3 PM (ET) was the “drop dead” time for the investors in Greek Debt to agree to a “haircut” of perhaps 70-80% of their investment in Greek Bonds. If that doesn’t happen, then the European bailout falls apart and Greece officially defaults.
No news yet that I’ve found of who won the game of Chicken.
The deadline has passed with no announcement of an agreement. It’s possible it is being held until the US Financial markets close.
For those who aren’t sure what the subject means, back when Federal Express was a brand new idea, they (or was it UPS?) ran a series of ads highlighting that they could tell you exactly at all times where your package is, unlike the US Postal service. Drachma was the currency of Greece prior to joining the European Union and the EuroZone (the countries using the Euro) – a default would possibly mean Greece would have to return to the Drachma to pay its government employees and pensioners money that would only be able to be spent in Greece.
It’s a deal (according to this source)
http://www.euronews.com/business-newswires/1427764-greece-closes-offer-with-bond-swap-set-to-pass/
Big Bear – “What you need to know”
http://www.kbhr933.com/
(Except what music you play)
A Class A FM radio station with a “reach” of 5 million people? Orly?
Yeah man, The German Banksters made like 3.8 billion euro? I think on the swap-ponzi -monopoly money scheme. They are ‘Seig Heiling’ all the way to the bank. Galt reported last night that the “Greece insolvency crisis continues despite the bond laundering scheme dreamed up by the bank-sters to insure the taxpayers of Europe repay them on the backs of Greek citizens for their own avarice and errors, Portugal and Ireland watch with a jaundiced eye as they are told the privileges of indentured servitude will not be extended to their countries as it was for the Hellenic Republic.”
wink wink.
Geithner was proud