Greece to receive official aid worth EUR 109bln. Greece will pay lower rates, extended maturities.
Minimum of 15 years to a maximum of 30 years for Greek debt repayment... From 7.5 years
Ireland gets interest rate discount... Down to 3.5% from 6ish, alongside Portugal and Greece...
It will be called many things, but it is a default.....structured for greater defaults down the road.
It will be called many things, but it is a default.....structured for greater defaults down the road.
(Via Faisal Islam)
Update: More from Nouriel Roubini
Greece: par bond option for hold-to-maturity investors (banks, insurance cos, pension funds), discount bond for mark-to-market investors
As in the Uruguay debt exchange the downgrade of Greek debt to SD during debt exchange will be temporary: possibly a few days or weeks
Update 2 from Faisal Islam:Statement says that Greece debt restructuring is exceptional case; but a year from now Portugal and Ireland will need the same debt relief
ECB has been recapitalised again I think by €5bn, from what trichet just said.
Are U.S taxpayers paying for this recapitalization ?
ReplyDeleteCrackheads live one day at a time also.
One "hit" a time.
ReplyDeleteWait until this bubble bursts.
ReplyDelete109Bln? That's like 1/2 their entire productive GDP! That would be like Amerika's political terrorists receiving $5T from...ummm...The legal counterfeiters calling themselves the Federal Reserve.
ReplyDelete