26 Jul '11, 8am

Greece will default | James Meadway

Greece will default | James Meadway

With the future of the euro hanging in balance, it may be that they finally woke up to the high stakes. A small concession has been made. Details remain a little sketchy. Relative to GDP, it seems Greece’s debt will fall by 24 percentage points as a result of its revaluation, with privately-held short-term Greek debt being swapped for longer-term, 30 year bonds. The banks will take a hit, amounting to around 20 per cent of their total holdings of Greek debt.

Full article: http://www.neweconomics.org/blog/2011/07/26/greece-will-d...

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