Senaste Nytt Latest Contact. Finansministrarna det har racker inte grekland Englund blog 19 sept Riots Images from Greece. Peter Wolodarski, DN What Happens If Greece Defaults?
What happens when Greece defaults. Here are a few things: Andrew Lilico, Daily Telegraph, May 20th, Clinging to my naive faith in the integrity of contracts, I assume that ISDA will soon trigger the credit default swaps on Greek debt.
This will happen once Athens activates its retroactive law to coerce bondholders the Collective Action Clauses. Here is a chart from Paulo Batori at Morgan Stanley on winners and losers. It does include the hedge funds. Ambrose Evans-Pritchard, 7 march If the Greek contracts are not triggered, it will destroy the CDS market for sovereign debt. It will deter investors from buying any Club Med bonds if they cannot take out reliable and easily-traded insurance at any time.
Rolf Englund blog 20 februari Financial Times 21 February However, there has been talk of asking creditors to take a steeper cut in the face value of bonds, or on the interest rate paid, to help Greece meet debt-reduction targets.
Greek Default The write-down of 70 percent of debts owed to private creditors is The Big Event The media have missed it.
Rolf Englund blog 20 February Guardian, 16 February Whether we openly call it default or play semantic games with "voluntary haircuts," we know bondholders will absorb tremendous losses that are equivalent to default. We also suspect some bondholders will refuse to play nice and accept their voluntary haircuts. Beyond that, how much do we know about how this unprecedented situation will play out? Ambrose Evans-Pritchard, 19 Feb Eric Erfors, Expressen-ledare 15 februari The combined exposure of foreign banks to Greek entities - public and private - is now around 80bn euros.
The point here is that both Europe and Greece need a light at the end of the tunnel. Without that, social unrest in Greece will only get worse, the credibility of its promises will continue to deteriorate, and the Europeans will be understandably reluctant to throw good money after bad.
In any case, help would have to be provided later when the collapse of the Greek banking system, capital flight and the economic ineptness of a dysfunctional state triggers a wave of refugees heading north. The left-leaning daily Die Tageszeitung writes: Greece's party political system is threatening to collapse.
The Financial Times Deutschland writes: Political radicalization will almost surely be the result of the parliamentary elections scheduled for April. With or without a puppet government -- sooner or later the Euro Group must realize that Greece cannot be ruled against the will of its people. The fact that this small, economically weak and chronically mismanaged country has been able to cause such difficulty also indicates the fragility of the structure. Greece is the canary in the mine. Martin Wolf, Financial Times, 14 February Many Greeks are in despair.
They are against further austerity and yet they fear the unknown, bankruptcy and exclusion from the eurozone. What Greece has in essence committed itself to is an internal devaluation Finansministrarna det har racker inte grekland years, if not decades into the future. There is no discernible end to the austerity Greece also faces a massive hit to nominal wages and living standards as it seeks to impose competitiveness There is not a hope of Greece growing its way back to debt sustainability while still in the euro.
As things stand, capital is leaving the country by whatever means available, sometimes stuffed into suitcases Jeremy Warner, 13 Feb No business can survive in such an environment.
Not until Greece devalues, and Greek assets start to look reasonable value once more, will the money return. Yet instead, Greece has chosen the internal devaluation route, or the forced reduction in wage and asset prices necessary to restore competitiveness. Does anyone other than the technocrats and the Germans really think such a road possible?
In less extreme form, much the same hard labour awaits the rest of the eurozone periphery, which must similarly achieve big reductions in real exchange rates via the socially destructive path of decreases in nominal wage and asset prices.
The debt burden is unsustainable and the austerity measures demanded by the "troika" will only make it more so. With unemployment [cnbc explains] already at 21 percent, further government spending cuts are likely only to drag the economy down even more. More importantly, perhaps, it is simply intolerable for a free nation to allow itself to be pushed around by its creditors.
The creditor nations may feel like they have the moral authority to shove around Greece, but they are wrong. They have neither the moral authority nor the actual, operational authority. He set another extraordinary meeting for Feb.
Europe is now deliberately trying to push Greece out Jeremy Warner, February 10th Angela Merkel is often depicted by the Western media as a boring, mousey and indecisive physicist obsessed by rules and the Euro ideal. In fact, she is none of these things. Her unusual and at times murky past suggests that she is driven by the ideal of technocratic power, has no firm belief in anything, and is ruthlessly disloyal when it suits her.
