Posted on 03/09/2012 5:26:37 PM PST by Repeat Offender
Greece has cleared another hurdle as it struggles to avoid default, going through with its highly controversial debt restructuring (dubbed PSI), and effectively forcing the International Swaps and Derivatives Association (ISDA) to rule, along with credit rating agencies, that the Hellenic Republic has indeed defaulted. This has paved the way for Greece to receive a second, €130 billion, bailout, while triggering CDS protection on its defaulted bonds.
Friday was a chaotic, headline heavy day for those following Europe’s sovereign debt crisis. Greece confirmed that it had achieved an 85.8% participation rate on its debt exchange, which would allow the government to activate collective action clauses (CACs) to force holdout bondholders to accept the deal (taking the participation rate north of 95.6%).
(Excerpt) Read more at forbes.com ...
Just look at Wisconsin!
The unions are bloodsuckers who provide no additional productivity.
In socialism...everyone is a union member...everyone is a bloodsucker!
And free blood is gone!
The article doesn’t offer much insight.
Next up...Portugal.
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