You have commented 375 times on Rantburg.

Your Name
Your e-mail (optional)
Website (optional)
My Original Nic        Pic-a-Nic        Sorry. Comments have been closed on this article.
Bold Italic Underline Strike Bullet Blockquote Small Big Link Squish Foto Photo
Submit your comments on this article
Europe
Greek default looms as voluntary debt deal looks set to fail
2012-03-04
European leaders are braced for the eurozone's first ever sovereign default this week as Greece's efforts to secure a €206bn (£172bn) "voluntary" bond swap looks increasingly unlikely.

Authorities in Athens are ready to enforce the controversial collective action clauses, or CACs, to impose the restructuring deal on all bondholders as the number of voluntary agreements look set to fall short of the required amount.

Credit rating agencies have warned they will declare Athens to be in default if the CACs are triggered which would be a dramatic culmination to a three-year rollercoaster ride for Athens, the eurozone and global markets.

While the markets have been ready for a Greek default for months, the move could leave Greece and its banks barred from funding from the European Central Bank (ECB). On Monday, Standard & Poor's declared Greece to be in a state of "selective default" which led to the ECB announcing it would no longer accept Greek government bonds as security for new loans.
Posted by:tipper

#22  comments); ?>werwer
Posted by: RandomJD   2012-03-04 23:21  

#21  comments); ?>werwer
Posted by: Anguper Hupomosing9418   2012-03-04 23:02  

#20  comments); ?>werwer
Posted by: Scooter McGruder   2012-03-04 20:50  

#19  comments); ?>werwer
Posted by: rammer   2012-03-04 19:36  

#18  comments); ?>werwer
Posted by: Bright Pebbles   2012-03-04 19:24  

#17  comments); ?>werwer
Posted by: Barbara   2012-03-04 19:17  

#16  comments); ?>werwer
Posted by: rammer   2012-03-04 19:02  

#15  comments); ?>werwer
Posted by: Alaska Paul   2012-03-04 18:09  

#14  comments); ?>werwer
Posted by: Bright Pebbles   2012-03-04 17:57  

#13  comments); ?>werwer
Posted by: RandomJD   2012-03-04 17:56  

#12  comments); ?>werwer
Posted by: Canuckistan sniper   2012-03-04 17:18  

#11  comments); ?>werwer
Posted by: Procopius2k   2012-03-04 16:49  

#10  comments); ?>werwer
Posted by: trailing wife    2012-03-04 16:23  

#9  comments); ?>werwer
Posted by: Thing From Snowy Mountain   2012-03-04 15:49  

#8  comments); ?>werwer
Posted by: Barbara   2012-03-04 15:49  

#7  comments); ?>werwer
Posted by: Steve White   2012-03-04 15:37  

#6  comments); ?>werwer
Posted by: AlanC   2012-03-04 15:26  

#5  comments); ?>werwer
Posted by: Alaska Paul   2012-03-04 12:10  

#4  comments); ?>werwer
Posted by: crosspatch   2012-03-04 12:04  

#3  comments); ?>werwer
Posted by: DarthVader   2012-03-04 10:15  

#2  comments); ?>werwer
Posted by: Procopius2k   2012-03-04 08:58  

#1  comments); ?>werwer
Posted by: Anguper Hupomosing9418   2012-03-04 06:53  

00:00