Moody's declares Greece in default of debt

Moody's declares Greece in default of debt

By cmaukonen on Fri, 03/09/2012 - 7:22pm |

WASHINGTON — Moody's declared Greece in default on its debt Friday after Athens carved out a deal with private creditors for a bond exchange that will write off 107 billion euros ($140 billion) of its debt.

Moody's pointed out that even as 85.8 percent of the holders of Greek-law bonds had signed onto the deal, the exercise of collective action clauses that Athens is applying to its bonds will force the remaining bondholders to participate.

Overall the cost to bondholders, based on the net present value of the debt, will be at least 70 percent of the investment, Moody's said.

"According to Moody's definitions, this exchange represents a 'distressed exchange,' and therefore a debt default," the US-based rating firm said.

[Soooo......acoording to Moody's things are NOT all roses with the EU after all.}

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http://www.google.com/hostednews/afp/article/ALeqM5gGfJoFfFQQ9C-8rTES4CZqWhNPow?docId=CNG.8deea85ab6a00c0cdb0990983bca1c66.2a1

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Apparently, a default declaration is necessary for hedge funds to collect on their credit default swaps to make them whole and/or give them a profit on the deal. I believe with the new loans, Greece will actually owe more money than before the so-called 'debt relief' deal.

The decision to force losses on some bondholders means that the debt relief will trigger payouts of so-called credit default swaps, a type of insurance on bonds. The International Swaps and Derivatives Association, the private organization that rules on such cases, said its committee ruled that a "restructuring credit event" occurred.

by NCD on Fri, 03/09/2012 - 9:35pm

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