So in spite of earlier best efforts they finally realized the debt problem is so big that avoiding the CDS Credit Event limited their options on debt restructuring.
Why the PSI terms aren’t more harsh and weren’t done in December before the last 8 billion transfer where Greece paid private creditors and took on more of the harsher troika loans.
It took them about a year to figure out what we have been saying all along on CDS. Maybe in another year they will realize what a bad deal they have negotiated for the people of Greece.
BN 02/23 12:36 *VENIZELOS SPEAKS TO LAWMAKERS IN PARLIAMENT
BN 02/23 12:36 *VENIZELOS SAYS NOT CONCERNED ABOUT WHETHER CDS ARE TRIGGERED
BN 02/23 12:23 *GREECE WILL BE A DIFFERENT COUNTRY AFTER DEBT SWAP: VENIZELOS
BN 02/23 12:17 *VENIZELOS COMMENTS IN PARLIAMENT TELEVISED LIVE ON VOULI TV
BN 02/23 12:17 *GREECE’S VENIZELOS SPEAKS IN PARLIAMENT IN ATHENS
Venizelos Says Unconcerned About Whether CDS on Greece Triggered
2012-02-23 12:47:08.211 GMT
By Natalie Weeks and Marcus Benssason
Feb. 23 (Bloomberg) — Greek Finance Minister Evangelos
Venizelos said he wasn’t concerned whether a swap of the
country’s privately held debt would trigger credit default
“No one pays attention to the activation of the CDS,”
Venizelos told lawmakers in comments broadcast live on state-run
Vouli TV. “Yes, when the collective action clauses being voted
on today are activated and the minority of bondholders are
subjected to the will of the super-majority, it’s possible” the
CDS will be triggered, he said.
Credit default swaps, and in particular naked-CDS, “are a
game that takes place on the back of the country,” Venizelos
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