Monday , July 15 2024
Home / Tag Archives: selective default

Tag Archives: selective default

S&P Christmas Bonus to Greece: Upgrades to “B-” from “Selective Default”

Greece had its credit rating raised by Standard & Poor’s after a debt buyback as the ratings company cited the “strong determination” of euro-area governments to keep the nation in the currency zone. The grade was lifted from selective default to B- with a stable outlook, S&P said in a …

Read More »

S&P downgrades Greece from CCC to “Selective Default”

Standard & Poor’s on Wednesday cut Greece’s sovereign long-term foreign currency credit rating to “selective default” from an already low “C” rating. Last week Greece and its international lenders reached a deal to lower the country’s debt burden, which included a debt buyback (Reuters)       Fainting Couch What is Selective …

Read More »

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 …

Read More »

Banking Source Reveals 8 Points of Eurozone ‘Greek Deal’

Greek private television ALTER named 8 points from the plan currently under discussion at the Eurozone Summit for the solution of the Greek debt crisis. ALTER cited a Greek high rank official from the banking sector, who spoke under conditions of anonymity. The rescue plan for Greece includes among others: 1) …

Read More »

Greece – Euro Zone Summit

With eyes turned to Euro Zone Summit and holding their breath Greeks monitor the overwhelming developments in Brussels, lurk for the slightest official or off the record comment that could hind or imply a positive or negative development for the Greek debt crisis. The aim is to reduce the massive Greek debt, to help …

Read More »

Merkel puts Papandreou Under Pressure

German Chancellor Angela Merkel has undeniably a new hobby: playing with the nerves of the EU and particularly with the nerves of the Greek prime minister. Of course, in Greece we have a particular expression, it starts with ‘balls’ and ends with ‘breaker’ but it would be too rude to write it down here …

Read More »

Greek Default: Lost in ‘Selective’ Translation

The stance of Greek government is clear: Greece’s Prime Minister George Papandreou didn’t not talk about ‘selective default’ (επιλεκτική χρεοκοπία) or  “teilweiser Zahlungsausfall” (μερική αδυναμία πληρωμών). Papandreou’s interview in Financial Times/Germany  set the political scene on fire and created new uncertainty. The interview was done in English, published in German …

Read More »

Greek PM to FT.de: Default or Not Default?

I don’t understand the Greek government. Most likely the Greek government doesn’t understand itself. More than often one has to read contradictory statements and diametrically opposed views that cancel itself by several government ministers and officials that leave a bitter and confused senses on one’s lips. Worst of all it is …

Read More »

Trying to Explain Greece’s ‘Selective Default’

Greek Finance Minister Evangelos Venizelos confound us yesterday and today the term ‘selective default’ is on everyone’s lips. Journalists and economists of the country have poured a lot of ink and have consumed  enough gray matter to explain the term and its impact on our daily lives. However since the …

Read More »

The Never Ending Plight of Greek Debt Drives CDS & Spreads High

ECB President Jean Claude Trichet made on Thursday a clear point on Greek Debt and the additional bailout. “ECB’s position does not change. Participation of private sector is voluntary. We don’t want a ‘selective default”. Trichet was speaking during a press conference and gave this answer when he was asked …

Read More »