Greece WILL default on its debts ....

[sasguru]

Unless some controls can be put on Greek spending then the only sensible thing to do is eject them from the Euro and carry the loss.

Problem is the loss is not "carryable" to coin a phrase. Since a lot of Greek debt is held by French banks (mainly) they would have to be bailed out and France cannot afford this on its own (or at least without its own currency to print).

[Arturo Bassick]

Problem is the loss is not "carryable" to coin a phrase. Since a lot of Greek debt is held by French banks (mainly) they would have to be bailed out and France cannot afford this on its own (or at least without its own currency to print).

The French might be able to behave themselves if they are going bust and the Euro zone in general might be willing to print to protect them.
The Greeks will be an endless cycle of massive debts and bailouts until they take the entire Euro zone with them.

The question is how to resolve it, and I have no answer there.

[Churchill]

The French might be able to behave themselves if they are going bust and the Euro zone in general might be willing to print to protect them.
The Greeks will be an endless cycle of massive debts and bailouts until they take the entire Euro zone with them.

The question is how to resolve it, and I have no answer there.

Sell Greece and Cyprus to the Turks.

Ship the Palestinians to Libya.

Simples...

[AtW]

It's not a default, it's a "restructuring" of debts.

[TimberWolf]

It's not a default, it's a "restructuring" of debts.

In other words if they pay 1 cent back, it's a restructuring rather than a default.

[doodab]

It's not a default, it's a "restructuring" of debts.

Well it depends, previously they were talking about restructuring the payment schedule but now they are talking about a reduction in the principal which would be a default. We'll have to see what happens.

[d000hg]

It's not a default, it's a "restructuring" of debts.

For one easy monthly payment and a holiday somewhere sunny?

[Paddy]

Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt - SPIEGEL ONLINE - News - International

Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit

.

[AtW]

In other words if they pay 1 cent back, it's a restructuring rather than a default.

Default is when someone defaults.

Restructuring is massive reduction in debt /easier payments forced out of lender under the threat of default.

Lender is still ****ed but at least it's not total write off.

HTH

[sasguru]

We're nearly there ....