Greece counter attack-Didn’t miss fiscal targets

Well, it didn’t take long before Greece denied Der Spiegel’s report on Greece having missed all targets. This is now becoming a rather amusing soap opera. Financial targets should be easy to evaluate, just like a p/l, either you have made money, or you have lost. Same logic applies to the targets set out, either you have accomplished the targets, or not, there is no in between. It is black or white. Remember, Spiegels report about the secret Friday meeting in Luxembourg was also at first denied…..

Greece’s hopes of averting default dimmed on Saturday as fears grew the country may have missed fiscal targets set by its lenders whileeuro zone policymakers bickered on how to respond to the deepening crisis.

The country’s finance minister denied a report in Germam weekly magazine Spiegel that international inspectors will report that Greecefailed on all its fiscal targets, a condition for getting a key, fifth tranche of a 110 billion euro bailout.

“Negotiations continue and will be completed in the next few days. We have every reason to believe the report will be positive for the country,” George Papaconstantinou told Greek Mega TV.

http://www.reuters.com/article/2011/05/28/us-eurozone-idUSTRE74Q1YV20110528