John Ward – BREAKING….As Bondholder Acceptance Revealed To Be A Miserable 20%, Greek Finance Ministry Stuns World With Details Of German Banker Meeting – 6 March 2012

MARKETS IN FREEFALL AS BERLIN APPEARS TO PULL PLUG ON GREEK DEBT RESTRUCTURE

Just released by the Greek Finance Ministry. Complicated, but sounds absolutely sensational: (my highlight)

‘The Republic’s representative noted that Greece’s economic programme does not contemplate the availability of funds to make payments to private sector creditors that decline to participate in PSI. Finally, the Republic’s representative noted that if PSI is not successfully completed, the official sector will not finance Greece’s economic programme and Greece will need to restructure its debt (including guaranteed bonds governed by Greek law) on different terms that will not include co-financing, the delivery of EFSF notes, GDP-linked securities or the submission to English law…’

This feels ominously like the Germans declaring UDI and saying no deal. I have to assume that ‘official sector’ means all central banks and sovereign holders – perhaps plus EU, but then why hasn’t the release come from Brussels?

Major stock  markets and banking sectors in France, the UK and Germany just fell off the Matterhorn, so I have to assume that they see it the same way. The CAC 40 in Paris has now fallen 3pc. French banks are leading the falls. Credit Agricole is down 6.3pc Societe Generale has shed 6pc and BNP Paribasis also down nearly 6pc.

In Germany, Commerzbank is the biggest faller in the DAX 30, down 6.5pc at €1.776.

Finally, I just contacted A senior respected UK wealth manager Chairman who concurs: it’s game over, and default.

It also, on the face of it, looks like amputation. Over to Washington?

http://www.4hatuk.wordpress.com link to original article

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3 responses to “John Ward – BREAKING….As Bondholder Acceptance Revealed To Be A Miserable 20%, Greek Finance Ministry Stuns World With Details Of German Banker Meeting – 6 March 2012

  1. Sounds like they’re speeding up the collapse of the global economy. Thanks for posting, Lucas. Blessings, Gillian.

    • Not only speeding up, but also maybe having a hidden agenda as the Germans have maybe plans to have a small DM currency union, I believe. Even that will fail as all will be tumbling down as the Domino Effect, I also have been speaking off since last year, kicks in.
      Love and Light, Lucas