Greece on verge of breakthrough in deal to cancel 70% of debt

[sasguru]

Duplicate

[scooterscot]

Surely Portugal will demand the same now. Why should they have to pay 100% if the Greeks only pay 30%?

Depends who the bond holders are I guess.

The currency shall be sounder the sound if the actions of Greece those past few days set a precedent.

[d000hg]

So much for the default!

So if you lent someone money and they only paid you back 30%, you'd be happy and not consider that a default?

You're just trying to wiggle of the hook you put yourself on by starting a "Greece WILL default" thread.

[sasguru]

You're just trying to wiggle of the hook you put yourself on by starting a "Greece WILL default" thread.

It just has, you cretin.

[DodgyAgent]

It just has, you cretin.

I think you have to remember that socialists have a firm belief that there are things called "money trees" which means that they can spend money freely without having to take it from someone else

[Jeff Maginty]

..

[KimberleyChris]

It's just like any other bankruptcy. The debt-holders are taking 30c on the Euro instead of nothing, while they can.

If/when Greece leaves the Euro, then they will soon need a trainload of Drachma to buy a can of baked beans.

That's how Germany escaped all of its debts/reparations after WW1...they paid them in Marks, which were by then literally worth less than the paper they were printed on.

[AtW]

It's just like any other bankruptcy. The debt-holders are taking 30c on the Euro instead of nothing, while they can.

The main problem with those bondholders is that a fair few of them are aggressive hedge funds that made stupid bets and for some of them such restructuring may well result in bankrupcy like it happen with that brokerage firm few months ago, hence they are resistant to accept pretty reasonable terms - 30 pence on a pound is not a bad return for a bankrupt.

[d000hg]

It just has, you cretin.

How come this time when they agree a 70% reduction it's a default, but last time when it was 50% it was "restructuring"? Do try to keep your story straight...

[AtW]

How come this time when they agree a 70% reduction it's a default, but last time when it was 50% it was "restructuring"? Do try to keep your story straight...

It's a default if a single debtholders does not accept new terms.

It's practical bankrupcy in any case anyway.