NEW YORK ( BBH FX Strategy) -- Greece's economic mess has understandably dominated investors' concerns. News from the European Central Bank earlier Wednesday that Greek bank deposits fell 2.7% in February and now stand at the lowest level since October 2006 reflects the ongoing bank run. The fact that Greece's new 10-year bond is yielding around 20% reflects ongoing concerns that the Private Sector Initiative has not put closure on this chapter of Greece's tragedy.The International Monetary Fund's mission to Greece warns that the pace of reforms remains insufficient and it highlighted the efforts to fight tax evasion to underscore its conclusion that "the rescue has a high risk of going awry."
Political Economy Complicates Greece
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