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Credit Default Swaps as a Scare Tactic in Greece
Keywords:
Efforts by BNP Paribas to get bondholders to take a 50% loss on Greek bonds, and exchange their old bonds for new ones that mature in 50 years. BNP Paribas is working for the Greek government to get other banks and bondholders to accept this exchange so that Greece can tackle its debt load and interest payments on debt. Some arm twisting by BNP Paribas to get bondholders who have insurance through CDS to accept the exchange. This is being done on the grounds that the I.S.D.A. committe would declare the restructuring in Greece as being "voluntary" and not a default, so that bondholders who do not accept this deal would not get paid through CDS insurance.
Germany's insistence that bondholders bear losses in any future EU bailouts.
11/28/2010
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The logjam between the bondholders (mostly French and German banks) and the German government- 2010-2012
07/01/2011
The roots of the Eurozone financial crisis go back to the issue of who should pay for the excess lending of French and German banks. Will it be the German taxpayer or the banks that took excessive risks? German financial experts, the German government and parliament, German public opinion, are all adamantly opposed to letting the banks off without sharing at least 50% of the costs of a bailout. A review done by the European Commission in coordination witht he IMF and the ECB, shows that from May 2010 (the date for the inception of the aid program to Greece) to September 2011, $52 billion of the $91 billion loaned to Greece went to pay bondholders for bonds that came due. The July 2011 EU agreement for Greece called for 21% of losses to be allocated to the bondholders. The German government is pushing for 50% and German parlamentary leaders in Merkel's party are balking at anything less.
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Most Greek bailout money has gone to pay off bondholders - The Washington Post
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Dexiaâs Collapse in Europe Points to Global Risks
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European Officials Shaping Greek Rescue and Effort to Aid Banks
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BNP Paribas
06/16/2011
Grouped Articles
Revenue Slumps at BNP Paribas, but Profit Rises on Cost-Cutting
New York Times 10/31/2013
BNP Paribas Hit by $1.1 Billion Legal Provision
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BNP Paribas Aims for Double-Digit Earnings Growth
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U.S. Wants Firings at France's BNP
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Possible U.S. Fines Increase Tensions at BNP Paribas
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A Brady Plan type solution for the debt crises in Greece, Ireland, Portugal and other EU countries.
05/18/2010
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EU Dismisses IMF's Criticism On Greek Bailout
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Nervous Europe Trying to Halt Economic Crisis
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Europe's Central Banker Seeks Deeper Fiscal Union
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'Contagion' and Other Euro Myths
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Greek Myths and the Euro Tragedy
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Debt Restructuring for Greece- 2010-2012
04/18/2011
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Expectations Grow for Greek Debt Restructuring
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Investors Doubt Orthodoxy on Greek Debt
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Greek Debt Talks Widen Divisions in the Euro Zone
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The growing debate over bondholder haircut, easy money policies, sacrifices, and austerity policies.
11/25/2010
This debate puts British prime minister Cameron, and German chancellor Angela Merkel, on one side, with US President Obama, US central bank chairman Bernanke and other leaders on the other side. The blanket Irish guarantee of all Irish bank debt is an example of improper action that could have prevented the need for an Irish bailout, when guaranteeing only retail Irish bank debt would have worked. Merkel has insisted on bondholders sharing in bank losses, and tougher action required for countries receiving bailouts.
Grouped Articles
A Crisis Needing More Sacrifice
New York Times 11/25/2010
Crises Shake German Trust in Euro Zone
New York Times 11/26/2010
EU Outlines Bond Restructuring Plan
Wall Street Journal 11/28/2010
Europe Backs Irish Rescue and New Rules on Bailouts
New York Times 11/28/2010
Wall Street Journal 12/02/2010
'Contagion' and Other Euro Myths
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BNP Paribas, credit default swaps and bondholders for Greece's debt- tactics and asymmetry
11/19/2011
Grouped Articles
Greek Government Bonds Pay Off Big for Fund Managers
Wall Street Journal 10/28/2013
Credit Default Swaps as a Scare Tactic in Greece
New York Times 11/19/2011
French Banks Thrust Into Limelight
Wall Street Journal 01/14/2012
'Voluntary' Greece Deal Seen Overstated
Wall Street Journal 01/20/2012
Bet on Greek Bonds Paid Off for a Vulture Fund
New York Times 05/15/2012
BNP Paribas Profit Crunched Amid an Overhaul
Wall Street Journal 08/03/2012
France's banks and losses from expansion in Greece
06/22/2011
French banks BNP Paribas, Societe Generale, Credit Agricole and other banks expanded in Greece. This is now turning out to be a burden.
Grouped Articles
Wall Street Journal 06/23/2011
Derivatives Cloud the Possible Fallout From a Greek Default
New York Times 06/22/2011
A Guide to the New Deal in Athens: How a 'Selective Default' Works
Wall Street Journal 07/22/2011
Wall Street Journal 07/22/2011
Fear, Rumors Pummel Europe Bank Shares
Wall Street Journal 08/11/2011
Bans Imposed on Some European Short Selling
Wall Street Journal 08/12/2011
Preparation for Greece's exit from the euro currency and return to the drachma- November 2011-2012
07/01/2011
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‘Grexit’ Could Happen by Accident
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New York Times 07/05/2015
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Europeâs Two Years of Denials Trapped Greece
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