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  #161  
Old 03.03.2012, 09:06
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Re: Financially Skint Greece

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Myself I do not think the effect will be that serious because major banks & traders know CDsS are not a 100% insurance but I guess we will just have to wait & see what is the effect.
Presumably once the Greeks have actually forced the remaining creditors to take a hair cut then it will be a credit event & teh CDSs will have to pay out. Then the question will be "how much" ?
With regard to CDS, there are certain things you need to know.

It is the Credit Default swap Administration that decides when a default occurs.
I understand that 90% of CDSs are held by the main five American Banks.

I understand that if the CDS had to be paid out, the American Banks would be bust and have to be bailed out by US Government.

The Credit Default Swap Administration board members are made up of those banks.
This is the reason that the term "Haircut" was used which is not defined as a Default, though to any normal person, receiving less of the original loan back would be a default.
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  #162  
Old 06.03.2012, 17:15
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Re: Financially Skint Greece

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With regard to CDS, there are certain things you need to know.

It is the Credit Default swap Administration that decides when a default occurs.
I understand that 90% of CDSs are held by the main five American Banks.

I understand that if the CDS had to be paid out, the American Banks would be bust and have to be bailed out by US Government.

The Credit Default Swap Administration board members are made up of those banks.
This is the reason that the term "Haircut" was used which is not defined as a Default, though to any normal person, receiving less of the original loan back would be a default.
Greece Sovereign Debt FAQ

Are You Marked To Model?

The Impending Undeclared Default Of 5 Major US Banks
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  #163  
Old 07.03.2012, 17:51
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Re: Financially Skint Greece

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....
I understand that if the CDS had to be paid out, the American Banks would be bust and have to be bailed out by US Government...
.
I would think that the banks selling the CDS contracts would have some sort of hedge. Otherwise their risk would just explode limiting their ability to trade anything else
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  #164  
Old 10.03.2012, 12:13
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Re: Financially Skint Greece

Well it happened "ISDA EMEA Determinations Committee: Restructuring Credit Event Has Occurred with Respect to The Hellenic Republic "

But the number of CDSs & associated payments are relatively low @ circa $3Bn when you consider the Greek bond holders appear to have lost around 50 times that.

Also the bond holders got more Greek bonds which may well also lose value?
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  #165  
Old 12.03.2012, 21:40
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Re: Financially Skint Greece

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Well it happened "ISDA EMEA Determinations Committee: Restructuring Credit Event Has Occurred with Respect to The Hellenic Republic "

But the number of CDSs & associated payments are relatively low @ circa $3Bn when you consider the Greek bond holders appear to have lost around 50 times that.

Also the bond holders got more Greek bonds which may well also lose value?
Seems the new Greek bonds aka "more Greek bonds" are trading at 26 cents to the euro.
I have no clue why investors participated in this haircut except to use this new crap to disguise the real loss in their balance sheets; it will all end in tears.

&

Reuters is reporting that German lawyers representing 110 Greek bondholdersare to sue Greece and banks over debt swap.
The Hamburg legal firm said most of the investors had spent €100,000 to €500,000 on Greek paper, although the highest investment reached €3m.
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  #166  
Old 14.05.2012, 22:29
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Re: Financially Skint Greece

Seems an inevitablility now? This from the Guardian:

European leaders and financial markets braced for Greece exit from euro
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  #167  
Old 14.05.2012, 22:39
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Re: Financially Skint Greece

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Seems an inevitablility now? This from the Guardian:

European leaders and financial markets braced for Greece exit from euro
There are an awful lot of politicians involved who want to keep Greece in the euro so I am sure they will cobble together a solution.
I am also sure that such a solution would be just "kicking the can down the road" & the same problem will arise in weeks/months/years but worse.
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  #168  
Old 14.05.2012, 23:19
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Re: Financially Skint Greece

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There are an awful lot of politicians involved who want to keep Greece in the euro so I am sure they will cobble together a solution...
Undoubtably, but the real question one should ask is for how long will the German voter put up with Germany stumping up a lot of the cash to keep the PIGS afloat.

Look at it from a German's perspective, high taxes - which they pay (well for the most part) compared with (in their eyes) many countries where tax money is always sown but rarely reaped; a fast receding into the future age of retirement promising an old age at labour (when in some EU countries youthful is the pensioner) and job insecurity (unlike in some EU countries where a state job is a job for life [and, if you believe the rumours, beyond]). How long can this go on before the Germans say "s*d it" and pull the plug? And who could blame them?

