Greece on verge of breakthrough in deal to cancel 70% of debt Greece on verge of breakthrough in deal to cancel 70% of debt
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  1. #1

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    Default Greece on verge of breakthrough in deal to cancel 70% of debt

    Greece is on the verge of a breakthrough in talks with its creditors that could wipe out up to 70% of its debts and alleviate the crisis in the eurozone.

    An outline deal, hurriedly endorsed by Brussels, came after a frantic three days of negotiations that at one time appeared to be heading for deadlock.

    It appeared that Greece had secured a deal to pay an interest rate of 3.1%, rising to 4.75%, on new 30-year bonds created from its outstanding €360bn (£300bn) debt burden. The effect would be for creditors to accept writedowns of up to 70% on many of their loans.

    Sources close to the Greek government said it was still possible that major lenders could walk away if there was a failure to get agreement on some of the fine detail, but Athens was confident that further talks over the weekend would bring a comprehensive deal.

    Before the news, trading on world stock markets was subdued, indicating the importance attached to a Greek deal as investors waited for the outcome before committing funds. The FTSE 100 finished the day down 12 points at 5728.55, closing before speculation surfaced that a Greek deal was imminent. The French CAC and the German Dax were also down 7 and 11 points respectively. The Dow Jones followed a more positive path into the afternoon in New York, rising more than 60 points towards 12700.

    Greece has become the focus of tension in the eurozone for the third time in as many years after first announcing it was in trouble in the spring of 2010. It was bailed out along with Ireland and Portugal, then in May last year it became clear that the €110bn Athens had received would be insufficient to finance its growing debts and that a second bailout was necessary.

    Source: Greece on verge of breakthrough in deal to cancel 70% of debt | Business | The Guardian

    There you have it - the crisis is over and all EU members can return back to creating goods and services that are in demand all over the world.

  2. #2

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    Assuming they have actually addressed the overspending. Saw a former Greek finance minister interviewed last year. After the first bail out he reckoned they just went on spending and concealing it. The true deficit kept rising.
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    So much for the default!
    “We've always defined ourselves by the ability to overcome the impossible. And we count these moments. These moments when we dare to aim higher, to break barriers, to reach for the stars, to make the unknown known. We count these moments as our proudest achievements. But we lost all that. Or perhaps we've just forgotten that we are still pioneers. And we've barely begun. And that our greatest accomplishments cannot be behind us, because our destiny lies above us.”

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    Quote Originally Posted by xoggoth View Post
    Assuming they have actually addressed the overspending.
    It's a lot easier to address overspending when your debts go down 3 times and remaining debt is 30 years old at 3%+.

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    Quote Originally Posted by AtW View Post
    Sources close to the Greek government said it was still possible that major lenders could walk away if there was a failure to get agreement on some of the fine detail, but Athens was confident that further talks over the weekend would bring a comprehensive deal.
    Lets hope Athens is right. I will believe it when I see it.

    Quote Originally Posted by AtW View Post
    There you have it - the crisis is over and all EU members can return back to creating goods and services that are in demand all over the world.
    What will be the effect of the 70% haircuts? What about other PIIGS? Most importantly, what about the 30% difference in productivity between North and South.

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    Who owns most of the Greek debt and is getting a short back n sides? My quick search revealed conflicting answers, ranging from Greek banks to the French.

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    Quote Originally Posted by scooterscot View Post
    So much for the default!
    So if you lent someone money and they only paid you back 30%, you'd be happy and not consider that a default?
    Your cretinism is truly of biblical proportions.
    Hard Brexit now!
    #prayfornodeal

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    Quote Originally Posted by sasguru View Post
    So if you lent someone money and they only paid you back 30%, you'd be happy and not consider that a default?
    Your cretinism is truly of biblical proportions.
    Are you after my seed or something?
    “We've always defined ourselves by the ability to overcome the impossible. And we count these moments. These moments when we dare to aim higher, to break barriers, to reach for the stars, to make the unknown known. We count these moments as our proudest achievements. But we lost all that. Or perhaps we've just forgotten that we are still pioneers. And we've barely begun. And that our greatest accomplishments cannot be behind us, because our destiny lies above us.”

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    Quote Originally Posted by scooterscot View Post
    Are you after my seed or something?
    I'm trying to find the seed of some intelligence in your thick noggin.
    A futile search I'm afraid
    Hard Brexit now!
    #prayfornodeal

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    Surely Portugal will demand the same now. Why should they have to pay 100% if the Greeks only pay 30%?
    "A life, Jimmy, you know what that is? It’s the s*** that happens while you’re waiting for moments that never come." -- Lester Freamon

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