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Greek Credit-Default Swaps are Activated
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About $70 billion in Greek credit default swaps are outstanding. But after all sides settle their accounts only $3.2 billion will have to be paid out. The International Swaps and Derivatives Association made the decision to set off the swaps payment after the Greek debt restructuring and bond swap on March 8, 2012.
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
Risks posed by credit default swaps and derivatives in the event of a default in Greece or other stressed EU countries- 2011-2012
06/22/2011
The total credit default swaps, derivatives and financial instruments for a default in 5 financially stressed EU countries are estimated at $616 billion based on information from Markit, the Bank for International Settlements and data firms. Systemic risks are posed by this and by any surprises that are not visible to regulators at this time. These fears affect Europeans response to the debt problems, as they have no clear idea of what to expect out there.
Grouped Articles
Greece Defaults on IMF Loan Despite New Push for Bailout Aid
Wall Street Journal 07/01/2015
Derivatives Cloud the Possible Fallout From a Greek Default
New York Times 06/22/2011
Regulators Finalize New Derivatives Rules
New York Times 07/08/2011
Watchdog Sees Financial Weak Spots
Wall Street Journal 07/26/2011
Investors Ask if Anything Can Save Greece From Default
New York Times 09/25/2011
Banks Conduct Greek 'Fire Drills'
Wall Street Journal 11/04/2011
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
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
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