Greeks Restart Bond Haircut Negotiations, Demand Lower NPV, Bypass IIF In Creditor Discussion

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Fri, 11/25/2011 - 12:43 | 1913106 Joaquin Juarez
Fri, 11/25/2011 - 12:55 | 1913157 Hard1
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And they also demand that whatever they do is NOT considered a credit event under ISDA

Fri, 11/25/2011 - 13:00 | 1913186 rockraider3
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How the hell can ISDA claim that Greece negotiating a debt restructuring with individual creditors is not a credit event.... Well, I guess we will see, since this is surely the outcome.

Fri, 11/25/2011 - 13:11 | 1913212 Ahmeexnal
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Rise and fall of the euro:

"The europeans will love the euro"

"You must love him [Big Brother]"

Fri, 11/25/2011 - 13:45 | 1913280 greyghost
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they have to....or else the multi trillion dollar ponzi collapses. always remember there are  not enough monies anywhere to pay off all the bets placed in the casino. debtors in charge

Fri, 11/25/2011 - 21:34 | 1914284 Buck Johnson
Buck Johnson's picture

It's a complete joke, seriously.  Even the 50% was a credit event even if they where saying it was voluntary.  And Greece ws trying to set this up as a 75% cut at best.  I would like to know why aren't the individual bond holders aren't going to court and saying that we say no and if you change it we will go to court and force this as a credit event and get my insurance.  Greece did essentially call everyone's bluff, if you don't take this deal we will default and let everything burn.

Fri, 11/25/2011 - 12:43 | 1913107 dbells32
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How about the fact that European banks are still carrying their Italian and Spanish debt at par on their balance sheets?  Once they start taking haircuts on is game over.

Fri, 11/25/2011 - 12:44 | 1913109 Ahmeexnal
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Fire in the hole!!

Fri, 11/25/2011 - 12:45 | 1913116 lizzy36
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Goodbye Yellow Brick Road......

Fri, 11/25/2011 - 12:47 | 1913117 gojam
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Feta compli ?

Fri, 11/25/2011 - 12:53 | 1913148 Mike2756
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Political union coming soon, lol.

Fri, 11/25/2011 - 12:45 | 1913119 transaccountin
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but the hopioum!

Fri, 11/25/2011 - 13:08 | 1913206 a noun a mouse
a noun a mouse's picture

just sprinkle a little Feta compli on it. It'll taste just fine...

Fri, 11/25/2011 - 12:46 | 1913121 The trend is yo...
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"margin Calls know the rules of the exchange"

Fri, 11/25/2011 - 12:48 | 1913129 The 100 Trillio...
The 100 Trillion Dollar Man's picture


Fri, 11/25/2011 - 12:48 | 1913130 youngman
youngman's picture

I am beginging to wonder..which will be done first ...the restoration of the Parthenon...or the Greek debt fiasco

Fri, 11/25/2011 - 12:53 | 1913149 GMadScientist
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This will end in a Greece fire.

Fri, 11/25/2011 - 12:53 | 1913150 holdbuysell
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This whole NPV of the debt is ridiculous, isn't it?

If I understand correctly, no actual euro of debt will be 'harmed'. All will be paid back, just under different timeframes such that the present value is lower.

Am I missing something?

Fri, 11/25/2011 - 12:58 | 1913163 Rockfish
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Ring ring (phone csll)

Greek People - Hello

Bankster - Yes hello, is this the greek people

GP-  Yes it is how may i help you.

Bankster - Well this is the Bankster calling about the money you owe.

GP -  O you mean the money you said was like almost free and not to worry about refiing?

Bankster - Well yes that's it.when............................

GP - Yea well FUCK YOU and Fuck her too.


Fri, 11/25/2011 - 12:58 | 1913171 skistroni
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After they take the haircut, we'll default and finish them off. There is still hope.

Fri, 11/25/2011 - 12:59 | 1913182 GMadScientist
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Hope? Yes. For Greece? Mmmm...dubious.

Fri, 11/25/2011 - 13:01 | 1913189 Rockfish
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With 3,000 years under their belt the Greeks will be just fine. The banksters well thats something else

Fri, 11/25/2011 - 13:53 | 1913340 tarsubil
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You know, Turkey used to be Greek.

Fri, 11/25/2011 - 14:02 | 1913372 gojam
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...........and Greece used to be Turkish.

Fri, 11/25/2011 - 14:31 | 1913476 Elorant
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Swstos o paikths!

Fri, 11/25/2011 - 14:30 | 1913479 Elorant
Elorant's picture


Fri, 11/25/2011 - 12:58 | 1913175 unionbroker
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Fri, 11/25/2011 - 13:07 | 1913197 jcaz
jcaz's picture


Greece still thinks they are calling the shots..........

Oh wait.... They are.......

Fri, 11/25/2011 - 13:08 | 1913204 Rockfish
Rockfish's picture

Greece still thinks they are calling the shots..........


No, They're just not going to pay you back.

Fri, 11/25/2011 - 13:11 | 1913209 thunderchief
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Why not completely default.  Is the remaining crap the Greeks wish not to default on being saved for a later default? 

I think the Greeks should do whatever they see fit with this un-payable debt. 

But I would never do business with them when this is done. 


Fri, 11/25/2011 - 13:11 | 1913214 Rockfish
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How did Iceland fair?

Fri, 11/25/2011 - 13:54 | 1913344 tarsubil
tarsubil's picture

Shhhh!!! Pay no attention to the Island behind the curtain.

Fri, 11/25/2011 - 13:14 | 1913218 tfazzio
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Would u please share the link to the reuter's article.

Fri, 11/25/2011 - 13:52 | 1913329 topcallingtroll
topcallingtroll's picture


The greeks are fast learners in hardball tactics.

The banks were told in the first round of haircuts to voluntarily take the haircut or face armegeddon. The Eurocrats thought they were so smart and sophisticated playing hardball with the banks.

Greeks can play too.

Fri, 11/25/2011 - 15:20 | 1913607 max2205
max2205's picture

So what's the yield on the one year now...500%

I'll check back

Fri, 11/25/2011 - 15:47 | 1913676 DCon
DCon's picture

How are Goldman set to profit from this?


No way it is happening without their pre-approval



Fri, 11/25/2011 - 19:36 | 1914100 Arius
Arius's picture

good point .... i suppose you got to ask their clients what kind of advice are they receiving.... someone else (you know WHO) has to provide liquidity, get the other side of the trade and take a chance to risk it all .... yeah, well ... its a funny, mad, mad World ...

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