{"id":1120,"date":"2011-10-04T19:31:00","date_gmt":"2011-10-04T23:31:00","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=1120"},"modified":"2011-10-04T19:31:00","modified_gmt":"2011-10-04T23:31:00","slug":"beginning-of-the-end-is-near-for-greek-drama-the-big-picture","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\/","title":{"rendered":"Beginning of the end is near for Greek drama | The Big Picture"},"content":{"rendered":"<blockquote><p>After yesterday\u2019s meeting with European Finance Ministers, they are finally facing the reality that the July 21st agreement where Greek bondholders would face just a 21% cut to the value of their bond holdings was just not enough. Said early this morning, Juncker, the European FM head, said \u201cAs far as PSI private sector involvement is concerned, we have to take into account that we have experienced changes since the decision we have taken on July 21. These are technical revisions we are discussing.\u201d What he calls \u2018technical revisions\u2019 is a nice way of saying a bigger haircut is going to be demanded, something hopefully on the order of 50%+. While bondholders European banks included won\u2019t like it because of a harsher mark, the bonds are already trading at distressed levels.<\/p><\/blockquote>\n<p>via <a href=\"http:\/\/www.ritholtz.com\/blog\/2011\/10\/beginning-of-the-end-is-near-for-greek-drama\/?utm_source=feedburner&amp;utm_medium=email&amp;utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29\">Beginning of the end is near for Greek drama | The Big Picture<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After yesterday\u2019s meeting with European Finance Ministers, they are finally facing the reality that the July 21st agreement where Greek bondholders would face just a 21% cut to the value of their bond holdings was just not enough. Said early this morning, Juncker, the European FM head, said \u201cAs far as PSI private sector involvement &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Beginning of the end is near for Greek drama | The Big Picture&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33],"tags":[962,1295],"class_list":["post-1120","post","type-post","status-publish","format-standard","hentry","category-uk-europe-countries-regions","tag-debt-crisis","tag-euro-zone"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Beginning of the end is near for Greek drama | The Big Picture - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beginning of the end is near for Greek drama | The Big Picture - the patient investor\" \/>\n<meta property=\"og:description\" content=\"After yesterday\u2019s meeting with European Finance Ministers, they are finally facing the reality that the July 21st agreement where Greek bondholders would face just a 21% cut to the value of their bond holdings was just not enough. Said early this morning, Juncker, the European FM head, said \u201cAs far as PSI private sector involvement &hellip; Continue reading &quot;Beginning of the end is near for Greek drama | The Big Picture&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2011-10-04T23:31:00+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Beginning of the end is near for Greek drama | The Big Picture\",\"datePublished\":\"2011-10-04T23:31:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\\\/\"},\"wordCount\":155,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"debt crisis\",\"euro-zone\"],\"articleSection\":[\"UK &amp; Europe\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\\\/\",\"name\":\"Beginning of the end is near for Greek drama | The Big Picture - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2011-10-04T23:31:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Beginning of the end is near for Greek drama | The Big Picture\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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Said early this morning, Juncker, the European FM head, said \u201cAs far as PSI private sector involvement &hellip; Continue reading \"Beginning of the end is near for Greek drama | The Big Picture\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_published_time":"2011-10-04T23:31:00+00:00","author":"ColinTwiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"ColinTwiggs","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\/"},"author":{"name":"ColinTwiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5"},"headline":"Beginning of the end is near for Greek drama | The Big Picture","datePublished":"2011-10-04T23:31:00+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\/"},"wordCount":155,"commentCount":0,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["debt crisis","euro-zone"],"articleSection":["UK &amp; Europe"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\/","name":"Beginning of the end is near for Greek drama | The Big Picture - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"datePublished":"2011-10-04T23:31:00+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"Beginning of the end is near for Greek drama | The Big Picture"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. 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The decision by Standard & Poor's to downgrade nine members of the euro zone, including France being stripped of its Triple-A rating and Italy being downgraded to Triple-B, had been widely expected. But the collapse of\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15591,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/11\/new-bailouts-prove-too-big-to-fail-is-alive-and-well-wsj\/","url_meta":{"origin":1120,"position":1},"title":"New Bailouts Prove \u2018Too Big to Fail\u2019 Is Alive and Well | WSJ","author":"ColinTwiggs","date":"July 11, 2017","format":false,"excerpt":"By Neel Kashkari: Three strikeouts in four at bats would be barely acceptable in baseball. For a policy designed to prevent taxpayer bailouts, it\u2019s an undeniable defeat. In the past few weeks, four European bank failures have demonstrated that a signature feature of the postcrisis regulatory regime simply cannot protect\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1777,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/04\/papademos-favored-to-lead-greek-transition-wsj-com\/","url_meta":{"origin":1120,"position":2},"title":"Papademos Favored to Lead Greek Transition &#8211; WSJ.com","author":"ColinTwiggs","date":"November 4, 2011","format":false,"excerpt":"A former vice president of the European Central Bank has emerged as an early favorite to lead what could become a new Greek caretaker government of technical experts that would finalize aid talks and stabilize the country's fractured politics. The interim government would oversee the transition until possible new elections\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1274,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/12\/too-big-to-fail-is-here-to-stay\/","url_meta":{"origin":1120,"position":3},"title":"Too-big-to-fail is here to stay","author":"ColinTwiggs","date":"October 12, 2011","format":false,"excerpt":"Lehman Brothers' collapse in 2008 was intended to intended to teach financial markets that they could not rely on an implicit government guarantee for too-big-to-fail (TBTF) banks. What bondholders learned was the opposite: never again would an institution of that size be allowed to collapse because of the de-stabilizing effect\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":977,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/09\/26\/european-crisis-primer-where-things-stand-wsj\/","url_meta":{"origin":1120,"position":4},"title":"European Crisis Primer: Where Things Stand &#8211; WSJ","author":"ColinTwiggs","date":"September 26, 2011","format":false,"excerpt":"The crucial talks between the European Union-European Central Bank-International Monetary Fund \u201cTroika\u201d with the Greek government remain on hold as Greece pulls together another six billion euros in cuts and taxes to hit its promised 2011 target. At stake is the next eight-billion-euro bailout payment, without which Greece goes broke\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28425,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/10\/20\/moodys-downgrades-7-chinese-real-estate-developers\/","url_meta":{"origin":1120,"position":5},"title":"Moody&#8217;s downgrades 7 Chinese real estate developers","author":"Colin Twiggs","date":"October 20, 2021","format":false,"excerpt":"Evergrande subsidiary, Hengda Real Estate Group, made an interest payment to onshore bondholders of a 2.1 billion yuan (US$327 million) senior note set to mature in October 2025. October 19 - China Evergrande Group made its first interest payment on its corporate bonds in nearly a month on Tuesday..... 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