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Topic: Greece defaults on debt

Moodys declared Greece in default over its debt today.

Greece got an agreement from 85% of its debt holders to take a 30% cut on the value of the debt, and then decided to force the other 15% into compliance.

With other nations in jeopardy soon (Portugal for instance) a cascade of defaults could result in most Europeans suddenly losing 30% or so (based on the Greek Default) of their portfolio values, as well as depressing the world market.

This will of course dramatically affect Greece for the next few decades, and Moodys already cut Greece to C status.

News of the event was quiet because the markets are trying to be quiet of the damages.

Everything bad in the economy is now Obama's fault. Every job lost, all the debt, all the lost retirement funds. All Obama. Are you happy now? We all get to blame Obama!
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Re: Greece defaults on debt

Source?

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Re: Greece defaults on debt

Nevermind.  Here:

http://online.wsj.com/article/SB10001424052970204603004577270542625035960.html

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Re: Greece defaults on debt

Our politicans fear the "big bang" that would destroy the Euro. So they lead Greece to bankruptcy step by step. In a few monthes the next cut will occur and this will continue until Greece is down to 50-60% dept. Most europeans know that all the billions now thrown into Greece are wasted money.

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Re: Greece defaults on debt

It's like a grand preview of America: 2020!

[I wish I could obey forum rules]

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