Neil Unmack is a Reuters Breakingviews columnist based in London. He covers credit markets, hedge funds, and Italy. Previously he was a corporate finance reporter at Bloomberg News in London. He started his career as a financial journalist in 2001 at Euromoney Institutional Investor, where he covered structured finance for EuroWeek magazine. He was educated at Eton College and Oxford University, graduating with a first class degree in modern languages. Follow Neil on Twitter @unmack1
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Athens wants to slice its primary fiscal surplus to one-third of the level agreed in its current bailout programme. That might leave debt too high for comfort – yet there is room for a compromise that Greece’s euro zone partners could afford.
The reforms agreed by Athens are both ambitious and fuzzy. They tick some of the favoured boxes of hawks in Germany and elsewhere. But Syriza’s election pledges are in tatters. Europe may be better off - but the domestic situation in Greece has become more volatile.
This is a seller’s market, and one with a short history, so deal structures are less fixed than they are Stateside. Yields are already slim. Now borrowers and the buyout firms behind them are pushing bolder deal terms. That makes the risk-reward tradeoff for buyers even worse.
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