Friday, July 22, 2011

Ratings Agency Fitch Starts the Greek Circus Act

It has put Greece into "restrictive default".

Translation: Greece has defaulted.

Try calling up your bank and telling them that you have decided that you won't pay up on your revolving credit for 20 years, that you would like your interest rate cut in half in the mean time and that you need an extension on your credit line because you can't pay your rent. That's essentially the default/bailout deal Greece got.

1 comment:

  1. at least some clarity: best definition ever of the greek mess!