Guardian: Reports that Greek bond debt negotiators have left Athens, Greece without an agreement but talks will go by phone. Yes folks the phone, okay it’s the 21st Century and you can talk without being in the same building as a different person, but we are talking here about Greece defaulting on its debt, do you really want a deal based on good telephone line or a good broadband provider. As reported the hedge funds who own a large amount of Greek debt would be better off with a default, they are insured, any legal demand that they accept a 60% to 70% cut can be seen as a default. Lets see if the Troika of the EU/IMF/ECB will take any deal or will they demand a real deal, this could go down to the wire folks. Poor Greece.
Sunday, January 22, 2012
Bond Holders and Greece
Guardian: Reports that Greek bond debt negotiators have left Athens, Greece without an agreement but talks will go by phone. Yes folks the phone, okay it’s the 21st Century and you can talk without being in the same building as a different person, but we are talking here about Greece defaulting on its debt, do you really want a deal based on good telephone line or a good broadband provider. As reported the hedge funds who own a large amount of Greek debt would be better off with a default, they are insured, any legal demand that they accept a 60% to 70% cut can be seen as a default. Lets see if the Troika of the EU/IMF/ECB will take any deal or will they demand a real deal, this could go down to the wire folks. Poor Greece.
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