anything goes

Οι Αυστραλοί απο μακριά το βλέπουν έτσι (μάλλον ευρωσκεπτικιστικά) αλλά έχει ενδιαφέρον...

Λένε άν η διάσωση της Ελλάδας δεν είναι για τη διάσωση του ευρώ, και αν δεν είναι για την μείωση του ελληνικού χρέους, και αν δεν είναι για να γίνει η Ελλάδα μια πιο ανταγωνιστική οικονομία ... τότε ακριβώς περί τίνος πρόκειται;
But you and I don’t get to decide what constitutes a credit default. That honour belongs to the International Swaps Derivatives Association (ISDA). The important thing to keep in mind here is that the ISDA is a trade group made up of banks and financial firms. Those are the firms that have the most to lose if Greek bonds default. It’s in the interest of the members of the ISDA that a non-voluntary credit event in Greece NOT be called a default.
It gets even murkier here. The ISDA essentially represents the global banking system. In Europe, the banking system is full of government bonds. Those bonds are nominally assets. If Greece defaults, it sets a precedent for how other countries might deal with unsustainable debt levels. This imperils the collateral of Europe’s entire banking system.
If you want to put it in simpler terms, let’s say that Europe’s banking system is full of rotting meat. Some investors bought that meat thinking they were going to get prime rib. But they can smell the stink of the meat from a mile away. They want to be compensated for the bad meat. The ISDA, which owns the freezer in which the meat went bad, says, “Well, we’ve decided the meat isn’t bad after all. And you have less of it than you thought anyway, as of now.”
 more: What the Greek Rescue is Really About

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σημ. Σίγουρα το ενδιαφέρον δεν είναι μόνο για την Ελλάδα, αλλά η διάσωση του ευρώ μπορεί να είναι ένας ακόμα λόγος.Πρός το παρόν.

Cole Porter for brokers, scandal and gossip in Depression Era

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