and before any CDS obligor, including God Bless Bank of America, has to pay the International Swaps and Derivatives Association will have to say whether a "credit event" has occurred that will trigger the payment of default insurance taken out on Greek bonds.
" Negotiations between Greece and its creditors about the terms of an orderly Greek restructuring appear to have stalled in Athens, amid troika adamance that the country accept even more dramatic austerity measures in return for the aid they are expected to receive as part of a second bailout, according to the Telegraph.
Prime Minister Lucas Papademos has called an emergency meeting of party officials in an attempt to convince them to vote through the spending reforms and bring the debt swap deal to resolution."
The rumor on the streets is 5 major US banks will be asked to pay the credit default swaps NEXT WEEK, if Greece can't get it together..
Old news is old. Anyone with even the most basic knowledge of economics could see this coming from a mile away. Greece is still highly over-leveraged in debt. The real question is how Greece's being kicked out of the EU will impact the existence of the EU as a political and economic entity. Personally, I think the EU was a horrible mistake but that is for another time.
Posted By: mrnogood
" Negotiations between Greece and its creditors about the terms of an orderly Greek restructuring appear to have stalled in Athens, amid troika adamance that the country accept even more dramatic austerity measures in return for the aid they are expected to receive as part of a second bailout, according to the Telegraph.
Prime Minister Lucas Papademos has called an emergency meeting of party officials in an attempt to convince them to vote through the spending reforms and bring the debt swap deal to resolution."
The rumor on the streets is 5 major US banks will be asked to pay the credit default swaps NEXT WEEK, if Greece can't get it together..
I don't believe anyone said that Greece would default next week. It's not a question of "if" but "when" Greece will default, and default it will. Greece simply cannot afford to not default on its debt obligations.
As for ISDA, everyone knows that it's in the back pocket of the banks. As it should be, considering that it was a standards organization started and maintained by the banks themselves. Anyone who believes that ISDA does not act in the banks best interests is simply fooling themselves.
Posted By: marikod
and before any CDS obligor, including God Bless Bank of America, has to pay the International Swaps and Derivatives Association will have to say whether a "credit event" has occurred that will trigger the payment of default insurance taken out on Greek bonds.
I don't know. THere is a chance that an investment in BAC will reap great rewards. However, since BAC has the largest stockpile of toxic mortgages (thanks to their ill-advised acquisition of CountryWide), I think the true extent of BAC's problems have yet to be revealed and that there is greater downside than upside at the moment.
BAC's CEO Moynihan is a lawyer by trade. He knows how to obfuscate the facts and keep the truth hidden for as long as possible. He's already pushed out the door anyone with the integrity and credibility to come clean (e.g. Sally Crawcheck).
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