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WASHINGTON — Moody’s declared Greece in default on its debt Friday after Athens carved out a deal with private creditors for a bond exchange that will write off 107 billion euros ($140 billion) of its debt.
Moody’s pointed out that even as 85.8 percent of the holders of Greek-law bonds had signed onto the deal, the exercise of collective action clauses that Athens is applying to its bonds will force the remaining bondholders to participate.
Overall the cost to bondholders, based on the net present value of the debt, will be at least 70 percent of the investment, Moody’s said.
“According to Moody’s definitions, this exchange represents a ‘distressed exchange,’ and therefore a debt default,” the US-based rating firm said.
Originally posted by robrobby
in october 2007, I wrote a letter to each creditor I had telling them to prove I owed them money.
I stopped all payments to them at that point.
I've not paid anything since. not one of them have proven the debt or taken it to court.
they have about a year left to run then it all becomes statute barred (legally uncollectable)
the total was 24500 give or take a few quid.
that's what everyone should do. just hold your nerve, they send letters and threaten allsorts, but never do it....
Originally posted by sheepslayer247
This is not a good thing.
Now that Greece has defaulted, it may only be a matter of time that we see other nations (Italy?) shoved into similar measures that will only end in a string of defaults one after another.
I'm not much of a doom and gloom kind of guy, but I would be looking for global currency soon. Government debt will be forgiven and pushed onto the individual.
I would be looking for global currency soon. Government debt will be forgiven and pushed onto the individual.
Originally posted by zroth
I declare Moody's to be a terrorist organization.
They instill fear.