Greek Half Debt Default Leaves Trillion Dollar Market in Limbo
The European Debt Crisis seems to have found resolution. Those holding Greek securities will have to tolerate a one-half reduction in the value of their securities, essentially allowing Greece to halve its current debt overnight. Questions linger about Greece’s ability to pay, and some are suggesting that the change might not produce immediate benefits; a write down will just encourage investors to demand greater returns when new securities come on the market.
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