Comments on: Greece defaults http://blogs.reuters.com/felix-salmon/2011/07/21/greece-defaults/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: CienMichel http://blogs.reuters.com/felix-salmon/2011/07/21/greece-defaults/comment-page-1/#comment-31686 Mon, 10 Oct 2011 23:27:45 +0000 http://blogs.reuters.com/felix-salmon/?p=9068#comment-31686 If Greece defaults, it won’t be the first government to renege on its financial obligations, but its failure would set a new record, both for scale and complexity.

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/

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By: CienMichel http://blogs.reuters.com/felix-salmon/2011/07/21/greece-defaults/comment-page-1/#comment-31685 Mon, 10 Oct 2011 23:26:24 +0000 http://blogs.reuters.com/felix-salmon/?p=9068#comment-31685 If Greece defaults, it won’t be the first government to renege on its financial obligations, but its failure would set a new record, both for scale and complexity.

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.

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By: georgesoil http://blogs.reuters.com/felix-salmon/2011/07/21/greece-defaults/comment-page-1/#comment-28869 Sat, 23 Jul 2011 14:16:31 +0000 http://blogs.reuters.com/felix-salmon/?p=9068#comment-28869 i guess europeans(who are these people?those who speak with irony for their portuguese mothers travelling too much?unless europe gets rid of this mentality that one can only get pleasure out of the death of the cow of the neighbour,there is no future in europe .not a peacefull one.because ,as history shows ,wherever there is poverty and hunger ,on one side and luxury on the other the clash is unavoidable.
nowdays with all the police forces ,the europol,the training for unconventional warfare in cities ,seems to me someone is preparing a war.and its not me.
Of course here serious people are interested in how much profit they will get out of all this.one thought :where the hell are you going to spend it if the world is a miserable place around you?you will enjoy having a drink next to some dying mothers and their kids?..i guess some would enjoy that …..thats the problem.

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By: Caroline199 http://blogs.reuters.com/felix-salmon/2011/07/21/greece-defaults/comment-page-1/#comment-28845 Fri, 22 Jul 2011 17:14:14 +0000 http://blogs.reuters.com/felix-salmon/?p=9068#comment-28845 Good article and the first I have seen that asks the question about the option not shown by IIF proposal.

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!

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By: anastazio2 http://blogs.reuters.com/felix-salmon/2011/07/21/greece-defaults/comment-page-1/#comment-28832 Fri, 22 Jul 2011 13:18:02 +0000 http://blogs.reuters.com/felix-salmon/?p=9068#comment-28832 Greece has not defaulted quite yet.

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.

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By: Sally32 http://blogs.reuters.com/felix-salmon/2011/07/21/greece-defaults/comment-page-1/#comment-28831 Fri, 22 Jul 2011 12:47:13 +0000 http://blogs.reuters.com/felix-salmon/?p=9068#comment-28831 Is there not something of a discrepancy between the interest-rate promised on this deal Felix and the interest-rate at which the shareholders of the EFSF can actually borrow at? I saw this expressed well on twitter yesterday.

“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.

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By: plubber http://blogs.reuters.com/felix-salmon/2011/07/21/greece-defaults/comment-page-1/#comment-28830 Fri, 22 Jul 2011 12:09:10 +0000 http://blogs.reuters.com/felix-salmon/?p=9068#comment-28830 In 2041 Greece will be underwater, right alongside Atlantis.

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By: hariknaidu http://blogs.reuters.com/felix-salmon/2011/07/21/greece-defaults/comment-page-1/#comment-28829 Fri, 22 Jul 2011 10:07:44 +0000 http://blogs.reuters.com/felix-salmon/?p=9068#comment-28829 Felix is as usual more reasonable than his (other) American colleagues because he understands Euro Project is in principle a political project. Macroeconomics – aside – don’t trumph the EU Project and its political imperatives – kosta was es will! Germany succumbed to the political pre-requisite to bailout Greece, as an exceptional case.

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.

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By: Gray62 http://blogs.reuters.com/felix-salmon/2011/07/21/greece-defaults/comment-page-1/#comment-28828 Fri, 22 Jul 2011 08:35:05 +0000 http://blogs.reuters.com/felix-salmon/?p=9068#comment-28828 “They are buying stocks and the euro like all Europe’s woes have disappeared.”
Average deficit of EU governments: 6%. Defict of US government: 11.2%.

“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.

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By: doctorjay317 http://blogs.reuters.com/felix-salmon/2011/07/21/greece-defaults/comment-page-1/#comment-28827 Fri, 22 Jul 2011 07:14:47 +0000 http://blogs.reuters.com/felix-salmon/?p=9068#comment-28827 So in essence, if I understand what Felix is trying to tell me, it means all the so-called experts in the financial markets look like dummies. They are buying stocks and the euro like all Europe’s woes have disappeared. In fact, it’s starting to get worse. Just because Europe gave Greece “a deal that won’t be repeated”. In reality, this is being done because there’s no way out and the resultant consequence would be the “PIIGS” will get slaughtered. The world is changing to “Alice in Wonderland”. WELCOME ALL.

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