The Biggest Debt Write-Down In Human History…(Read This One…)
by Michael Victory
ZeroHedge.com
03/10/2012
In case they didn’t cover it in your weekly programming, the biggest debt write-down in human history occured on 3.9.12
SDA Announces a Credit Event Has Occurred
No need to worry, the ISDA, IMF, ECB, US Fed, Euro Zone Leaders and every other Frankenstein group have everything under control. Don’t worry that they changed their minds more times than your wife changes shoes before coming to this “solution.” This time they’re sure. Sure this is going to be a huge benefit to the Greek people. Sure the triggering of CDS’ in no threat to financial institutions and sure overall payouts will be around the $3.2B in net outstanding CDS contracts linked to Greece. And sure the exact level of payouts will be determined on March 19. I am sure not one of these sureties is accurate.
The biggest debt writedown in history, will be followed-up with additional bailout funds being given to the money masters, I mean the poor people of Greece. It’s for the children. IMF head, Christine Lagarde wants to contribute $36.4B from the IMF to the $169B upcoming bailout. Ms. Lagarde says this will be needed to avoid a disorderly default that could be destabilizing. I guess skyrocketing suicide rates and pleas from Greek parents to give their children up for adoption is considered stable. Their oppression reeks of their greed and disgrace.
The Rest…HERE
