U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Politics and Other Controversies
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-10-2012, 07:19 PM
 
48,516 posts, read 83,748,691 times
Reputation: 18042

Advertisements

I never read that;from waht I have seen Greece coud have refused the deal.As it is its unlike they would be back again in 18 months.They may just be left to leave the Euro then.
Reply With Quote Quick reply to this message

 
Old 03-10-2012, 07:30 PM
 
27,903 posts, read 34,379,172 times
Reputation: 4031
Quote:
Originally Posted by HappyTexan View Post
Well with the success of their default, um..I meant "credit event" there are now rumblings of a third, yes third bailout.

No investor in their right mind would be buying Greek paper. I can only assume here that it's governments buying their bonds and taking the losses.

Greece is 'likely to need third bail-out' - Telegraph
Even as ECB policymaker Ewald Nowotny hailed Greece's debt restructuring a "clear success", he today admitted a third aid package was a possibility.
Quote:
According to Moody's, the announced proposal for private-sector involvement, which is a precondition for the provision of further financial assistance from the euro area, would constitute a distressed exchange, and hence a default, on Greek government bonds. Moody's defines a distressed exchange as an exchange which results in losses to investors relative to the initial promise and an outright default is likely in the absence of the exchange.. Both these conditions are met in this case, given that private-sector involvement had been one precondition for Greece to obtain additional official financing and thus avoiding an outright payment default. The magnitude of investor losses will be determined by the difference between the face value and accrued interest of the debt exchanged and the market value of the cash or securities received. The exchange offer is subject to financing conditions and minimum participation rates; however, if the debt exchange is not undertaken as planned, investors are likely to experiences losses of similar magnitude nonetheless. Moody's expects Research Document - Moody's (http://www.moodys.com/research/Moodys-downgrades-Greece-to-C-from-Ca--PR_239375further - broken link) clarity on the execution of the exchange in early March.
Moody's downgrades Greece to C from Ca
Quote:
Fitch Ratings-London-09 March 2012: Fitch Ratings has downgraded Greece's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'RD' ('Restricted Default') from 'C' following today's confirmation from the Greek government and eurozone officials that the exchange of Greek government bonds will proceed. The downgrade to 'RD' reflects Fitch's previous commentary that the exchange would constitute a sovereign default event under the agency's distressed debt exchange (DDE) rating criteria, and follows the downgrade of Greece to 'C' from 'CCC' on 22 February. Greece's Short-term foreign currency IDR remains unchanged at 'C'. The euro area Country Ceiling, which is applicable to all euro area member states, also remains unchanged at 'AAA.'
Under the exchange, each EUR100 face value amount of Greek government bonds will be exchanged for new bonds with a face value of EUR31.5 and EUR15 of EFSF ('AAA') notes. Bondholders will also receive a notional EUR31.5 of Greek GDP-linked securities. The implied loss relative to the original terms and conditions of the bonds implied by the exchange is estimated by market participants to be approximately 74%.
Fitch Ratings - Dedicated to providing value beyond the rating
Reply With Quote Quick reply to this message
 
Old 03-10-2012, 07:43 PM
 
Location: somewhere in the woods
16,885 posts, read 13,007,834 times
Reputation: 5211
Quote:
Originally Posted by SilverOne View Post
The Silent Anschluss: Germany Formally Requests That Greece Hand Over Its Fiscal Independence | ZeroHedge



The last time Germany tried to take over a country there was a world war


so what happens if the current goverment in Greece says yes to this, and is at a later date voted out of office. then the new goverment says no fracking way and tells the EU to take a flying leap off a cliff.
Reply With Quote Quick reply to this message
 
Old 03-10-2012, 08:44 PM
 
Location: Great State of Texas
86,093 posts, read 72,362,914 times
Reputation: 27564
Quote:
Originally Posted by monkeywrenching View Post
so what happens if the current goverment in Greece says yes to this, and is at a later date voted out of office. then the new goverment says no fracking way and tells the EU to take a flying leap off a cliff.
Won't happen. A banker is now the PM and running the country.

Who is Greece's new prime minister? - CNN
Once a governor of the Bank of Greece and senior economist at the Federal Reserve Bank of Boston, Papademos taught economics at Columbia University and the University of Athens, accepting a visiting professor position at Harvard University last year.
Reply With Quote Quick reply to this message
 
Old 03-10-2012, 08:46 PM
 
27,903 posts, read 34,379,172 times
Reputation: 4031
Quote:
Originally Posted by HappyTexan View Post
Won't happen. A banker is now the PM and running the country.

Who is Greece's new prime minister? - CNN
Once a governor of the Bank of Greece and senior economist at the Federal Reserve Bank of Boston, Papademos taught economics at Columbia University and the University of Athens, accepting a visiting professor position at Harvard University last year.
Isn't it just outstanding that all these folks are from Columbia and Haaaaarvaaaarrd?

Kinda makes you wonder what sort of education these folks are getting at Haaarraaavaaard.
Reply With Quote Quick reply to this message
 
Old 03-10-2012, 08:49 PM
 
Location: somewhere in the woods
16,885 posts, read 13,007,834 times
Reputation: 5211
Quote:
Originally Posted by HappyTexan View Post
Won't happen. A banker is now the PM and running the country.

Who is Greece's new prime minister? - CNN
Once a governor of the Bank of Greece and senior economist at the Federal Reserve Bank of Boston, Papademos taught economics at Columbia University and the University of Athens, accepting a visiting professor position at Harvard University last year.

from what I understand, the PM is still an elected position. if the banker is kicked out, then it could still come to pass.
Reply With Quote Quick reply to this message
 
Old 03-10-2012, 08:51 PM
 
2,313 posts, read 3,182,080 times
Reputation: 1581
I been saving my nickels and dimes. Greece will end up on Ebay any day now. I hope I win, so I can turn the Parthenon into the world's largest Autozone. Grand opening will feature buy one bottle of brake fluid, get the second free!
Reply With Quote Quick reply to this message
 
Old 03-10-2012, 08:52 PM
 
21,334 posts, read 11,538,892 times
Reputation: 12172
Quote:
Originally Posted by SNEwx_46 View Post
I feel awful for the Greek people.
They could just say no to German money.
Reply With Quote Quick reply to this message
 
Old 03-10-2012, 08:52 PM
 
Location: somewhere in the woods
16,885 posts, read 13,007,834 times
Reputation: 5211
Quote:
Originally Posted by badhornet View Post
I been saving my nickels and dimes. Greece will end up on Ebay any day now. I hope I win, so I can turn the Parthenon into the world's largest Autozone. Grand opening will feature buy one bottle of brake fluid, get the second free!

you keep on saving your nickles and dimes. I have been buying gold and silver and not paper gold or silver.
Reply With Quote Quick reply to this message
 
Old 03-10-2012, 09:15 PM
 
Location: Great State of Texas
86,093 posts, read 72,362,914 times
Reputation: 27564
Quote:
Originally Posted by monkeywrenching View Post
from what I understand, the PM is still an elected position. if the banker is kicked out, then it could still come to pass.
In Greece, the PM is appointed by the President. Who the PM is dependent on the party in power but it's the President who appoints him.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Politics and Other Controversies
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 02:42 AM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top