At the moment, the dubious honour of biggest deadbeat goes to Argentina, which failed to make good on its government debts in December 2001, to the tune of about $100 billion US.
but yes its quite important that What Will Be Outcome Of Greece Debt Crisis. http://www.abnglobalonline.com/what-will -be-outcome-of-greece-debt-crisis/

At the moment, the dubious honour of biggest deadbeat goes to Argentina, which failed to make good on its government debts in December 2001, to the tune of about $100 billion US.
but yes its quite important that What Will Be Outcome Of Greece Debt Crisis.

What happens if I – as a private citizen – holding a maturing bond decide not have a 21% write-off and do nothing. Assuming there is not another restructuring within the short term, am I compelled to take one of the IIF menu choices. I think no is the answer – hence why the CDS contracts are not triggered?

Best of luck reaching that 90% participation rate!

There has been a new set of measures and loans announced.
There might (probably will) be temporary or selective default.

But your title is not consistent with last night’s news- its wrong and misleading.

It makes me feel like you used it as linkbait.

“How can Greece now pay 3.5% on 15 year borrowing from an institution (EFSF) of which a 18% shareholder Italy has to pay 5.74%. Alchemy?

How can Greece now pay 3.5% on 15 year borrowing from an institution (EFSF) of which a 12% shareholder Spain has to pay 6.11%. Alchemy?”

@notayesmansecon on twitter

As the scale of the borrowing increases these have to become more serious matters or Germany will find herself as the back stop paying a much higher rate of interest on her bunds.

Yet, the precedent has been put in place with Greece default more or less inevitable.

Bottom line, for most of you (Anglo)Eurosceptics, is rather simple – there is no way German Central Bank can stop the march towards establishing a socalled *transfer union* now that Eurobonds are formalized in the decision.

“So far for the freedom of contract in the European Union.”
In the EU, like almost everywhere, contracts are subject to legal requirements. And laws can be changed.

And then, when creditors reduce the burden of a debtor, can or should this be called “default”? I don’t think so. Definition of default: “failure to fulfil an obligation, especially to repay a loan or appear in a law court” But Greece fulfills the obligations that have been altered by the creditors. That’s something different.

Think what things would be like right now with a lot of inflation. It’s not a pleasant thought, is it? Maybe we should just reserve about one second per day to be grateful for how well the basics have held together over the last 40+ years.

http://globaleconomicanalysis.blogspot.c om/2011/07/greece-defaults-krugman-screa ms-its.html

Couple small typos in your post

It’s four choices, not three.

On[e] thing is for sure

Mish

The inflationary pressures generated by fiat money printing are going to drive down consumer spending even more radically, which means that Greece (along with the rest of the EU) cannot recover any level of real production to sustain this plan. Recapitalization of the banks is just plain stupid. They should have learned something from the U.S in that regard. The banks need to eat their peas.

As for the credit rating agencies, the EU is sore because they are being called out by one of the few relatively honest institutions in the financial world today. Those agencies got spanked first in the ’08 debacle, and they quickly compensated. The agencies’ newfound forthrightness has become an embarrassing and debilitating brake on financial voodoo by the state financial institutions, and savvy private investors will price in the risk of insufficient data when they decide which bonds to buy. Erecting a firewall against honest analysis will do nothing but deter foreign and private investment. Or at least it should.