{"id":1597,"date":"2011-10-27T01:43:07","date_gmt":"2011-10-27T05:43:07","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=1597"},"modified":"2011-10-27T01:43:07","modified_gmt":"2011-10-27T05:43:07","slug":"barclays-explains-why-a-50-greek-haircut-would-be-considered-a-credit-event-consequently-triggering-cds-contracts-zerohedge","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/barclays-explains-why-a-50-greek-haircut-would-be-considered-a-credit-event-consequently-triggering-cds-contracts-zerohedge\/","title":{"rendered":"Barclays Explains Why A 50% Greek Haircut &#8220;Would Be Considered A Credit Event, Consequently Triggering CDS Contracts&#8221; | ZeroHedge"},"content":{"rendered":"<p>Finally someone dares to go ahead and say what is on everyone&#8217;s mind, namely that proclaiming a 60% &#8220;haircut&#8221; as voluntary is about the dumbest thing to ever come out of ISDA. As is well known, the ECB and the entire Eurozone are terrified of what may happen should Greek CDS be activated, and &#8220;contagion waterfall&#8221; ensue. The fear is not so much on what happens with Greece, where daily CDS variation margin has long since been satisfied so the only catalyst from a cash flow market perspective would be a formality. Where it won&#8217;t be a formality, however, is for the ECB which has been avoiding reality, and which will have to remark its entire array of Greek bonds from par to 40 cents on the dollar, which as Alex Gloy indicated earlier, will render the central bank immediately insolvent<em> all else equal<\/em>.<\/p>\n<p>via <a href=\"http:\/\/www.zerohedge.com\/news\/barclays-explains-why-50-greek-haircut-would-be-considered-credit-event-consequently-triggering?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Barclays Explains Why A 50% Greek Haircut &#8220;Would Be Considered A Credit Event, Consequently Triggering CDS Contracts&#8221; | ZeroHedge<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finally someone dares to go ahead and say what is on everyone&#8217;s mind, namely that proclaiming a 60% &#8220;haircut&#8221; as voluntary is about the dumbest thing to ever come out of ISDA. As is well known, the ECB and the entire Eurozone are terrified of what may happen should Greek CDS be activated, and &#8220;contagion &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/barclays-explains-why-a-50-greek-haircut-would-be-considered-a-credit-event-consequently-triggering-cds-contracts-zerohedge\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Barclays Explains Why A 50% Greek Haircut &#8220;Would Be Considered A Credit Event, Consequently Triggering CDS Contracts&#8221; | ZeroHedge&#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":[618,962,1169,1295,1614,1909],"class_list":["post-1597","post","type-post","status-publish","format-standard","hentry","category-uk-europe-countries-regions","tag-cds","tag-debt-crisis","tag-ecb","tag-euro-zone","tag-greece","tag-isda"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Barclays Explains Why A 50% Greek Haircut &quot;Would Be Considered A Credit Event, Consequently Triggering CDS Contracts&quot; | ZeroHedge - 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=\"Barclays Explains Why A 50% Greek Haircut &quot;Would Be Considered A Credit Event, Consequently Triggering CDS Contracts&quot; | ZeroHedge - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Finally someone dares to go ahead and say what is on everyone&#8217;s mind, namely that proclaiming a 60% &#8220;haircut&#8221; as voluntary is about the dumbest thing to ever come out of ISDA. As is well known, the ECB and the entire Eurozone are terrified of what may happen should Greek CDS be activated, and &#8220;contagion &hellip; Continue reading &quot;Barclays Explains Why A 50% Greek Haircut &#8220;Would Be Considered A Credit Event, Consequently Triggering CDS Contracts&#8221; | ZeroHedge&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/barclays-explains-why-a-50-greek-haircut-would-be-considered-a-credit-event-consequently-triggering-cds-contracts-zerohedge\/\" \/>\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=\"2011-10-27T05:43:07+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\/27\/barclays-explains-why-a-50-greek-haircut-would-be-considered-a-credit-event-consequently-triggering-cds-contracts-zerohedge\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/barclays-explains-why-a-50-greek-haircut-would-be-considered-a-credit-event-consequently-triggering-cds-contracts-zerohedge\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Barclays