Greece Working on Final Draft for Leaders Meeting

Submitted by Tyler Durden on 02/07/2012 08:52 -0500

• Central Banks
 
• Fail
 
• Greece

Via Peter Tchir of TF Market Advisors,

So, what are the steps here?  Approve it.  Handholding press conference.  Lots of "defining moment" and "mission accomplished" speeches.  Then what?  Rumors that 20 billion or more of bonds won't agree to the PSI (that is only 10%).  Rioting in the streets?  (those ungrateful people just don't understand the need to sacrifice themselves for the greater good).  Then we wait to see the reforms fail?  If the PSI works and the people accept their fate, at least we bought a few months in Greece because it takes some time to see the plans actually fail.

How long until other countries question the wisdom of paying par on their bonds (even with money they are borrowing from central banks)?

It will be interesting to see if they try and jam in a retroactive collective action clause and what other details come out of this plan.

• BN 02/07 13:33 *GREEK GOVERNMENT OFFICIAL SPOKE TO REPORTERS IN ATHENS
• BN 02/07 13:32 *GREECE WORKING ON FINAL DRAFT OF DOCUMENT FOR LEADERS: OFFICIAL
• BFW 02/07 13:34 Greece Working on Final Draft of Document for Leaders: Official

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Greece Working on Final Draft for Leaders Meeting, Official Says
2012-02-07 13:36:22.5 GMT

By Marcus Bensasson

• BN 02/07 13:33 *GREEK GOVERNMENT OFFICIAL SPOKE TO REPORTERS IN ATHENS
• BN 02/07 13:32 *GREECE WORKING ON FINAL DRAFT OF DOCUMENT FOR LEADERS: OFFICIAL
• BFW 02/07 13:34 Greece Working on Final Draft of Document for Leaders: Official

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