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HomeOff Topics News & Politics › Note : The No NEW's on Greece Today !
03-10-2012 02:54 AM  6 years agoPost 1
GREYEAGLE

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They Defaulted Official - SO How doe's this ? work ?

Market's didn't even hit a bump

greyeagle

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03-10-2012 08:00 AM  6 years agoPost 2
dilberteinstein

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Not so fast there. This is a huge bank heist happening right before our eyes.

Read this:
The credit ratings agency, Moody's declared Greece in default on its debt on Friday.

It said the terms of the debt swap met its definition of a default.

Greece took an important step towards its second bailout after it managed to win a crucial debt swap, European leaders have said.

Eurozone finance ministers said the conditions were now in place for the country to receive its new 130bn-euro (£110bn; $173bn) bailout.

"Today the problem is solved," French President Nicolas Sarkozy said.

Greek Finance Minister Evangelos Venizelos hailed the swap as an "exceptional success".

http://www.bbc.co.uk/news/business-17308804
And read this:
The banking industry has described its agreement with Greece to cut its debts as "unprecedented".

A group of banks and other investors in Greek government debt have agreed to exchange their debt for new bonds that are worth much less and pay a modest rate of interest.

Including the reduced interest rate, the losses to the banking industry are more than 70%.

For some of Europe's biggest banks, that means heavy losses.

According to Barclays Capital, the top two holders of Greek debt are National Bank of Greece, with 13.2bn euros ($17.5bn), and Eurobank EFG, which holds 7.3bn euros ($9.7bn).

Once the bond exchange is completed, those holdings will be worth less than half their current value, and if you include future interest payments, worth 70% less.

Outside Greece, French and German banks hold the most Greek debt.

http://www.bbc.co.uk/news/business-17110355
Bottom line to this whole deal:

Looks like the liberal government of Greece was right to spend all their money and just wait until the debt "goes away."

Just spend, spend, spend.

90% of life is "showing up"

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03-10-2012 08:04 AM  6 years agoPost 3
GREYEAGLE

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WOw
30% of Nothing is What ???

Greece will End up In Ashes !!!!

Hope it's NOT our $$$$$$$$

Need to check my Olive Oil

greyeagle

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03-10-2012 08:31 AM  6 years agoPost 4
shawmcky

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Thats the trouble,over many,many years badly run countries end up trillions in debt,thank your lord it has not happened to you.Hang on a minute

Team- unbiased opinion.K.I.S.S principle upheld here

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03-10-2012 11:03 PM  6 years agoPost 5
dilberteinstein

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Think about this:

If your child throws a rock through a window, and you reward him with a new toy, he has learned how to get new toys.

Greece has spent all their money and the EU has devalued the debt and is sending them a second round of toys...er...bail out money.

Somehow, the EU was able to make that debt disappear without Greece having to pony up anything.

90% of life is "showing up"

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03-10-2012 11:10 PM  6 years agoPost 6
GREYEAGLE

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OK I get It

They can Print AMERICAN Money correct ???

greyeagle

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03-10-2012 11:47 PM  6 years agoPost 7
shawmcky

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Greece cant but you can,your saving grace Debt disappear???We shall see.Who you must ask yourself are the insurers against these losses?because they will be insured,and the debts are massive,credit rating agencies are already declaring a default by Greece even after the "Bail out".Big western banks will be the insurers,what happens when they are asked to pay out???Can they,do they have enough money??Better print some more pounds and dollars folks,they will be needed.I feel more quantative easing coming on

Team- unbiased opinion.K.I.S.S principle upheld here

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03-11-2012 09:38 AM  6 years agoPost 8
shawmcky

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Losses through bad debt will be insured,The lenders will be insured,if the insurers dont have enough to honour those policies,the whole insurance market will lose credibility.How many western banks are involved in these insurance schemes.The little man will pick up the tabs again in bail out debt,devalued currency,a bright prospect for future generations.

Team- unbiased opinion.K.I.S.S principle upheld here

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