Perhaps I'm being very very cynical, but I suspect the prospect of a post political career sinecure where one can get ones snout into the EU trough prevents many a politico from rocking the Brussels' boat...
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  #169  
Old 14.05.2012, 23:34
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Re: Financially Skint Greece

38 years previously the Greek government was a military junta http://en.wikipedia.org/wiki/Greek_m...7%E2%80%931974 . If the present politicians cannot agree to begin re-paying their debts, I would advise the President of Greece to bring back military rule and honour the agreements Greece has already made with Europe. All the villas and yachts in the harbours could be seized and held until the criminals have re-paid their due taxes.
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  #170  
Old 15.05.2012, 21:22
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Re: Financially Skint Greece

@ fatman....

Seems your friend was right about buying greek bonds; will pay out 100% to small holders. did not have the b*lls to buy myself.....
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  #171  
Old 10.06.2012, 15:57
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Re: Financially Skint Greece

Great Stuff

Reminds me of Greece:
"There's no place you can really go but down, down, down"
"no one wants to chit or chat or even know your name"
"Your manager has ripped you off and gone somewhere"




and they just want to funk!
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  #172  
Old 14.06.2012, 19:49
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Re: Financially Skint Greece

actually if the new government of Greece were to announce that it leaves the EUR, the EUR would appreciate.
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  #173  
Old 15.06.2012, 12:26
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Re: Financially Skint Greece

Greek parents too poor to care for their children

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Greece's financial crisis has made some families so desperate they are giving up the most precious thing of all - their children...

"I will not be coming to pick up Anna today because I cannot afford to look after her," it read. "Please take good care of her. Sorry. Her mother."...

Cases like this are shocking a country where family ties are strong, and failure to look after children is socially unacceptable - and it's not happening in a country ravaged by war or famine, but in their own capital city.
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  #174  
Old 15.06.2012, 14:10
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Re: Financially Skint Greece

All that whining and yet they are doing far better than most Eastern European countries which had to reform without all the international aid and with far lower levels of prosperity. Man the f#@k up lazy Greeks, where is your pride?
All the poor hairdressers that retired at 50 and are draining the public finances and now have to pay high taxes for their second homes... hard to pity them.
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  #175  
Old 15.06.2012, 15:43
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Re: Financially Skint Greece

WTF? I mean, I've never had to be in such terrible straights and hope I never have to suffer such a terrible situation as being unable to care for my child but...why on earth would they abandon them in hopes the church will care for them instead? God help them all if things are that bad.

And Simon, grow a heart as parents, be they Greek or Swiss, don't simply abandon their kids so they can live the good life on 5 euro/week. It's a desperate move and I would guess it's happening in Spain, too, though their social structure might make them a little less desperate with extended families stepping up to help out. Sad times, really.
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  #176  
Old 15.06.2012, 16:00
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Re: Financially Skint Greece

Saddest thing I've read in a while. Regret skiving off work now to read some EF - will gladly get back to work now.
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  #177  
Old 15.06.2012, 20:30
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Re: Financially Skint Greece

Video + article: As economic crisis bites, Greece's children pay the price
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  #178  
Old 18.06.2012, 00:29
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Re: Financially Skint Greece

Looks like the New Democracy will take the most votes in the Greek election today with 29.7% forecast today,

This is roughly the same result for them as the previous election this year after which they failed to form a coalition; so how will this new result help them to form a coalition? Can anyone explain?
Especially as the main "euro" opposition party seemed to have increased their share of the vote
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  #179  
Old 18.06.2012, 10:55
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Re: Financially Skint Greece

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All that whining and yet they are doing far better than most Eastern European countries which had to reform without all the international aid and with far lower levels of prosperity. Man the f#@k up lazy Greeks, where is your pride?
All the poor hairdressers that retired at 50 and are draining the public finances and now have to pay high taxes for their second homes... hard to pity them.
Are you being ironic/ sarcastic, with your statement about lazy greeks or serious? Do you know any greeks from greece or here to make such sweeping statements aout their work ethic, or are you just reading one german "newspaper"? Finally, do you know this hairdresser with 2 homes receiving a pension? If you don't , your statements are at best very presumptuous.
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  #180  
Old 26.06.2012, 04:52
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Re: Financially Skint Greece

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Are you being ironic/ sarcastic, with your statement about lazy greeks or serious?
I love generalizations and prejudice as much as abstraction and inference, it's practical and economical. Portraying the general Greek population as lazy and free-riders, makes good use of these.
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