Changing Implied Default Criteria To Create Formal Defaults, PIGS & PIIGS (AIB, IRE, NBG)

Posted on: 13, Jun, 2011

The ratings agencies and outside groups are now assuring that Greece is under default, like it or not. Now let’s go ahead and throw in Irish banks as well, with a real possibility of Ireland after that. A default by most investors is when a debtor refuses to pay or cannot pay their debt and/or service their debts. The new trick to force a default is by changing the parameters of a default. Today’s downgrade on Greece by S&P was down by 3 whole notches to &#8...

Tags: adr , banking , bonds , currency , economy

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