to issue jointly and separately guaranteed eurobonds to refinance, say, 75% of the maturing debt, as long as Greece meets its agreed-upon targets, leaving Greece to finance the rest of its needs as best it can. This would significantly reduce the cost of financing, and it would be the equivalent of the IMF disbursing its loans in tranches as long as conditions are met."
"But this is politically impossible at present, because Germany is adamantly opposed to serving as the deep pocket for its profligate partners. Therefore, makeshift arrangements will have to be found."
Forward
"It is clear what is needed: more intrusive monitoring and institutional arrangements for conditional assistance. Moreover, a well-organized eurobond market would be desirable. The question is whether the political will to take these steps can be generated."
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