Tuesday, July 5, 2011

S&P Deals Big Blow To Greece Plans: When A Default is a Default

A huge blow has been dealt to the french plans to 'rollover" Greek debt to save the banks. S&P says allowing a debt rollover would amount to a selective default by Greece,

S&P said it would treat the Greek debt restructuring scheme as an effective default of its debt obligations.

French banks have 45B Euro exposure in grrrek debt, the largest exposure of any country.

German banks hold €30bn of Greek debt, about 2X the exposure of UK banks.

All these banks have supported  the "voluntary" debt rollover plans.

What a world!

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