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To: Toddsterpatriot

The $400 billion is the approximate amount Greece has been able to borrow from lenders in order to try and salvage its economy. One of the hard assets Greece had was its controlling shares of banks (these four banks have assets of $358 billion according to the article).

The maneuver stripped control of the banks out of the hands of the Greek government, and without having hard assets to use as collateral, it becomes much harder for Greece to get more cash to keep from default.

I’ve said before that there is no good way out of this disaster for Greece, but this move takes away a major crutch for the terminally ill nation.


17 posted on 11/28/2015 7:35:48 PM PST by Anitius Severinus Boethius (www.wilsonharpbooks.com - Sign up for my new release e-mail and get my first novel for free)
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To: Anitius Severinus Boethius
The $400 billion is the approximate amount Greece has been able to borrow from lenders in order to try and salvage its economy.

This bank share purchase doesn't steal this $400 billion from the Greeks.

One of the hard assets Greece had was its controlling shares of banks (these four banks have assets of $358 billion according to the article).

I notice they failed to mention the liabilities of those banks. Probably close to the $358 billion in assets.

The maneuver stripped control of the banks out of the hands of the Greek government,

I'm waiting for the downside.

it becomes much harder for Greece to get more cash to keep from default.

Still waiting.

I've said before that there is no good way out of this disaster for Greece, but this move takes away a major crutch for the terminally ill nation.

Better capitalization of the banks can't hurt.

18 posted on 11/28/2015 7:44:27 PM PST by Toddsterpatriot ("Telling the government to lower trade barriers to zero...is government interference" central_va)
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