The Greek €107 Billion Contingent Liability Gorilla Exposed

Zero Hedge ^ | 3/10/12 | Tyler Durden

[Kartographer]

THE 800 POUND GREEK GORILLA (EXPOSED)

When we have been given the data on Greek sovereign debt it appears we have been misled. I have added up now the ISDA debt issuances and I present them to you; all of these issuances are GUARANTEED by the Hellenic Republic; full faith and credit.

GREEK SOVEREIGN GUARANTEED DEBT AMOUNT

The New Economy Development Fund $139,000,000.00

The Hellenic Railway $2,240,000,000.00

Structured Notes (Not counting Floating Rate Notes) $20,683,000,000.00

Athens Urban Transportation $837,000,000.00

Greek Bank Guaranteed Debt $83,314,000,000.00

TOTAL GREEK GUARANTEED. DEBT $107,213,000,000.00

Here is $107 billion of OTHER debt; guaranteed debt that does not appear to be included anywhere in the official Greek sovereign debt figures. Contingent liabilities that are not counted any longer perhaps as the accepted manner of doing business now in Europe. Most of these issuances are governed under British law with “Default” clauses and “Negative Covenant” clauses. Greece defaults on €105 billion Euros and adds new debt, the IMF/EU loans, of 130 billion Euros and we are told that Greece is better off today than yesterday. What drivel! With the addition of the new IMF/EU loans of $172 billion and the revelation of the guaranteed debt at $107 billion Greece now has $279 billion of new and hidden debts.

[Kartographer]

The Troth is open for Greece how long before the other PIIGS demand their share?

[expat2]

Do you mean “Trough”?

[spokeshave]

The New Economy Development Fund $139,000,000.00

The Hellenic Railway $2,240,000,000.00

Athens Urban Transportation $837,000,000.00

I guess the "New Economy Development Fund" is green stuff...like wind farms and solar cells...

.... ...Does anyone see a pattern here....?

Hint for those in Rio Vista...

Railways, Urban transport and Green energy.....all bankrupt...

[InvisibleChurch]

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