Have we done the Greek default which is not a default may actually be a default

[eek]

Greek default looms as voluntary debt deal looks set to fail - Telegraph

Authorities in Athens are ready to enforce the controversial collective action clauses, or CACs, to impose the restructuring deal on all bondholders as the number of voluntary agreements look set to fall short of the required amount.
Credit rating agencies have warned they will declare Athens to be in default if the CACs are triggered

You couldn't make this story up well you could but no one would believe you.

[Platypus]

Greek default looms as voluntary debt deal looks set to fail - Telegraph


You couldn't make this story up well you could but no one would believe you.

We did the Greek default which is not a default, but the may actually be a default is new !

[scooterscot]

nothing to see here - move along

[AtW]

It's not a default for so-called CDS "insurance" as far as those banks who "insured" tulip quality debt for $$$ are concerned.

Lawyers are eagerly awaiting their hedge funds clients to instruct them.

HTH

[Freamon]

It's not a default for so-called CDS "insurance" as far as those banks who "insured" tulip quality debt for $$$ are concerned.

Lawyers are eagerly awaiting their hedge funds clients to instruct them.

HTH

The CDS will pay out if the CACs are triggered. If they don't, the ISDA loses all credibility and CDS everywhere else become worthless (which would be very bad).

[doodab]

If they don't, the ISDA loses all credibility and CDS everywhere else become worthless (which would be very bad).

But amusing in it's own way.

[AtW]

The CDS will pay out if the CACs are triggered. If they don't, the ISDA loses all credibility and CDS everywhere else become worthless (which would be very bad).

I think it would be good if CDS disappeared - some things are illegal to insure and business risk should be one of them. Basically investment is inherently risky and anybody who creates a scheme involving insurance of that kind should go straight to jail.

[BrilloPad]

I still think this time the bailout will go through - the default will be later this year. But I hope I am wrong - the sooner the default happens the sooner the Greek people will stop suffering austerity at the hands of the Germans. Why the Greks put up with it is quite beyond me.

[AtW]

the sooner the default happens the sooner the Greek people will stop suffering austerity at the hands of the Germans.

How exactly did you arrive to that conclusion (nevermind Germans bit)?

[CheeseSlice]

This stuff is starting to get way too complicated for me.

To those who understand these financial instrument thingies, I require simple answers to the following questions:

-Is the world going to end ?

-Will I still be able to buy feta cheese in a weeks time?