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Greek Debt Talks Break Down
Keywords:
The logjam continues between the French and German banks- represented by the Institute of International Finance and its negotiator Charles Dallara- and the governments of Germany and Greece, supported by the IMF. The position of the Greek government is that the interest rate on new bonds stretching out over a long time period that woud be exchanged at 50% face value of existing bonds should be set at rates well below 4%, because Greece faces a growing deficit and rapidly worsening economy. The German government which is faced with the prospect of providing additional funds to Greece supports this. The IIF position is for an interest rate of between 4-5%.
Lucas Papademos as the new prime minister of Greece in Nov. 2011
11/10/2011
Papademos was vice president of the European Central Bank. He was a classmate of Mario Draghi at the Massachusetts Institute of Technology.
Grouped Articles
Economist Lucas Papademos Named Prime Minister of Greece
New York Times 11/10/2011
Merkel Urges Party to Help Save Euro
Wall Street Journal 11/14/2011
Greeks Welcome Papademos as New Prime Minister, Polls Show
Wall Street Journal 11/14/2011
New York Times 11/15/2011
As Nations Bet on Technocrats, Odds Look Stiff
Wall Street Journal 11/17/2011
European Bank Chief Pushes Back
Wall Street Journal 11/19/2011
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.
Grouped Articles
Wall Street Journal 07/13/2011
New York Times 04/13/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
Most Greek bailout money has gone to pay off bondholders - The Washington Post
Washington Post 10/23/2011
Dexiaâs Collapse in Europe Points to Global Risks
New York Times 10/22/2011
European Officials Shaping Greek Rescue and Effort to Aid Banks
New York Times 10/22/2011
The urgency for recapitalization of European banks in 2011-2015
07/13/2011
EU banks face potential losses of 300 billion euros from troubled EU countries. 120 billion euros from Italy, Spain and Belgium, 60 billion euros from Greece, 20 billion euros from Ireland and Portugal, and $100 billion euros from other banking exposure, accordig to the IMF. IMF managing director, Christine Lagarde, has pointed to the urgent need for recapitalization of European banks,urgently because restricted lending by EU banks in the absence of recapitalization could further damage the economies of EU countries.
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
Bank of Italy Inspecting Top Lenders' Books
Wall Street Journal 07/30/2013
Central Bank Details Somber State of Europe’s Banking System
New York Times 10/13/2014
Wall Street Journal 07/04/2015
The Banker Who Is No Longer Welcome in Restaurants
Wall Street Journal 01/27/2016
Italy Agrees on Fund to Support Battered Lenders
Wall Street Journal 04/12/2016
Germany's insistence that bondholders bear losses in any future EU bailouts.
11/28/2010
Grouped Articles
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
Wall Street Journal 12/02/2010
Government debt: Behold 2011, the year of sovereign shocks
Economist 12/18/2010
Europe Needs to Apportion Pain
Wall Street Journal 03/17/2011
Plan for Greece Favors Creditors
New York Times 07/25/2011
Similarities between the experience of Argentina in 2001 and the experience of Greece, Ireland, Portugal and Spain in 2010-2012
12/09/2010
The financial crisis in the euro-zone and a similar situation that prevailed in Argentina in 2001. Experts from that period are convinced that euro-zone bondholders will have to accept securities offering less interest and maturing over a longer period.
Grouped Articles
Greek Government Bonds Pay Off Big for Fund Managers
Wall Street Journal 10/28/2013
Argentine Farmers Reap Discontent
Wall Street Journal 05/29/2014
What Greece Faces if It Defaults
New York Times 04/29/2015
If Greece Defaults, Imagine Argentina, but Much Worse
New York Times 06/25/2015
The Argentina Veterans Eye the Euro Warily
BusinessWeek 12/09/2010
Government debt: Behold 2011, the year of sovereign shocks
Economist 12/18/2010
Charles Dallara of the Institute of International Finance's assessment of the Greece and eurozone debt restructuring of July 2011 and the Greece bailout in 2015
06/30/2011
Grouped Articles
Personalities Clashing Over How to Handle New Greek Bailout
New York Times 07/23/2015
Greek Bailout Negotiator Sees Benefits for Banks
New York Times 07/24/2011
Some Bailout Providers May One Day Need Help Too
New York Times 07/24/2011
Plan for Greece Favors Creditors
New York Times 07/25/2011
In Greek Debt Deal, Clear Benefits for the Banks
New York Times 07/25/2011
The Euro Crisis: Big Rescue, Big Doubts
BusinessWeek 07/28/2011
The IMF and a new approach to Greece's debt crisis
04/28/2010
Christine Lagarde says Greece needs 2 more years to achieve deficit targets on Oct 11, 2013. She says the same approach of giveing more time to Portugal and Spain applies to Greece. This puts more pressure on Germany to provide new flexibility.
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
Charlie Rose Talks to Christine Lagarde
BusinessWeek 04/28/2010
Greece Can Learn IMF Austerity from Turkey
BusinessWeek 05/27/2010
Past Rifts Over Greece Cloud Talks on Rescue
Wall Street Journal 10/07/2013
Watch Athens, Not Paris, This Weekend
Wall Street Journal 05/04/2012
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
Bloomberg Business Week's Peter Coy calls for debt forgiveness- creditor haircuts for sovereign debt in Europe, and bank writedowns of debt in the U.S. housing market
08/10/2011
Peter Coy of Bloomberg Business Week calls for debt forgiveness in the August 2011 issue of Business Week. Stretching out the debt issues without writedowns says Coy, only leads to austerity programs, stagnant growth and drags the issues out over many years. Better solutions can be found by starting anew with writedowns now and arrangements to make this possible, and returning to growth sooner. What about moral hazard? There is moral hazard in letting the banks bear no cost for reckless lending decisions, they are as likely to repeat this behaviour says Coy, as Greece or the underwater mortgage borrower in the U.S., if they did not have to bear the consequences of their decisions.
Grouped Articles
How Righteousness Killed the World Economy
New York Times 10/12/2014
Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
Washington Post 01/26/2015
For Europe’s Sake, Keep Greece in the Eurozone
New York Times 07/06/2015
How to Undo the Damage in Greece
New York Times 07/06/2015
Personalities Clashing Over How to Handle New Greek Bailout
New York Times 07/23/2015
BusinessWeek 08/10/2011
Greece's debt crisis in 2012 after the agreement with private creditors to take 50% of the losses on Greek bonds is not enough to reduce debt to sustainable levels
06/30/2011
Bondholders accepting 50% of losses- as agreed with EU leaders in Nov-Dec 2011 -will not be enough for Greece to meet its debt obligations, because of a fast deteriorating economy. By March 20, 2012, 14.5 billion euros of bonds come up for repayment or refinancing. More money will be needed from the EU. The voluntary exchange by private creditors of existing bonds for new bonds with 50% face value and maturing over a longer period will be made under an agreement using English law. This will be harder to change in the future, putting the burden on any future financing shortfall on EU countries unwilling to make further commitments to Greece.
Grouped Articles
Greek Bonds Soar After Fitch Upgrade
Wall Street Journal 05/15/2013
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
Greek Government Bonds Pay Off Big for Fund Managers
Wall Street Journal 10/28/2013
Europe Fears Rising Greek Cost
Wall Street Journal 01/11/2012
Wall Street Journal 01/14/2012
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
Wall Street Journal 12/02/2010
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