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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.
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An American History Lesson for Europe
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Greek Premier Is Tested in Impasse Over Pay Cuts
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Concession Smooths Way Toward a Greek Debt Deal
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Wall Street Journal 02.14.2012
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Wall Street Journal 02.22.2012
An Architect of Greeceâs Debt Deal Wants More to Come
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Wall Street Journal 03.09.2012
Next Time, Greece May Need New Tactics
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Wall Street Journal 03.19.2012
Bet on Greek Bonds Paid Off for a Vulture Fund
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