Tag: private-sector involvement

Europe: a house of cards

EUROPEAN leaders have tried to characterise the October writedown of Greek debt as “private-sector involvement”. While the writedown would appear to be a default in all but name, efforts to maintain investor confidence have so far been surprisingly successful. Yesterday, US stocks and Asian stocks rallied amid optimism that European leaders are taking steps to […]

Tags consulting, Economics, european debts, Excessive optimism, Greek debt, house of cards, Management Consulting, private-sector involvement

Economics

Greek default in all but name

Post author By Tom Spencer
Post date November 27, 2011
No Comments on Greek default in all but name

Whatever you say it is, it isn’t ~ Alfred Korzybski IN OCTOBER 2011, private banks accepted a 50% writedown on Greek debt. European leaders negotiated the writedown to avoid a technical default. It is surprising that ratings agencies did not classify the writedown as a default when you consider that S&P defines sovereign default as […]

Tags consulting, credit default, Economics, Greece, greek default, Management Consulting, private-sector involvement, PSI, sovereign default, the costs of sovereign default