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Political Discussion
Reply to "time to let Greece exit the Euro zone?"
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[quote=Anonymous][quote=jsteele][quote=Anonymous]even if the haircut is 33%, it is still a huge default. That ship has sailed, they are just trying to contain it to Greece so the interest rates for Italy and Spain do not go through the roof.[/quote] No, it's not a default. Defaults don't happen with the banks' consent. [/quote] well we can agree to disagree on that. in my experience, banks routinely enter into forbearance or workout agreements agreeing to things like this in connection with a default. In fact, I'd argue that banks would never ever ever agree to any haircut absent a default. [/quote]
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