Brother_Tempus
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Now that Greek Bonds are no longer allowed to be accepted as collateral there is going to be a lot of dumping and haircuts as a result of this default, now we will see how bad the losses are going to be for European banks and which ones will need rescuing.
Here is a nice flowchart of how things will proceed
http://www.bloomberg.com/news/2012-02-27/greece-cut-to-selective-default-by-s-p.html
Greece’s credit ratings were cut to “Selective Default†by Standard & Poor’s after it negotiated the biggest sovereign debt restructuring in history.
S&P dropped Greece’s rating from CC, two levels above default, after the government added clauses to its debt designed to mop up investors unwilling to take part in the exchange, the New York-based company said in a statement today.
The downgrade follows a reduction last week by Fitch Ratings to C, while Moody’s Investors Service has said it will cut the nation to its lowest rating. Greece published the formal offer document last week for its agreement to exchange bonds for new securities, with investors taking a haircut of 53.5 percent. The restructuring uses so-called collective action clauses to discourage holdouts, the use of which would trigger credit- default swap insurance contracts on the nation’s debt, according to the rules of the International Swaps & Derivatives Association.
“Everyone knew there was going to be some kind of swap,†said Ira Jersey, an interest-rate strategist at Credit Suisse Group AG in New York. “I suspect that it will be pretty much shrugged off and it’s in the market.â€
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Cuttlery
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If only they'd gone on the Rhino Horn standards they'd have been saved
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Brother_Tempus
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Cuttlery posted:
If only they'd gone on the Rhino Horn standards they'd have been saved
Anything tangible would have been preferable than government printed paper, as the Greeks are learning now ( the hard way). But the sheep will cling desperately to the lie that government will fix things, something the Greks are now learning is not true.
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Cuttlery
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you cling to lies that government throws at you, or at least you troll that you cling to the lies that Ron Paul throws at you.
Ironic taint it.
Either way its funny. Keep on keepin on.
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Brother_Tempus
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Cuttlery posted:
you cling to lies that government throws at you,.
Ahh the baby is butthurt becuase I turned his barb against him, you need to be changed now?
The Greek people are learning that their government sold them down the river, as all EU member governmenst will do as well becuase in the end it is about staying in power at all costs .. even if that means the citizens are the enemy ... if is a history that has repeated itself for centuries and as long as people believe that there should be government, it will keep repeating itself in the future
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Sith_Mauler
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There is going to be a revolution/civil war in Greece watch.
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Brother_Tempus
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Sith_Mauler posted:
There is going to be a revolution/civil war in Greece watch.
Ahhh it will be like the 1930s all over again with Germany once again seen as the bad guy .. wasn;t the EU created so this would not happen again? Ahh the follies of government central planning .. very comical
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Cuttlery
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Brother_Tempus posted:
Cuttlery posted:
you cling to lies that government throws at you,.
Ahh the baby is butthurt becuase I turned his barb against him, you need to be changed now?
What barb?
You mentioned clinging to lies the government throws at you. I agree the government lies a whole lot. It is also quite accurate that you cling to the lies that government throws at you as you troll one of the longest running government lackies currently in the government.
Ironic taint it.
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Brother_Tempus
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Cuttlery posted:
Brother_Tempus posted:
Cuttlery posted:
you cling to lies that government throws at you,.
Ahh the baby is butthurt becuase I turned his barb against him, you need to be changed now?
What barb?.
Oh the liar now feigns ignorance .. so droll ... at least the Canadian lay-a-about has a bit more humor than you do.
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Cuttlery
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Brother_Tempus posted:
Oh the liar now feigns ignorance .. so droll ... at least the Canadian lay-a-about has a bit more humor than you do.
Nope, not feigning anything.
You appear to be caught now and deflecting. Did you need to talk about this. Lets discuss your feelings of supporting a government lacky and the irony of it.
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WhipSmack
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hair cuts will go up 90%? Won't this crash the beauty industry?
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Ah-Schoo
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When B_T has nothing he plays the "butthurt" card or just leaves the thread. I guess he was hoping to keep this one going for more than three posts before he runs scared from rational discussion.
lulz.
