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Market Looks to Next Day of Reckoning
Keywords:
The final terms of the Greek debt swap in March 2012
06/30/2011
The final terms of the swap of new bonds with longer maturities and lower interest rates for old bonds, at a fraction of the face value (estimated at 53.5%), become clear on March 9, 2012. Greece's government writes new collective action clauses to complete the deal with private bondholders.
Grouped Articles
Greek Bonds Soar After Fitch Upgrade
Wall Street Journal 05/15/2013
Fitch Raises Greece's Credit Rating
Wall Street Journal 05/15/2013
Greece Gets Rating Recognition
Wall Street Journal 05/14/2013
Greece Bulls Charge Into Corporate Bonds
Wall Street Journal 05/15/2013
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
Greek Government Bonds Pay Off Big for Fund Managers
Wall Street Journal 10/28/2013
Credit default swaps on Greece
03/01/2012
Grouped Articles
Hushed Up: Secret Panel Holds Fate of Greek CDS
Wall Street Journal 03/01/2012
Market Looks to Next Day of Reckoning
Wall Street Journal 03/10/2012
Wall Street Journal 03/12/2012
Lawyers Buchheit and Gulati who advised Greece's government on the bond restructuring deal in March 2012
06/30/2011
Buchheit and Gulati helped Greece achieve the bondholder write-off deal through the legal mechanism of writing a collective action clause. This was possible because Greece's bonds to private investors were issued under Greek law. Collective action clauses make it possible to ensure a deal is made even if some private investors reject it. A haircut for private investors with a bond swap was designed to reduce Greece's debt to a sustainable level.
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
Wall Street Journal 03/12/2012
A Bold Proposal to Offer Greece Some Financial Relief
New York Times 07/10/2015
John Cochrane and other experts give a no-nonsense view of the bailouts and the financial crises facing Europe
12/02/2010
Insights that the real problem is short term debt financing. The need for the EU to insist on long tem debt financing for governments in Europe. The solution for this crisis is not in bailouts of Greece, Spain, Italy and so on, but to swap the short term debt for debt with longer term maturities, and for bondholders to take a haircut. Similiar to the Brady Plan for Latin America in the late 1980's. The bailout of Ireland in reality not a bailout of Ireland, as a bailout of German and British banks that made risky loans to Irish banks and the Irish government. The U.S. government's debt also tilted to short term debt and problems similar to European problems.
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
'Contagion' and Other Euro Myths
Wall Street Journal 12/02/2010
As Ireland Flails, Europe Lurches Across the Rubicon
Wall Street Journal 12/27/2010
Running the euro zone: Pact of uncompetitiveness
Economist 02/12/2011
Wall Street Journal 03/11/2011
Europe Needs to Apportion Pain
Wall Street Journal 03/17/2011
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