S&P: Greek Default Imminent.

[Neutron]

If I remember correctly Greece Owes Ireland around 3 Billion at the very least.

[patfitzbally]

spanner island and youknowwhatimeanlike are about to dissapear but what will they reappear as?

[cozzy121]

Interesting that Greece is still buying tanks and submarines.

erm, source?

[Hogsback]

Greece has already defaulted...

Nope - 'Default' is the magic word that the colleagues have been moving heaven and earth to avoid using.
An actual 'default' entitles the holders of Credit Default Swaps against Greek debt to cash in their 'insurance'.
No-one knows how much of that is out there, or what the consequences of it all being cashed in will be.

I'd be surprised if we ever see the word 'default' formally accepted whatever actually happens.

[hmmm]

Nope - 'Default' is the magic word that the colleagues have been moving heaven and earth to avoid using.
An actual 'default' entitles the holders of Credit Default Swaps against Greek debt to cash in their 'insurance'.
No-one knows how much of that is out there, or what the consequences of it all being cashed in will be.

Yes we do, about 4 billion euros.
Why the Greek CDS market is OK | Felix Salmon

"To give you an idea of the orders of magnitude here, we’re talking about roughly €200 billion in Greek bonds, and less than €4 billion in net CDS exposure. Even if all of the net CDS exposure was held by bank creditors, it wouldn’t remotely offset the write-down they’re going to have to take on their bonds."

[blacbloc]

Nope - 'Default' is the magic word that the colleagues have been moving heaven and earth to avoid using.
An actual 'default' entitles the holders of Credit Default Swaps against Greek debt to cash in their 'insurance'.
No-one knows how much of that is out there, or what the consequences of it all being cashed in will be.

I'd be surprised if we ever see the word 'default' formally accepted whatever actually happens.

Well said. They'll be lying to us all the way to the end and beyond. They'll be pollock-naked and still claiming they're dressed for winter - and that we are too.

[Hogsback]

Yes we do, about 4 billion euros.


"To give you an idea of the orders of magnitude here, we’re talking about roughly €200 billion in Greek bonds, and less than €4 billion in net CDS exposure. Even if all of the net CDS exposure was held by bank creditors, it wouldn’t remotely offset the write-down they’re going to have to take on their bonds."

"But this may not truly reflect the size of potential losses for some banks. The gross CDS exposure on Greece is $79bn and some analysts speculate that any one bank may have to pay out as much as $25bn"
...David Oakley in the FT (I can't link to it - and I apologize for taking your link out as I couldn't post it either)

[Mr. Bumble]

Well said. They'll be lying to us all the way to the end and beyond. They'll be pollock-naked and still claiming they're dressed for winter - and that we are too.

I'm naked as it is. But that's for another day.

[drummed]

I'm naked as it is. But that's for another day.

Scary.

[Crazy horse 6]

Good. Hopefully we are next.