Tuesday, January 17, 2012

Fitsh Ratings Agency Says Greece Is Insolvent Now: Default On March 20 Payment

Fitch Ratings Managing Director Edward Parker said today that Greece is insolvent and probably won’t make a bond payment in March.

"The euro area’s most indebted country is unlikely to be able to honor a March 20 bond payment of 14.5 billion euros ($18 billion)" "Efforts to arrange a private sector deal on how to handle Greece’s obligations would constitute a default".

“The so-called private sector involvement, for us, would count as a default, it clearly is a default in our book,” “So it won’t be a surprise when the Greek default actually happens and we expect it one way or the other to be relatively soon.”

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