Forelle, Charles.<\/p>\n
Get ready, sports fans. The next few weeks and months will be packed with Greek debt action. We present you, our Loyal Readers, with a handy scoresheet. Print it out and post it on your wall.<\/p>\n
The Problem: <\/strong>The \u20ac110 billion EU-IMF bailout is not enough money for Greece. It never was. The original bailout math in May 2010 showed Greece would need \u20ac53.2 billion to cover deficits, \u20ac88.3 billion to repay existing long-term debt and \u20ac10 billion to prop up banks through mid-2013. That\u2019s \u20ac151.5 billion. To plug the hole, the EU presumed Greece would borrow more than\u00a0\u20ac40 billion from private markets.<\/p>\n The numbers have only gotten worse. In the most recent analysis, the EU added \u20ac4.9 billion to the deficits that will need to be financed. The current estimate is \u20ac44.1 billion in long-term borrowing to fill the gap, of which \u20ac26.7 billion should come in 2012. Almost no one believes Greece will be able to raise that much money; currently, markets want more than 15% to lend to Greece, and S&P rates its bonds deep in junk territory.<\/p>\n