Greece in last ditch scramble to avoid default
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Greece is on the verge of completing the largest sovereign debt restructuring in history, but doubts remain over whether the stricken country can avoid a default.
By Louise Armitstead
TelegraphUK
08 Mar 2012
Athens officials last night estimated more than 85pc of private creditors had accepted the €206bn (£173bn) bond swap shortly after a deadline expired yesterday evening. That is enough for the deal to go through, but leaves the possibility the government might have to use its controversial Collective Action Clauses (CACs).
Ratings agencies have warned they will declare a default if Greece activates the CACs, which allow the government to impose the deal on the remaining bondholders. The CACs will be used if the take-up falls below the desired 95pc but above the required 66pc.
The International Swaps and Derivatives Association (ISDA) is poised to convene again to decide if the deal amounts to a “credit event” that would trigger billions of euros of insurance.
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Yes, I feel Greece will default. This will be very sad. The people their are willing to work hard and seem to care. I do not feel Greece will collapse until after the elections in America; unless, the elite have something else planned. It could happen sooner. Anyone who can, get all your supplies and food ready, there is not a lot of time left. It is like the Titanic that is sinking and there seems to be more holes being punched through. What there not telling you is that it is happening all over the world. The government like all governments, are going to walk away with the money, and I dought anyone will get paid back! No matter how good a job, you have be prepared to make it on seeds and other necessities. The elite at first won’t suffer, but a kingdom divided against itself how will that kindgom stand? No weapon formed against one of God’s true people will prosper. They can commit the crimes and get away with it temperorarly. In the end they will suffer, because, God will let them quicken themselves to that which they are. When the war is over, they cannot be with us and they will only wish they could. Chose this day whom you will serve. The master in whom you serve is the master in whom your a slave too. Remember they don’t want people using their psychic abilities against them. This is why they have terinized us for years always telling us that we were the problem. We were forced to believe the lie as children. Without knowing it we became their slaves. Now, those who see the truth need to be ready!