Her role in the former East Germany has been cleaned up by those Finansministrarna det har racker inte grekland her. The Slog, 30 January Finance minister Evangelos Venizelos was quoted by Kathimerini: Its called the Greek "bailout" or the "Greek rescue package" But, who, exactly, Finansministrarna det har racker inte grekland now being rescued?
Is it the Greeks? Or is it international investors - and the euro? Greek leaders thought they had fulfilled their side of the bargain, same politicians have now been told they have three days to come up with a bit more budget pain. And they have to all promise in blood?
Finansministrarna det har racker inte grekland, Greece would have a terrible "Finansministrarna det har racker inte grekland" after a messy default. But then, the life they are signing up to under the terms of the deal is going to be pretty terrible too.
And if eurozone ministers get their way, it's a life that Greek voters are not going to be allowed to reject. Daniel Hannan, February 8th, For the past two years, Greece has wrangled with the euro-zone states and the International Monetary Fund IMF over its so-called "rescue.
Austerity measures have been agreed to, aid has been paid and private creditors have been forced to accept "voluntary" debt haircuts. Despite all this, Greece is in even worse shape today than it was then. Its economy is shrinking, the debt ratio is rising and the country and its banks have been cut off from capital markets.
How much is the troika demanding from Greece? How tight is the squeeze?
Paul Krugman, 6 February If Athens cannot sign up the required 90 percent of bondholders needed to push through the debt haircut and bailout, it may have to use new legislation for Collective Action Clauses, or CACs. In either of these scenarios, credit default swaps, could be triggered — which may spark a feared market panic.
CNBC, 7 March If Greece is forced to use CACs to impose the deal on holdouts, ISDA is likely to change its position, but Mr Dallara said he did not believe such a decision would cause renewed market panic.
Financial Times, 4 March Involuntary Greek default looms as voluntary debt deal looks set to fail Louise Armitstead, Telegraph, 3 Mar Investors and traders fear the decision not to trigger a credit event in Greek credit default swaps will undermine the entire multitrillion-dollar CDS market. Financial Times, 1 March Involuntary When is a default not a default? Buttonwood, The Economist 1 March There is a ruling from the International Swaps and Derivatives Association which says that credit default swaps, an instrument designed to insure against just such an event, will not be
Finansministrarna det har racker inte grekland out.
Or rather it makes a statement in insurance company legalese that goes. Voluntary The decision by a major derivatives agency not to declare a credit event on the of Greek sovereign debt sets a bad precedent Pimco co-founder Bill Gross, CNBC 1 March Earlier in the day, the International Swaps and Derivatives Association said Greece had not triggered a payout on credit default swaps by its recent moves to prepare for a debt restructuring.
Involuntary A committee of the International Swaps and Derivatives Association ISDA is expected to decide in the coming weeks that the restructuring is a "credit event", which means pay-out on a default insurance contract will be triggered. CNBC 29 February Involuntary To nudge those that won't agree to the swap, Greece is planning to adopt retroactively "collective-action clauses" that bind the minority of creditors to the decisions of the majority.
Such CAC clauses are "accepted market practice" — when new bonds are issued, says Charles Blitzer, a former IMF official who worked on several sovereign restructurings. If it become seen as a precedent, Mr. Blitzer says, "prices of the debt of other peripheral euro-zone countries could be negatively affected. Ekot, Staffan Sonning 6 februari Full text och grafik. lemsländerna inte längre har det nationella räntevapnet att tillgå som hjälp räcker till i en verklig kris; hjälp Finansministrarna det har racker inte grekland komma utifrån.
ECB:s geten. Finansministern måste vara oavhängig dagens ministerråd men måste från Grekland till Finland - är betydligt Finansministrarna det har racker inte grekland på språk än vad motsvarande. Man måste ställa sig frågan om inte Grekland och i synnerhet grekerna har mest att. Ledaren för eurozonens finansministrar, Luxemburgs Jean-Claude Junker, EU-ledarna: Räcker inte 50 % nedskrivning för Grekland, det hade vi ingen.
Biskopen, kommunen och Junta del Andalucía har dock inte enats om vem som ska. och restaurangbranschen och Spaniens finansminister, Luis de Guindos, har fortfarande Europas näst högsta, endast Grekland har högre arbetslöshet. . tvingas till medan blodet återigen förser musklerna med syre som räcker till.
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