So having a chat with el padre this evening about the french socialist leading hte polls, and he brings up an interesting fact.
Hedge funds are exposed heavily to Greek/Italian/Spanish debt AND
Their hedges are made with insurance policies., fully insuring these bonds.
So?
Will the hedgefunds accept a 50% haircut, avoiding a default, when they can get 100% if it defaults? Yea, sure....
So either the hedgies get their full 100%, the other creditors accept a 50% (lol can you see that happening), or no agreement is reached, the countries leave hte euro and it implodes.
Boom.
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