Looks like some "soft" haircuts will be included in "Grease II", the amazingly cheesy codename for the second round of EU bailouts for Greece.
They won't call it a default, and they'll probably try to make sure that whatever happens doesn't trigger default events in outstanding CDS contracts, but (a) it's a default, and (b) it won't be enough this time either.
I don't understand why the PIG countries just don't flat out default and be done with it. They are destroying their economies for the sake of German and French bankers.
No comments:
Post a Comment