Financial Times
February 17, 2012
A spectre is haunting Europe: disorderly default.
For Greece’s harassed bondholders, however, the disorder is already palpable.
The question for them is whether some form of order can yet be salvaged from the tangled mess of negotiations that have scared new investors from the market and left little room for manoeuvre for those stuck in it.
Matters are coming to a head. If the crunch time for negotiations on the restructuring of Greece’s €260bn in outstanding bonds is not this weekend, then it is certainly imminent.
The concerns of Greece’s bondholders might seem a world away from the firefights and riots in Syntagma, the square in central Athens overlooked by Greece’s parliament, but they are not. The outcome of Greece’s debt restructuring is important not only for the future of Greece’s finances, but also for those of the rest of the eurozone.
More
No comments:
Post a Comment