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Politics : Politics for Pros- moderated
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To: D. Long who wrote (433052)6/25/2011 11:58:23 AM
From: rich evans  Read Replies (2) of 794009
 
The issue is who takes the credit loss. As I posted on another thread:

The whole purpose of a bailout of Greece by the IMF and the European Stabilization fund is to change the credit risk to the IMF and EU. The bailout money will go to pay the banks and ECB, thus no default and no CDS trigger and they get paid. It is a certainty that Greece is insolvent and must default in some way but the credit default will be absorbed by the EU and its taxpayers and the IMF and all members of it of which the US is 20%. A good plan as the loss is spread out all over and born by taxpayers of the world.

Rich
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