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Tag Archives: default

Greek debt scenarios: “Great stretch” or “time to default”?

Hardly has Greece managed to return to the international markets and several scenarios started to circulate again about the future of the Greek debt. One of the scenarios claims that the solution would be is a great stretch of another 20 years for the pay back of the bailout loans. …

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Bloomberg poll: investors more optimistic on Greece, however risks not averted

Despite the ongoing structural reforms, the praises from Troika officials and the surpluses, foreign investors do not seem convinced that Greece has averted the risk of default. That’s the result of a global poll conducted by Bloomberg: “The risk of default is on the slide with about three-quarters saying Spain …

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Some wish Greece should default

EU and US- Politicians may publicly praise Greece for its achievements, the structural reforms and the ‘sacrifices’ of the Greek people, however still some circles work in the background and wish the total  collapse of the country.  To tell you the truth, I don’t know their motives and what would …

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German FinMin Schauble on Cyprus: confused, absent-minded or just a tricky politician?

We all remember German finance minister Woflgang Schaeuble claiming that Cyprus was not systemically relevant for the euro zone. His slogan was more or less that the collapse of Cyrpus’s banking sector would not affect the eurozone as the impact could not be systemically. Today, Wolfgang Schaueble claimed exactly the opposite: that …

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Historic decision: Cypriots vote NO to bank deposits tax

With 39 votes against and 19 abstentions from Anastasiades’ ruling party, Cypriots said a historic NO to Eurogroup decision to charge with a levy bank deposits. Upon announcement of the rejecting decision protesters who had gathered outside the Parliament broke in to loud applaud. No one Cypriot MP voted in …

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German FinMin Rules Out Greece’s Bankruptcy or Euro Zone Exit

German Finance Minister Wolfgang Schaeuble has for the first time ruled out the possibility of debt-stricken Greece sliding into bankruptcy or leaving the euro zone. “I think there will be no state bankruptcy in Greece,” he told a meeting of the Singapore-German Chamber of Commerce and Industry in Singapore on …

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Pros And Cons: Bailout & Austerity or Default & Euro Exit?

 Greece’s Prime Minister Lucas Papademos made a final warning on Saturday night, just hours before the crucial voting on the new austerity bill at the Parliament. In a TV address to the nation, Papademos said Greece was just a breath away from Zero”, that the second bailout and the austerity measures secure that the …

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DER SPIEGEL: Juncker Does Not Exclude Greek Default

While dramatic negotiations are taking place between the Greek government and the Troika in Athens, Jean-Claude Juncker, the head of the Eurogroup, used a German magazine to put more pressure on Greece. In an interview to Der Spiegel, Juncker warned there there will be a default on march, shouldn’t the …

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PSI: Greeks Head to IMF as IIF Complains and Hedge Funds Warn of Default

Petros Chistodoulou and Giorgos Zanias, heads of Greece’s Public Debt Management Agency (PDMA) and the Council of Economic Advisers respectively, are heading to Washington for talks with representatives on the International Monetary Fund on the restructuring programme fo the Greek debt. Negotiations between the Greek government and private creditors on the …

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Dallara: Greek Debt Swap Will Likely Cause Selective Default

FRANKFURT (Dow Jones)–An agreement between the Greek government and private bond holders will likely cause a selective default on Greek sovereign debt, the managing director of the Institute of International Finance said Friday. “We are not worried about a selective default, which will last a matter of days, but won΄t …

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Athens Stock Exchange Plunged -6.92% on Referendum

The Athens Stock Exchange suffered heavy losses of -6.92% in the aftermath of the referendum announcement on the loan-agreement on Monday evening by PM George Papandreou. The General Index closed qt 782.65 unit and the total volume was 75.72 million euro. Stocks on the banking sector suffered the heaviest losses …

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Athens Stock Exchange & Banks in Free Fall

Athens Stock Exchange started with a free fall on Monday morning, just hours after the European leaders agreed on a haircut of 50% to 60% of the Greek debt. At 11:28 am, the General Index suffers losses of -4.60%, while half an hours earlier it recorded losses even of -5%. …

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Wanna Know Why Greece Went Bankrupt?

OK, Greece went bankrupt partly because of the tax evasion. Partly because of 1,000 reasons. But most of all because of the scandalous wages in the public sector and state-run enterprises. There is this delicious report of Greek newspaper Proto Thema  on its online edition. The report focuses on the transfer …

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Athens Stock Exchange Plunges -6.28%

A hurricane hit the Athens Stock Exchange sweeping away stocks of companies and banks. The General Index closed at – 6.28% and 730.33 untis. Banks lost -8.6% where some suffered even two-digit losses.  The concern about the postponement of the Eurogroup meeting and the delay of the 6th tranche layed heavier than …

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Thinking of Buying a Greek 100-Year Bond?…

What an exciting proposal! What a perfect investment! Especially for those Greeks hit by unemployment so that they will never manage to get a pension in their old days. A 100-year Bond is an extraordinary attractive call  for newborns in debt-ridden households. Reuters reported: “Greece may be looking into kicking the can into the …

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