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Greece, redux

Super Contributor
Seems EU thinks that maybe some bonds should default, which will reduce Greece's debt burden. I can only guess at the impact though. Will some CDS trigger? What would it mean for Portugal et al? Is it just a negotiating tactic to force banks to roll over debt? Will that freak out the ratings agencies? What I think has happened is that the big EU countries have found that their banks have cleaned up their positions w.r.t. Greece somewhat, so they're happier to let some type of default happen.

tl;dr: All I know is I feel less comfortable being long, for now.
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Valued Contributor
yip, banks holdings of Greek debt has reduced massively inlast 12 months .. biggest holders are now countires and that is probably China who offered to save Greece a year back ..
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Not applicable
emotions - out : stops - in. One red candle doth not a bear market make - skaaptjop (2011)
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Super Contributor
A"We are on the verge of an economic collapse which starts, letA's say, in Greece, but it could easily spread,A" billionaire investor George Soros said during a panel discussion in Vienna on June 26. A"The financial system remains extremely vulnerable.A" Some country is going to default sometime in the near future, it's just a question of time.Personally I think these headge fund vultures have all been taking their short positions in already and are now just laying low. It could take three months or three years, but something will have to give way. My advice is to start to pay off all debt ASAP, starting with the most expensive debt, and then tread carefully when investing after that. A bit of cash on the sideline for a rainy day is maybe not such a bad idea for next few months.Most importantly stay patient. It could take a while before investment bargains start emerging. omo
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