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Yes, this timeline and end-result is entirely correct.
but he misspells "principal", i.e. what is owed on debt. this is niggling but on zero hedge with its educational dimension?
The first one to default wins.
Everyday we live in default. Perhaps Aug 20 is when it becomes a formality.
Hence PMs, guns and food.
It would certainly set the standard for the other members of the Pork family...
Right in the middle of "vacances." Imagine all the mobile phone calls between Nice, Cannes, St. Tropez and Paris, Berlin, London, and Brussels.
Hilarious moment as Nancy Pelosi compares Barrack Obama to Job in Bible and says Obama is greater.
Am falling off the chair here. What a nut!!!
Default is not the problem. Default is the solution.
Wow major dollar strength off the move in treasuries.
agree with bonesetter...default is the solution...not the problem...and has been from the begining.
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain - Mark Twain
Yea buts it's a limited edition Burberry umbrella so at least you feel rich while holding it
Bankers are Fuckers. Bureaucrats are Bitches. The IMF is staffed with bureaucrats (at least since they canned the previous MD). The only way not to get fucked by the banks would be to bring some heavyweight retired bankers to protect the IMF/ECBs interests, and work with the regulators to come up with either a win/win or lose-less/lose-less solution for both sides.
"A default by Greece on the weekend of August 20th with IMF/EU secured financing in place would solve a lot of problems. Greece would get actual debt reduction and only have to re-prioritize who gets proceeds from asset sales."
Isn't "re-prioritization" a bad thing. Why would the EU/IMF want to give senior debt status to the new debt arising post default?
If the US Congress prioritizes their payments' giving debt holders senior debt status, it will provoke a downgrade from S&P, supposedly.
No wonder Socialism es Muerte.
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