Greece

Tosh · March 9, 2012

Despite the much heralded "bailout" at 85.8%, the fact that the Government has said the Collective Action Clauses have been enacted to force the other bondholders to accept 30 odd cents on the € means that the ratings agencies, and the banks have finally accepted that Greece is in default. Reality of that may not bite for a couple of weeks but it looks like they are finally in default of their sovreign debt obligations (banks have agreed to pay the Credit Default Swaps out...) . So... will Germany et al kick them out of the Euro? Likely Greece's best hope at this point.

Whioch then asks the question, if you were Portugese, Spanish, or heaven forfend, Irish, what would you do? Suck up the EU-imposed austerity so much that eventually the conditions imposed put you in default (and likely out of the Euro) or skip the EU-imposed austerity?. Tough one...

muleskinner · March 9, 2012

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