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Seriously how is that not a credit event? Why doesn't Greece use this same clause?
because the lawyers always win...regulators should have had this on exchanges long ago
According to the ISDA paper, we could offer our local currency if our country was rated AAA by Moody's or Fitch or S&P.
We'll do it anyway. Coming soon in a weekend near you.
Greece not G-7 (according to Wikipedia = Canada, France, Germany, Italy, Japan, U.K., U.S.)
Can the u.s. annex mexico and use pesos to pay off the debt?
Mexicans can't even pay off their own debt with pesos; much of it is denominated in yen and euros.
Please watch minute 7 and on.....
You need to watch it. You need to send it to your friends and family. The corruption and evil runs so deep people .... so deep ....
Also, isn't that kinda, sorta.... well, exactly like the 'competing local currencies' thing that we're told is absolutely not allowed in any way, shape or form?
Jim Rickards on CNBS Today - 9.12.11
Educative post -- good to know the loopholes thru which this problem will be punted!
Looks like GS has got some news coming
When bogus paper is the problem, there is no paper solution.
Peter's a great analyst, but he seems to be committed to rearranging the deck chairs. I guess as long as the band is playing, right?
Some kind of scheme or scam will be concocted, no doubt to rescue Europe.
Some program nobody here has thought of yet.
We have a spillage on isle 17. Robo to isle 17, Robo to isle 17.
did you sign in twice or sommit?
No, Peter, Italy is not England. Logic FAIL.
I still have some Lira, it looks much more real than the Euro monopoly money
We will have Dracma soon, and will be srtonger than the German-Franch Euro.
I am looking forward to the Italian re-introduction of the Lire.
It will make my favorite Brunello, Barolo and Chianti Classico more affordable!
As I recall from the deliberations of the Maastricht Treaty originally the wording for the Euro was for a "common currency" which would have allowed the Euro along side national currencies, this was changed to "single currency" so the Euro is the only legal tender in those countries within the Euro zone so it is not legally possible to reintroduce the Lire without leaving the Euro and it is not possible to leave the Euro without leaving the EU, so the idea put forward in the article is totally false.
It so fucked even a whore would need to do some over time and then some!
At this point, it is best to stay away from "paper" assets altogether.
The level of fraud and deception will reach mind-boggling levels to keep insolvency and default hidden from view.
Could this be the return of reasonably priced Italian shoes?
Yeah it could.
We will be exporting (again, finally) and you people will enjoy the fine Italian craftmanship at reasonable prices.
Plus you might consider buying a house in Tuscany or Sicily or Sardinia. And maybe a cheap Alfa. The Giuliettas are nice particularly if they cost half what you pay for a golf.
Like in good old 80s.
Banking here in europe is starting to show signs of problems, "We currently have technical problems which means we can not set prices for our products. We will be back as soon as we can!", translated from swedish http://www8.warrants.commerzbank.com/News/News.aspx?c=35013
The broker insists its not liquidity problems just technical problems.
If Italy (and Greece) exited the Euro via this mechanism then obviously their new Lira and Drachmas would be nearly worthless, but what about the Euro? Wouldn't the Euro gain in value (relative to the dollar) by getting rid of Italy and Greece?
CDS should be declared illegale altogether.
They are the cause of the current crisis and they are only a means of getting around the Basel 2 agreements.
We are so far through the looking glass, at this point, that all of this is just the purest conjecture.
lira - singular
lire - plural
"Italy claims Germany must pay compensation to victims of Nazi war crimes, but Germany refuses." ....and Greece too: "Also arguing against Germany is Greece, representing relatives of the victims of a 1944 German massacre at Distomo, in Greece."
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