7 Responses to Greece debt crisis triggers massive credit default contract swap worth billions

  1. Bone Idle says:

    This latest Greek position is a political decision and not an economic one. The Euro and subservient Greek politicos have forced a deal on private debtors. The deal has broken many legal rules.
    There is still grave danger of a disorderly default.

    Christine LaGarde from the I.M.F. has promised to contribute Billions to Greece to help keep the country running. Problem is that the U.S. has refused to contribute funds to the I.M.F for this purpose. Other countries may also refuse.

    Part of this latest debt proposal has forced Greek pension funds to take a huge “haircut”. These pension funds are covering many non government employees. When time comes for many of these private company employees to retire they will find that there is no money in their pension funds to pay them.

    There is an election due in April in Greece. The new incoming government may refute the latest debt deal and just default.

    Despite what you read in the compliant MSM., The Greece situation is far from resolved and ongoing from that the whole question of the joint Euro currency.

    Like

  2. Lance says:

    World’s monetary system using physical cash, coins, checks, cards, is going to be replaced.

    Like

  3. Dave says:

    Is this the first domino to fall? Is it the house of cards we all think it is?

    Like

    • JerseyCynic says:

      you betcha, Dave! How convenient it will be for debts to be erased when and if a CME wipes out all the paper trails on the intertubes (or something similar)

      I wouldn’t put anything past TPTW. Their game is up and they know it.

      Like

  4. TLindemann says:

    Received the word “earthquake” while in prayer this morning. Came here and found this article. IF I heard correctly, it will be interesting to see the “tsunami” after this deal.

    Like

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