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More on the Greek debt swap results: The country intends to amend the terms of all Greek law...

More on the Greek debt swap results: The country intends to amend the terms of all Greek law covered bonds (activate the collective action clauses). This would bring the participation rate to 95.7%.
Comments (8)
  • SA reader
    , contributor
    Comments (176) | Send Message
     
    And CDS triggering in 3, 2, 1. So when will it default on these bonds? In 1, 2, or 3 years?
    9 Mar 2012, 01:11 AM Reply Like
  • thechas7
    , contributor
    Comments (48) | Send Message
     
    Uh, OK......so I guess these aren't so "covered" after all.

     

    Interestingly, I haven't read anywhere yet about Greece being sued, I guess Euro bond lawyers are a little slower than ours.
    9 Mar 2012, 01:26 AM Reply Like
  • User 353732
    , contributor
    Comments (4831) | Send Message
     
    Its not a swap: its a default.

     

    Exchanging one financial lie for an even bigger one using coercion does not constitute a "restructuring" much less a "solution" but a repudiation.

     

    A Bad Government has just stolen from Bad Banks financed by other Bas Governments using free Bad Money. The financial criminals are now stealing from each other as well.
    9 Mar 2012, 05:47 AM Reply Like
  • mweaver
    , contributor
    Comments (201) | Send Message
     
    when is a bond not a bond. just change the
    rules.
    9 Mar 2012, 06:33 AM Reply Like
  • Moon Kil Woong
    , contributor
    Comments (11071) | Send Message
     
    A forced swap lol. Talk about a lot of coercion. Well I guess the market can be happy again.
    9 Mar 2012, 06:34 AM Reply Like
  • fsixsix1
    , contributor
    Comments (9) | Send Message
     
    it's no fully true
    9 Mar 2012, 06:39 AM Reply Like
  • thechaser
    , contributor
    Comments (474) | Send Message
     
    the press release does not state that they have decided on addtl coercion; http://bit.ly/zinfKs is the link to the official press release and invitation docs
    9 Mar 2012, 10:09 AM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    So what !!!!!!!!! 3 billion will triggered an will be covered. A Greek fart and the smell disapates and now we wait for Portugal an the " me toos" and lets find discount barbers..........Ho hum

     

    ISDA rocket scientists ...A default....CAC we get it.........
    9 Mar 2012, 03:02 PM Reply Like
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