It is unbelievable that a crowd made up of European Finance Ministers led by Germany would try to ignore the elementary workings of the global bond markets! But they did it and it took an ECB Director to threaten them with not accepting Greek bonds as collateral if a credit event is produced by "soft" reestructuring,(Need to spit out the words restructuring, haircuts etc. Those are events of default!!) then they backed off. This is sad is the second time. The first was with Wolgang Schauble German Finance Minister costing the Spanish billions now this. Its pathetic. The World and theIMF would be better served if a non european chief was selected. It would be a lesson they will never forget.
shut the fork up all of you. you really think that all you Negroes are smarter than the IMF and Finance ministers in Europe. who the fork do you think you are...the reason you are down here and they are up there is clear. what a bunch of sorry arze message board freaks you are. I am very disgusted by all yo. you deserve to lose your money bongholioz.
The CDS is currently at €45B (€1.33M for every €10M bonds) which means if Greek survive without defaulting the WS Banksters will lose out on $62.2B; you know, those financial engineers that created CDO/ARS [collateral debt obligations/auction rate securities] the Architect of 2008 Financial Crisis, are at it again.
Essentially, behind the scene this has become a financial war between Europe and America, and the periphery countries involved are just collateral damages. These WS will take down nations to reap profits and here we thought that they’ve learned the lessons of 2008..
That is quite a big number. Looks like if Greece does not default few may loose around $5B, which is a big amount. If this is true, here is the funny part, if greece get help from EU some of hedge funds (like bear sterns) may go belly up and cause chain reaction in US. May be this is the reason rating agencies are trying to shoot down greece on every opportunity even while acknowledging greece is making progress.
Looks like zero sum game to me. If greece doesn't default some one will go BK some where.
This would massively reduce the pressure on the peripheral countries. Europe keeps fiddling while Greece burns. They should put out the fire now, today! Not keep shuffling the question to another meeting convened in a few months. Do it now! Take action against speculation.
It is called kicking the can down the road and not accepting the fact that things are Fed up.
Firm wise NBG is an excellent bargain but its fate is controlled by government morons.
Buy up the private GGB bonds for a discount and issue Euro bonds, that will solve everything in a heartbeat.