Greece and Default

Telegraph: The Credit Agency Fitch has stated in essence that if any Greek debt is voluntary written off it will consider Greece in default of its sovereign debt. In reality a write off of Greek debt by the banks is the idea of Germany, this was rejected by France as it banks has heavy Greek debt. The German Government wants the banks to write off some of the debt as to make the German tax payer happy, as this would allow the German tax payer to pay less to a bailout Greece. Thus this news by Fitch spikes that idea, from reports it seems that the Greek Government will win the confidence vote but the real vote in many respects will come with the vote on 28th of June, this is the demand by the EU/IMF for another 28 billion euros cut in the Greek Budget. That vote will be interesting folks, will the MPs support Greece or the German and French banks.