Wealth Finance

The Greek cabinet has approved a 2012-2015 austerity budget plan as well as laws for its application, a key condition for further EU-IMF help to tame its massive public debt, government sources said.

The beatings will continue until morale improves.

And from the WSJ: Bailout Needs Banks’ Help

In both Germany and France, finance-ministry officials met with representatives of their respective countries’ leading banks and insurers on Wednesday to discuss how banks would shoulder some of the cost of a second bailout of Greece … The trick will be for the private sector to take losses on Greek bonds, without Greece being declared in default.

I’m sure it will be voluntary …

The Greek 2 year yield is down to 27.9%. The ten year yields is down to 16.8%.

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