Article

2012-03-09 Europe

Greece has officially defaulted on its debt

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Posted by tipper 2012-03-09 15:50|| || Front Page|| [3 views ] Top

#1 Link goes where? A summary would be nice, too.

Posted by gromky 2012-03-09 16:00|| 2012-03-09 16:00|| Front Page Top

#2 Here is a link, gromky, though it may not be the one tipper intended.

The International Swaps and Derivatives Association (ISDA) has decided unanimously today to declare that Greek's bond swap constitutes a "credit event" and that "the right of all holders of the affected Bonds to receive payments has been reduced," according to release published by the ASDA late Friday.

Posted by trailing wife 2012-03-09 16:35|| 2012-03-09 16:35|| Front Page Top

#3 Or perhaps this Forbes article was meant, which makes things even more interesting:

UPDATE 2 (2:48 p.m.): ISDA has now declared that Greeces restructuring does represent a default, meaning credit default swaps will trigger. Read the statement here.

Posted by trailing wife 2012-03-09 17:28|| 2012-03-09 17:28|| Front Page Top

#4 I put the Forbes link in for the article.

Posted by Fred 2012-03-09 17:53|| 2012-03-09 17:53|| Front Page Top

#5 Sorry, here's the link. Trying to do too many things at the one time.

Posted by tipper 2012-03-09 18:36|| 2012-03-09 18:36|| Front Page Top

#6 Link goes where? A summary would be nice, too.
Gromky, my summary is that Greece is now officially for sale to the highest bidder, probably the US, but they will have to be quick to beat China. Ever since Israel discovered an deep sea oilfield off its shoreline, other countries in the Mediterranean have also started searching. It appears there is bonanza of oil and gas to be had. But you can't do much if you're broke, hence Greece will have to invite a sugar daddy in, to keep them in the style to which they have become accustomed.

Posted by tipper 2012-03-09 18:55|| 2012-03-09 18:55|| Front Page Top

#7 More likely they'll be able to hand over the oilfields for someone else to keep themselves in the style to which the Greeks had formerly been accustomed.

Posted by Thing From Snowy Mountain 2012-03-09 19:16|| 2012-03-09 19:16|| Front Page Top

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