Posted on 10/24/2011 11:28:52 PM PDT by bruinbirdman
Greece wants a solution to its crippling debt that applies to all its sovereign bonds expiring up to 2035, a government source said on Monday, adding that the process should remain voluntary and any deal must include the European Central Bank.
This would be a marked expansion from a previous, now defunct, plan agreed by the EU in July, under which Greece's debt burden would be lowered through a bond exchange involving paper maturing up to 2020.
"We are looking at the entire Greek debt, expiring through to 2035... It does not stop at 2020 as the previous model did," the source said in Brussels, where frantic negotiations are underway between Greece and its lenders to arrive at a deal before an EU summit on Wednesday.
Leaders of the 17 nations sharing the euro are trying to meet a self-imposed Wednesday deadline to agree on the terms of a second rescue package for Greece, including a deeper write-down in the value of privately held bonds that the source said amounted to about 200 billion euros.
A leaked report on Greece's debt by international inspectors suggests the 109bn euro rescue package agreed in July is no longer sufficient unless private sector bond holders accept a 60 percent write-down on the debt they hold. . . .
(Excerpt) Read more at athensnews.gr ...
Hey Greece, here’s your solution:
Elect Barry Omoslem, and he’ll destroy you so fast, you won’t have time to worry about sovereign debt.
At the end, you’ll be penniless and converting to islam at gunpoint.
Problem solved!
The politicians keep talking, and the media keeps reporting as if some miracle is going to happen, and life will go on as normal. The Euro is dead, and most of Europe is bankrupt - but nobody will admit it.
I agree...and I will admit it.
The dominoes will start falling shortly.
Perhaps the solution it to stop spending more money than they have. Just a thought.
You crazy man!
Are you sure Greece isn’t part of the OWS gang?
My solution to Greece’s demand: GTH and don’t let the door hit your ass on the way out either! =.=
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