http://www.bloomberg.com/news/2011-07-28/greek-bondholders-may-shun-rescue-as-potential-losses-top-21-euro-credit.html
“Our view is that IIF yield assumption in calculating this is too low,” said Pavan Wadhwa, JPMorgan’s global head of interest-rate strategy in London. “As the market stands right now, the haircut banks will take if they sign up to the IIF proposal would be much higher than 21 percent. The plan might fail as it’s going to be difficult to achieve the required 90 percent rollover rate that the IIF is hoping for.”
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SS SAYS
A GREEK DEFAULT IN LESS THAN FOUR YEARS FROM NOW IS CERTAIN IN MY VIEW
THERE IS NO WAY OUT
I V SAID THIS BEFORE AS WELL - AND THAT WAS IN NOV 2010
“Our view is that IIF yield assumption in calculating this is too low,” said Pavan Wadhwa, JPMorgan’s global head of interest-rate strategy in London. “As the market stands right now, the haircut banks will take if they sign up to the IIF proposal would be much higher than 21 percent. The plan might fail as it’s going to be difficult to achieve the required 90 percent rollover rate that the IIF is hoping for.”
====
SS SAYS
A GREEK DEFAULT IN LESS THAN FOUR YEARS FROM NOW IS CERTAIN IN MY VIEW
THERE IS NO WAY OUT
I V SAID THIS BEFORE AS WELL - AND THAT WAS IN NOV 2010
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