FNAIOS
Aò
Io sono "appiattito" su Venizelos ....
Dice la verità quando afferma che Tsipras ci trascinerà nel "Terzo Memorandum" ... purtroppo - per i greci - è il risultato di cinque mesi con Syriza.
http://ftalphaville.ft.com/marketslive/2015-06-18/
The decision to impose capital control ultimately lies with the Greek authorities, and would generate a need to pass legislation through the Greek parliament
Missing the IMF payment on 30 June will not trigger CDS but could potentially lead to cross default of official sector loans and freeze on further ELA by the ECB; no cross-default of GGBs
Defaulting on the small coupon payment on GGB Jul17 (€0.07bn) due on 17 July, an unlikely event in our view, could accelerate the bond, thereby triggering CDS and leading to default rating; acceleration of the GGB Jul17 will also lead to cross default of other GGBs
Defaulting on GGBs held by ECB/NCB due 20 July could potentially trigger CDS, lead to cross default of official sector loans and freeze on further ELA by the ECB; no cross-default of GGBs
In case of default on EFSF loans by Greece, the losses will be covered based on the guarantees provided under the EFSF structure
The EFSF rating is determined by the rating changes of the higher rated guarantor countries, therefore a default from Greece will only impact the EFSF rating if the ratings of the guarantors are impacted
A default on the EU bilateral loans will lead to an increase in the net national debt but will not impact the gross national debt of the Euro area countries
In case of prolonged capital controls without Grexit, if Greece asks for debt restructuring, a principal haircut on any type of debt would be very challenging due to a variety of hurdles
If the Greek government starts issuing IOUs, they would likely be bearer instruments, promising to pay the holder a certain amount of euros; IOUs could only be a stop-gap measure, rather than a durable way of staying in the monetary union
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