http://blogs.reuters.com/felix-salmon/2011/06/24/greeces-messy-muddle-through-continues/ A slice of lime in the soda Wed, 22 May 2013 01:01:25 +0000 hourly 1 http://wordpress.org/?v=3.4.2 http://blogs.reuters.com/felix-salmon/2011/06/24/greeces-messy-muddle-through-continues/comment-page-1/#comment-27897 engineer27 Fri, 24 Jun 2011 17:42:58 +0000 http://blogs.reuters.com/felix-salmon/?p=8773#comment-27897 “completely different composition” -- instead of being backed by the full faith and credit of the Greek government (it not being valued very highly at the moment), the bonds will be backed with Greek government real estate holdings. That's right, you too can own a partial claim to The Acropolis! Of course, most of the property backing the paper will do so at wildly inflated prices due to fraudulent appraisals. Thus will the Greek debt crisis come to mirror the US financial meltdown in all the particulars (rather than just some of them, in a general way). “completely different composition” — instead of being backed by the full faith and credit of the Greek government (it not being valued very highly at the moment), the bonds will be backed with Greek government real estate holdings. That’s right, you too can own a partial claim to The Acropolis! Of course, most of the property backing the paper will do so at wildly inflated prices due to fraudulent appraisals. Thus will the Greek debt crisis come to mirror the US financial meltdown in all the particulars (rather than just some of them, in a general way).

]]> http://blogs.reuters.com/felix-salmon/2011/06/24/greeces-messy-muddle-through-continues/comment-page-1/#comment-27893 dWj Fri, 24 Jun 2011 17:21:21 +0000 http://blogs.reuters.com/felix-salmon/?p=8773#comment-27893 Remind us how the rating agencies are relevant. Are bond investors four years from now going to be happy lending to countries that have creative enough lawyers to get around overly precise rules? Remind us how the rating agencies are relevant. Are bond investors four years from now going to be happy lending to countries that have creative enough lawyers to get around overly precise rules?

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