Greece Has Hired Lazard For Restructuring Advice

Tyler Durden's picture

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williambanzai7's picture

Independent liquidation agent? I know this may sound ill informed, but who the hell has been advising them these past three months?

The Hills are Alive...:

http://williambanzai7.blogspot.com/2010/05/sound-of-euro-deadbeats.html

jedwards's picture

Good idea on hiring Lazard, they make really prescient calls.  Finally, Greece is on the right track!

 

http://www.streetinsider.com/Downgrades/Dendreon+(DNDN)+Cut+to+Hold+at+Lazard/5552820.html

Fish Gone Bad's picture

Default would be very interesting to see.  This would be wildly unpopular for banks.  There is a saying in business.  If a customer owes a bank a small amount of money, the bank can dictate how the money is repaid.  If a customer owes a bank an absolutely tremendous amount of money, the customer gets to dictate how the money is repaid.

tom a taxpayer's picture

Yes, wildly unpopular with the banks. But the bankers hair is too long and needs a good haircut. And it is time for the bankers to get their dose of austerity. Now German and French banks, put down that lollipop and open wide.

Thomas's picture

"Greece is also no stranger to sovereign reorg"

You meant Lazard, not Greece I believe.  

BTW-Bill Cohan wrote an excellent book describing the history of Lazard, Felix, et al.

kaiserhoff's picture

Wonderful,

The bondholders have a choice.

Lose two thirds of their value now.

Lose two thirds of their value in a year or two.

Get over it already. 

Albatross's picture

Lastly, but not least, based on empirical data, Greece would make a truly terrific recurring client.

 

No kidding. I was wondering all along why not more people talk

about default, or debt  restructuring in fancy words!

It's about damn time where banks also start to book their losses.

 

dumpster's picture

the keep um busy over their routine

 

 

Thought For The Day

Greece and Goldman hog the news as 33 US states head for bankruptcy.

Comrade de Chaos's picture

if you think of it, nothing will make the French banks to lobby their government to push for the Greek bailout as the thread of debt restructure. Be I running a default show in the Greek gov, that's exactly what I would do. (K, I lied, I would just default and get it over with so the efforts could be directed into the restructure of the economy and recovery. )

mchawe's picture

The best thing for the Euro would be to simply kick Greece out of the EEC for not obeying the rules.

ignorant's picture

"  will find Greece, where 80% of the population does not want a bailout and in fact is rooting for a default "

 

How the heck you got tht fgrs,  official or coming out of your tomy ?

MacedonianGlory's picture

Greeks don't want IMF because they afraid that they will end up as Argnetinians did. Claiming that they do "not want a bailout and in fact is rooting for a default" is what socialist gvnt propaganda says to terrorise people. Everyone in Greece knows that the Gvnt speculated with debt to feed some few corrupted servisemen and companies that survive through gvnt money support. Thats why Greeks say no to this bailout for a few corrupted companies (media-construction-Gvnt interweaving) and don't want to the legitimate ones to be punished.

Propaganda from corrupted media accuse Greeks of beeing totally corrupted while the only onew that are corrupted is the socialist interweaving of Gvnt-media-construction companies-etc.

Mitchman's picture

It took these guys this long to figure out they needed adult help?  I wonder how much pressure was put on the choice of a French firm in light of the French banks' $78 billion exposure?

Augustus's picture

So, IF Goldman is out of the loop on this one,

They won't be accused to trading against the client interest when they short the massive hell out of all of the Euro soverign debts.  More money from that, IMHO.

Augustus's picture

So, it seems that those who sold the Greek debt last week, priced to give a 20% yield for the purchaser, were the smart traders after all.  I wonder how little Stevie Liesman likes those Greek bonds he recommended a few weeks ago?  Go, Steve, Go.

goober's picture

I agree with mchawe. Germany would look brilliant if they insisted on throwing Greece out of the Union. They could orchestrate a series of loans that would keep Greece from infecting others any further and put the onus of responsibility on Greece. It would set an example for all the ratio cheaters and put the fear of god into them. It would completely restore faith in German leadership and the EU. Anything less is kicking the can a little further into the future and enabling the other fiscal miscreants. I think the reverse psychology of such a move would be asolutely brilliant at this time. Obama should pay attention as well, it would get him reelected for sure because he could claim fiscal responsibility even if there is none? Genius.....................

taraxias's picture

Default is NOT an option.

It's either squeeze the life out of the Helladic people or the collapse of French and German banks, followed by a collapse of the euro zone, followed by a collapse of UK and US banks, followed by a collapse of global finance.

They can riot in the streets until the second coming of the golden age of Pericles but the choice is simple and it has already been made, everything else is eye-wash. Grossly unfair but when did this matter to politicians and banksters.

BrianOFlanagan's picture

which is what is going to happen anyway.  Better to just default now and get it over with.  The ponzi must end.

Caviar Emptor's picture

Austerity in the midst of plenty? Hard to believe that will ever work for more than 5 minutes. Just wait till the Germans come partying in their yachts. 

Grand Supercycle's picture

 

DOW chart shows an expanding wedge indicating a significant move is probable.

MARKET UPDATES:
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magellon's picture

Is that Lt Lazard aka Police academy?