Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
If we have (collectively) promised Greece to provide sufficient credit at lower-than-market interest rates, then Greece no longer has to borrow at market rates. What, then, is the negative effect if the rating agencies declare a de facto default or whatever?

Apart from enriching the hi-rollers who bought CDS, at the expense of American banks that sold it?

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Fri Jul 22nd, 2011 at 05:10:47 AM EST
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