Explains Why A 50% Greek Haircut &#8220;Would Be Considered A Credit Event, Consequently Triggering CDS Contracts&#8221; | ZeroHedge\",\"datePublished\":\"2011-10-27T05:43:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/barclays-explains-why-a-50-greek-haircut-would-be-considered-a-credit-event-consequently-triggering-cds-contracts-zerohedge\/\"},\"wordCount\":177,\"commentCount\":3,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"CDS\",\"debt crisis\",\"ECB\",\"euro-zone\",\"Greece\",\"ISDA\"],\"articleSection\":[\"UK &amp; Europe\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/barclays-explains-why-a-50-greek-haircut-would-be-considered-a-credit-event-consequently-triggering-cds-contracts-zerohedge\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/barclays-explains-why-a-50-greek-haircut-would-be-considered-a-credit-event-consequently-triggering-cds-contracts-zerohedge\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/barclays-explains-why-a-50-greek-haircut-would-be-considered-a-credit-event-consequently-triggering-cds-contracts-zerohedge\/\",\"name\":\"Barclays Explains Why A 50% Greek Haircut \\\"Would Be Considered A Credit Event, Consequently Triggering CDS Contracts\\\" | ZeroHedge - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2011-10-27T05:43:07+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/barclays-explains-why-a-50-greek-haircut-would-be-considered-a-credit-event-consequently-triggering-cds-contracts-zerohedge\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/barclays-explains-why-a-50-greek-haircut-would-be-considered-a-credit-event-consequently-triggering-cds-contracts-zerohedge\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/barclays-explains-why-a-50-greek-haircut-would-be-considered-a-credit-event-consequently-triggering-cds-contracts-zerohedge\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Barclays Explains Why A 50% Greek Haircut &#8220;Would Be Considered A Credit Event, Consequently Triggering CDS Contracts&#8221; | ZeroHedge\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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Now the former European Central Bank vice president will have to secure the country\u2019s euro membership for a second time. Papademos, who has\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":4450,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/25\/abstruse-goose-fill-it-up-with-unregulated\/","url_meta":{"origin":1597,"position":1},"title":"Abstruse Goose \u00bb Fill it up with unregulated","author":"Colin Twiggs","date":"May 25, 2012","format":false,"excerpt":"Fill it up with unregulated -- Greek\/CDS humor: via Abstruse Goose \u00bb fill it up with unregulated.","rel":"","context":"In &quot;Humor&quot;","block_context":{"text":"Humor","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/humor\/"},"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":1597,"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":750,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/09\/11\/good-time-to-buy-gold\/","url_meta":{"origin":1597,"position":3},"title":"Good time to buy gold","author":"ColinTwiggs","date":"September 11, 2011","format":false,"excerpt":"With Europe awash with stories of the imminent default of Greece, and German banks told to prepare for a 50% haircut on Greek bonds [Bloomberg], this would be a good time to buy gold. Any rupture in current bailout arrangements would cause a flight to safety, driving Treasury yields even\u2026","rel":"","context":"In &quot;Gold &amp; Commodities&quot;","block_context":{"text":"Gold &amp; Commodities","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1313,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/even-a-slovak-yes-will-make-no-difference-telegraph-blogs\/","url_meta":{"origin":1597,"position":4},"title":"Even a Slovak &#8216;Yes&#8217; will make no difference \u2013 Telegraph Blogs","author":"ColinTwiggs","date":"October 13, 2011","format":false,"excerpt":"Mr Sulik (Slovakia's speaker of parliament) is right. The EU-IMF rescue loans have not helped Greece pull out of its downward spiral. They have pushed the country further into bankruptcy. 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