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Saturday, March 10, 2012

ISDA Confirms Greece Has Defaulted

After seven hours of deliberation, ISDA has finally reached a unanimous decision that the Greek bond swap represents a default; thereby triggering CDS insurance totalling $3.5BN.

Why waste seven hours discussing what was obvious to everyone else?

They could have saved time by simply reading my article yesterday!


  1. Tonk.2:48 PM

    I have just visited the ISDA's website and tried to make sense of it all.

    I can't actually see what difference any of the fannying around has made to Greece's position.......They are still skint, they will be unable to afford to borrow on the markets, assuming anybody is daft enough to lend them money, because the rates will be so high still.
    The Greek economy is still dead. The EUSSR has now taken over the government's functions; is this the fate of all member states; a kind of bloodless coup?
    More money will need to be thrown at Greece to allow the country to function.......I am neither an economist nor accountant, but I cannot see what has been achieved........Are they just prolonging the agony?

    Can anyone suggest where I could find a simple, non technical explanation of this Greek Tragedy?

    1. Yes Tonk, here are two links that explain exactly what has happened:

      Financial Crisis Explained

      Greek Bailout Explained