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Fitch: Voluntary Greek Debt Rollover Regarded as Default

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posted on Jun, 20 2011 @ 09:28 PM
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Fitch Ratings said on Tuesday that it would regard both a Greece sovereign debt swap and a rollover of maturities, even a voluntary one, as a default.

Both a sovereign bond exchange and a voluntary rollover would be events considered as a default, said Andrew Colquhoun, head of Asia-Pacific sovereign ratings with Fitch at a conference.

A month ago Fitch downgraded Greece's credit rating three notches to "B+" and warned it could cut the rating further into junk territory. At the time, the rating agency said an extension of the maturity of existing bonds would be considered a default.



Fitch: Voluntary Greek Debt Rollover Regarded as Default

This could be regarded as a default of which Fitch would likely downgrade the Greek credit rating even further. I don't know how this 'default' would have any impact on any vested interests as I don't see how it is a situation where Greece has not paid on their debt, less those rollover arrangements involve restructuring debts of which they are contracted to pay on. Hmmm.




posted on Jun, 20 2011 @ 09:44 PM
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The market is going to force this very same credit event here in the US as well. No one should be surprised by this, least of all the top EU players or the ECB.
edit on 20-6-2011 by projectvxn because: (no reason given)



posted on Jun, 21 2011 @ 12:12 AM
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Fitch's Colquhoun also reiterated that the rating agency would place the U.S. sovereign rating on watch negative if Congress did not raise the federal government's borrowing ceiling by August 2, and said if the U.S. government misses an August 15 coupon payment, then Fitch would place the rating on restricted default.

But it added it believed it was very likely that the debt ceiling would be raised and default would be avoided.


Fitch see risk of Greece, U.S. debt defaults

Well, yeah Fitch, my guess is too that the US will raise the debt celieing and keep borrowing, and raise and borrow and raise and borrow, until such time something comes along to hit where it really hurts, if not sooner then later.



posted on Jun, 21 2011 @ 02:55 PM
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Wow, the Debt Counseling ponzi scheme is now targeting a nation. At least that's my take on this. Most everyone in the USA has seen the advertisements for debt counseling, debt restructuring, or debt settlement as a more preferable alternative to discharging debts through bankruptcy. What they don't tell you is that virtually all of these programs are run by the major credit card companies and they all report to the credit rating agencies and are major black marks on your credit history. Since most of them take years to complete the program, there is little to no benefit to the debtor to choose these options over outright bankruptcy (aside from retaining securities used to establish credit lines... i.e. car titles, home titles, retirement accounts, etc) and the average debtor actually comes out worse off in the end with both the negative rating and a lot less money in hand vs a bankruptcy.

Same situation is appearing here. Greece, one way or another, is going to see their credit rating scrape the bottom of the barrel for a significant period of time. The question is, should they see it happen months or a year down the road after they have allowed their country to be completely fleeced and rendered assetless, or should they put their foot down now, stop making all payments, and simply have their rating downgraded while holding what assets they have left? "What about the Euro and the EU? Greece flat out defaulting could destroy them both..." Screw the EU! What has the EU done for any of the European nations besides strip them of their sovreignity, individual dignity, and their pride? Globalist pigs slurping up the Eurozone citizens' wealth like it was a trough full of slop and for some inexplicable reason the average person is supposed to give a flip what happens to the union.

Default Greece, I not only dare you, I beg you. Default, return to the drachma, and re-embrace the attitude of ancient Sparta. Stand and fight for yourselves and your children and when you win, you will collapse entire marauding armies and corrupt governments.




 
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