
Once again, the ISDA has issued a decision that a Greek credit event has not occurred with the inclusion of retroactive “collective-action clauses (CAC) in its sovereign debt. Standard & Poor’s cut Greece’s credit rating to SD (Selective Default) over this issue.
This is another example of the continued manipulation of the world’s financial markets to the detriment of individual national sovereignty and the degradation of currencies (your savings). How long can the EU “kick the can” to postpone their economic collapse? As long as the people continue to allow it.
Who will be bankrupted when a Greek default is officially declared and the banks collapse? The people on the ISDA who just decided that a credit event did not occur. As soon as these bankers have secured their money, the event will be declared.
What impact will this have on the United States? According to Ben Bernanke in yesterday’s Congressional hearing, very little impact will be felt here. Mr. Bernanke must underestimate the $800 billion sent to the ECB since December 1, 2011. What is the penalty for perjury in a Congressional hearing?
David DeGerolamo
UPDATE MARCH 1, 2012:
ISDA EMEA Determinations Committee: Credit Event Has Not Occurred with Respect to Recent Questions on The Hellenic Republic Restructuring
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