Moody's: Greece has defaulted

Jackass look it up - Reuters 3 hrs ago.

uh oh, the thread police!

What the hell there was no default.

read up on it folks.
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[link to www.bloomberg.com]



This was a sovereign-debt restructuring not a default.


No doom unless the 3.2b CDS payout is not 3b like some think.

If they lied about only 3b in Credit Default Swaps and it is like some think a 1000x that then big doom the if CDS market crumbles.

RT is not right on this folks sorry but NO DOOM

Reuters did not say the default was averted.

It said "Greece averted the immediate threat of an uncontrolled default"

Read ALL the words.

I am Greek but not from Greece...sorry.

Is that Bring Your Own Bill (Clinton)?
Bring Your Own Beans?
Bring Your Own Bullets?

Or just Bring Your Own Beer?

Oops. I'll rephrase the question. Is there anyone here that lives in Greece?

Ernest Hemingway fought in Spain for the fascists, I think. Franco was a big fascist. He came to power as a result of the Great Depression, I believe.

Great Depression in Europe = ANOTHER HITLER SOON.

:hitler:

Greece Default Is Official

Insurance Payouts Triggered

A group representing dealers in credit default swaps decided Friday that Greek's bond swap constitutes a "credit event" that entitles holders of Greek credit default swaps to compensation.
[link to www.cnbc.com]

I just realized that the Greek people are just now waking up to this news. It's about 6am there.

Ok. I'm retarded. The place that pays to do stuff me makes me this way.

Well congrats bankers!! You "bought" Greece with money you made up! The largest robbery in the history of mankind and we all sleep!

Yes right^^

They say the Credit default swaps only amount to 3.2B which if true is nothing.

But this now will raise the intrest payments for the other debt ridden countries and also sets the bar now nowing that CDS will be paid if other countries go under. That will be a prob. Banks will look now to tank countries and collect on their CDS's and make money and bankrupt other banks.


Now if the CDS payments are more than 3.2B well the hole market could go. remember AIG

Sorry for the typo's, to much whiskey ^^^^

Doubtful, they are to busy rioting and hiding what they have left. The poor bastards, God be with them.

That's the way I understand this. All week they were working on this bond deal. Once most of the party's were "on board", they called everything good, then.....default. WTF? I guess all the party's that got on board are pissed...no? They can't claim CDS...is that correct?

We know we are defaulted since yesterday. No panic or anything... it is considered a "controlled" bankruptcy which has not the same effect as an uncontrolled bankruptcy.

Whenever GLPer's make it a big deal, be assured nothing will come of this.

You aren't retarded. This shit is confusing and it's been dragging on for over a year. I'm getting all of the stories confused myself. If this was my checkbook, I'd already have been homeless months and months ago. I don't understand how it's gotten this far.

Only 85% and some change agreed to the deal. The rest are being made to settle or some silly assed economical crap I don't understand. I just know you can have less money than 0 and afford to pay back the people you owe.

This was obvious 4 years ago, when they called $800,000 mortgages signed by McDonald's minimum wage employees and unemployed house flippers AAA rated.

LOL...butt hurt.

cant believe cliff got it

whoa....whoa.....170 of greeces 350 billion debt. Is that all the debt
They have.350
Billion is spent in the us every few days

The irony is not lost on us that Bloomberg is reporting that KA Finanz, an Austrian bad-bank supported by the Austrian government, faces as much as a €1 billion need for funding to cover its exposures to Greek CDS (coughcreditanstaltcough). In a statement this morning, which we noted in a tweet, the bank noted "activation of the CDS with an assumed loss ratio of about 80% would mean an additional provisioning charge of EUR 423.6 million". KA Finanz's total amount of Greek CDS exposure is around EUR1bn. What is shocking and should be of great concern is that we have been led to believe that very little net cash will change hands on the basis of the $3.2bn net aggregate market exposure. This was based on the now false premise that variation margin was maintained and transferred throughout the process (as we note below from recent IMF filings). What appears to have happened is that dealer to dealer variation margin has been, let's say, less rigorous as perhaps all collateral was netted up across all exposures (or simply ignored on the basis of government backstops). The far bigger question then is: are banks simply marking ALL sovereign CDS at par, and not paying off cash to other dealers? Remember it only takes one counterparty in the chain to turn net into gross and quality collateral seems tied up a little right now at the ECB (or with margin calls).

Oompa! Raki for everyone!

and controlled by who???? those that will reap the benefits, tell that to the poor souls who will be left with nothing.

Moody's Declares Greek Default - Yahoo News via Drudge

[link to ca.news.yahoo.com]