Greece - debt swap a good idea?

from washington post:



Heavily indebted Greece and its bondholders have agreed on a debt swap that would reduce the face value of their holdings by 53.5 percent. Bondholders — banks, insurance companies, and investment funds — are offered new bonds that are worth less, have a longer time to be paid off and bear less interest. The debt reduction is one condition of Greece getting a second, €130 billion ($173 billion) bailout from other eurozone countries and the International Monetary Fund.

Thoughts?

http://www.washingtonpost.com/business/markets/as…

 

I think its also BS how none of the bond holders can initiate their CDS's......... Greece needs to default, there is no way they are getting out of this mess. All they keep doing is taking on more and more debt and dragging down the rest of the eurozone. I am tired of reading/hearing about them in the news. You can only keep someone on life support for so long....

 

This is what happens when you do business with a government and don't have an ace up your sleeve. Whenever you deal with powerful people, you have to have some way to twist their arm...otherwise they will usually fuck you. Never trust governments, especially shitty banana repbublics like Greece, to keep their end of things up.

Get busy living
 
AndyLouis:
UFOinsider:
Whenever you deal with powerful people, you have to have some way to twist their arm...
examples?
Collateral would have helped....physical collateral. It's easy for me to say his in hindsight, so I'll just stop here. A lot of times, it's not possible to have any leverage in a situation, and it sucks, but in that case I'd never invest a whole lot.

As for the people who are insured, they're insured in the event of a credit event. If the legal terminology doesn't use the word 'default' they're going to try to make the case that the insurance doesn't apply. Honestly, I feel bad for whoever put their money on Greece.

Get busy living
 

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