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ferdinand.the.great
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Brother_Tempus posted:
Cuttlery posted:
If only they'd gone on the Rhino Horn standards they'd have been saved
Anything tangible would have been preferable than government printed paper, as the Greeks are learning now ( the hard way). But the sheep will cling desperately to the lie that government will fix things, something the Greks are now learning is not true.
I don't think you know what "tangible" means.
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Nestor_II
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I wonder how much it would take to buy the Parthenon ?
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Cuttlery
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Nestor_II posted:
I wonder how much it would take to buy the Parthenon ?
Probably pick it up for a song, realestate market is in the crapper. Probably something in the neighborhood of 16 Rhino Horns and 3 Pink Panther diamonds.
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JD_HOGG
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LOL now there are going to be greek bonds dumped? I think that has already happened.
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Brother_Tempus
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ferdinand.the.great posted:
I don't think you know what "tangible" means.
I don't think you know what real money is
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Ah-Schoo
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Brother_Tempus posted:
ferdinand.the.great posted:
I don't think you know what "tangible" means.
I don't think you know what real money is
lol, butthurt.
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Brother_Tempus
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Nestor_II posted:
I wonder how much it would take to buy the Parthenon ?
Ask the Germans or the Finns, they get first crack
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Brother_Tempus
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JD_HOGG posted:
LOL now there are going to be greek bonds dumped? I think that has already happened.
you'd think but the fact that currently 70% of Greek debt is held by foriegners, with France being the biggest holder
you have to remember, all these EU countries had to buy Greek debt to prevent a default
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-Mithan-
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BT is speaking of "tangible" and using a chart from Zero Hedge.
Ok.
(Anybody who has read Zero Hedge in the past knows they over exaggerate everything).
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Ah-Schoo
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-Mithan- posted:
BT is speaking of "tangible" and using a chart from Zero Hedge.
Ok.
(Anybody who has read Zero Hedge in the past knows they are full of crap).
B_T linked it as a source to support his troll, do you REALLY need to read it to know it's a load of crap?
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JD_HOGG
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If only they had all used gold as currency. This would have never happened.
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Brother_Tempus
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-Mithan- posted:
BT is speaking of "tangible" and using a chart from Zerohedge).
which means BT was ahead of the curve while the lame-stream media kept pushing lies
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Brother_Tempus
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JD_HOGG posted:
If only they had all used gold as currency. This would have never happened.
yup, now the Germans are demanding Greece hand over its gold to them as payment, I winder why that if paper money is just ad good?
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Ah-Schoo
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B_T isn't trolling.
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Brother_Tempus posted:
-Mithan- posted:
BT is speaking of "tangible" and using a chart from Zerohedge).
which means BT was ahead of the curve while the lame-stream media kept pushing lies
I think you are great! Keep the post count going.
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Acery
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doesn't the state of Indiana or Illinois have a higher GDP than Greece?
What happens if Indiana or Illinois goes under?
Are we doomed?
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Ah-Schoo
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Acery posted:
doesn't the state of Indiana or Illinois have a higher GDP than Greece?
What happens if Indiana or Illinois goes under?
Are we doomed?
Two clapping.gif doomed!
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Acery posted:
What happens if Indiana or Illinois goes under?
Are we doomed?
IF? WHEN.
/mithan
doom! death camps! more doom!
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DunesVladHarkonnen posted:
Acery posted:
What happens if Indiana or Illinois goes under?
Are we doomed?
IF? WHEN.
/mithan
doom! death camps! more doom!
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Brother_Tempus
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Acery posted:
doesn't the state of Indiana or Illinois have a higher GDP than Greece?
What happens if Indiana or Illinois goes under?
Are we doomed?
Constiutionally , the states in the US cannot default. The last time a state defaulted was Arkansas and in the end it was the federal government ( the taxpayer) that bailed them out
Expect a repeat of this next time. The problem this time was Arkansas was an exception to the rest of the states at the time
This time most states are in the same straights as Arkansas back then and the federal government is in a lot worse shape financially then back then
EDIT: What you are going to see is what you are seeing now in cities in trouble like Detroit
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