In order to avert a default, and in what will be the largest debt restructuring deal in recent history, investors who own bonds governed by Greek law, which covers 92% of bonds outstanding will incur a loss of as much as 75%, thereby erasing some 107 billion euros ($144 billion) of Greek debt from its total debt burden of 373 billion euros ($496 billion) - Who are these "investors" ? Hope they aren't listed entities, because this is gonna look pretty ugly on any balance sheet.
but if they had any sense they saw the default coming from a year ago and sold .. and certainlythere has been a significant shoft of ownership in Greek bonds, that's in part why things were so slow, giving a chance to escape ..
The deadline for bondholders to accept the invitation is March 8, while those with foreign-law government bonds have until April 11. ISDA members already made unanimous vote that no default condition exists, but this can still change and CDS's triggered. If so there be the precedent for future mechanism of easy default for indebted disaster nations at the certain demise of the CDS holders and issuers. Ben would probably take early retirement and join a lost Amazon tribe.
Greece is just a Hand-puppet for daily amusement.UK and USA....now there be the Monsters.And QE to the end,which is >>>>HYPERINFLATION >>> Gold at $10 000 per fine ounce.Then you sell.###Poor little Greece.It's the Punch and Judy Show.
Woefully sobering. The real truth may never be known but the consequences of unrestrained greed are surely unavoidable already. Nothing anywhere near the root cause zone changes - not least of which is core human nature. Those silly naked apes.