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A Greek newspaper reports the EU, IMF, and ECB have concluded a Greek debt restructuring is...
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Monday, January 31, 2011, 1:51 PM ETA Greek newspaper reports the EU, IMF, and ECB have concluded a Greek debt restructuring is inevitable. The plan being discussed would allow a 35% haircut to existing paper, convert the rescue fund loan to 30 year bonds (from 3-7 year), and increase the size of the bailout. FXE +0.5%.
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This news story has 4 comments:
In other words; Screw you, bondholders!
1) The expectation that Greece and Spain will grow without relative price adjustments (i.e. devaluation).
2) Selling the virtues of "Germanization" (austerity, higher retirement ages, etc) to Southern Europe.