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Ditto watchandwait below.., glad it finally happened.
http://professional.wsj.com/article/SB1000142405311190355490...
FYI there is no such thing as a "kind of" or "selective" default. It's binary. You either pay back creditors what they are owed or you dont. It's rare that a company or country defaults on ALL obligations all at once. As a member of Wall Street, I appreciate the WSJ's noble attempt to sugar coat this (article below) but that doesnt change the facts. Ditto watchandwait below.., glad it finally happened. http://profess…
The author of the piece writes as if Greece is getting off scot-free here. Is not aware of the manner in which mobs have been rioting there for the past month? This is not a pleasant situation for anybody.
france24: Fresh multi-billion euro bailout expected for Greece http://www.topchan.tv/show/public1/1/News/2011-07-21.06.h/58
france24: Sarkozy and Merkel strike deal ahead of Greece talks http://www.topchan.tv/show/public1/1/News/2011-07-21.06.h/59
Euronews: Nervous Greeks await their economic fate http://www.topchan.tv/show/public1/1/News/2011-07-21.18.h/7
AlJazeeraEnglish: Greece's second bailout http://www.topchan.tv/show/public1/1/News/2011-07-21.18.h/11
FYI there is no such thing as a "kind of" or "selective" default. It's binary. You either pay back creditors what they are owed or you dont. It's rare that a company or country defaults on ALL obligations all at once. As a member of Wall Street, I appreciate the WSJ's noble attempt to sugar coat this (article below) but that doesnt change the facts. Ditto watchandwait below.., glad it finally happened. http://profess…
A semantic argument won’t help you there. If it were my job to write articles about the situation I certainly wouldn’t pick “Greece Defaults” as a headline. I would mention the default in the body and explain what that actually means. Context. Not all defaults are created equal. And that’s actually kinda sorta important.
The EU sort of rescued Greece, now Greece sort of defaults. Portugal, Spain, and Italy are not that far behind. The biggest problem, aside from Greece's fiscal mess, is that Germany can't muster up enough political support to clean up after their mess more decisively despite the fact that they are now in the same monetary union. The catch 22 of these financial crises is that inaction will result in financial meltdown…
http://www.zerohedge.com/article/fatal-flaw-europes-second-b...
The EU sort of rescued Greece, now Greece sort of defaults. Portugal, Spain, and Italy are not that far behind. The biggest problem, aside from Greece's fiscal mess, is that Germany can't muster up enough political support to clean up after their mess more decisively despite the fact that they are now in the same monetary union. The catch 22 of these financial crises is that inaction will result in financial meltdown…
The problem is not an economic problem but a political one. The cost of Greece bailout is a rounding error in Europe's total budget, the test ahead is about how the EU can start unifying the economic policy and grow more cohesively.
Lots of countries gave up monetary control power but without a unifying economic government body it's absolutely impossible for the weakest links to survive with all their issues without some help.
Lack of real unification is the problem, not economy per se. I think this is your point somewhat, am I right?
Earlier quoted context omitted.
It mentions that they are sort of forcing bond holders to accept a lesser payment. That seems like a kind of default.
Whether they defaulted or not is actually quite key. You see, all the CDS (Credit default swap) holders get to demand the full face value of the Greek debt they hold from the CDS seller if Greece has defaulted. The CDS writers are going to take a huge bath if this happens. This is what took down AIG, except in that case it was subprime MBS (Mortgage backed securities) CDSs that did it.