Greece is in talks with creditors to bargain for a 75% haircut.
Banks were looking for a 40% haircut.
If they succeed then there will be larger write downs for banks to come…
Reported by Reuters
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Compared to the “voluntary” haircuts, if this is a demand, might it then qualify as a credit default event?
I think, given the events that have transpired thus far, we can assume that the leaders will push as hard as they can to not trigger a credit event. Greece could demand it, but during the negotiations I’m sure it could be changed to voluntary.
100% voluntary haircut anyone?
definitely
Call it a negotiation. Maybe they will just pull an Iceland.
interesting that the market doesn’t seem to care yet….
Back to square one.
Wonder what all the banksters at the IIF are doing now that they’re outta the loop.
http://www.leftbusinessobserver.com/HowToDefault.html
I can’t find this story on reuters now. Did it get pulled?