Why would it default this weekend. They have been bailed out sufficiently to next year. It is 2014 that is the big issue now.
I've been hearing this since the beginning of 2009, still waiting. I'm also waiting for hyperinflation, since 2008.
Like I said why this weekend? Do you know the reason there would be a default? It is because they cannot pay the money lent to the government. There is not a maturity date until at least next year and the big one is not till 2014. There is no reason it would default this weekend.
Because they need news [rumors ?] to short the markets Quite boring since the news is always the same.... At least they should pick on Italy or Spain. France and SocGen is already old, but Belgium would be original. Reminds me of UK
You do understand how Sovereign Debt is paid don't you? They borrow the money say £10,000 then pay a percentage of that twice a year. Then the prinicpal investment is repaid at the end of the borrowing period. This is the maturity date. The maturity date for the Greek Government is not until 2014 or something. They recently had to borrow more money to pay staff police etc. But borrowed enough to next year. Are you talking about a private sector debt default? If so why Greece. Other countries are more likely than them to default on private sector debt. The UK for example has £1.46 trillion of private sector debt, which exceeds GDP.
Here. This explains SDRMs. http://morganisteconomics.blogspot.com/2011/02/why-are-sovereign-debt-restructuring.html
As far as I know, latest agreements on Greece's debt restructuring were on a voluntary basis by bondholders, mainly french and german banks. So even if it's tomorrow or next year, what's the big deal ? About UK, actually I meant both private and public sector debt. IMHO UK is the ticking bomb no one is talking about.
Your right about the UK. But when you say something no one listens. They are arrogant. They think because they have always been wealthy they always will be they question where that money comes from. Are you at a loss as to what TGregg is trying to say too?