Europe Blinks: Troika Willing To Change Terms Of Greek Bailout Deal

Submitted by Tyler Durden:

And so it all begins anew:

From Bloomberg: IMF, EU, ECB Open to Changes in Greek Aid Deal, Real News Says

The so-called troika of the European Union, the International Monetary Fund and the European Central Bank is willing to make six important changes to Greece’s financial aid agreement if a pro-European government is formed in the country, Real News said.

The Troika is willing to extend by one year to end 2015 the time for Greece to cut its budget deficit as well as to proceed with a restructuring of loans, the Athens-based newspaper reported in its Sunday edition preleased today, citing “well informed” sources at the European Commission.

The Troika is also willing to maintain the force of collective labor agreements, to alleviate the level of pension cuts or restore certain pensions to previous levels and to keep wage levels in the private sector and reduce the average tax burden on employees, the newspaper said.

If confirmed, and with Germany having stated repeatedly this will not happen, there is a very high possibility this is just another press-based red herring (remember all those FT headlines of an imminent Chinese bailout of Europe?) seeking to exacerbate the political power grab in Europe

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