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10 Μαρ 2012

Greece: the morning after PSI in international media

Wall Street Journal
Greece defaults, and Tries to Move On, by Charles Forelle

"The biggest immediate benefit to Greece is that its problems are put off until another day. It has a €14.5 billion bond due March 20, and it doesn't have money to pay it. That bond in its entirety has been forced into the swap, and Greece's first principal payment on it will now be in 2023."

Greek deal is not the end of the story by any means, by Larry Elliot
"This, then, was a triumph for Greece but only in the way that Dunkirk was for Britain."

Financial Times

Exit Greece, pursued by bond bears, by Richard Milne

"Despite the overwhelming take-up in Greece’s mammoth €206bn bond exchange, the first time a developed country has defaulted in six decades, markets greeted the news with a shrug of the shoulders. Equities rose modestly, bond yields fell, while only the euro seemed to sense the drama, dropping heavily. The outcome was priced in. Indeed, as far as the eurozone debt crisis is concerned, financial markets have already moved on."

New York Times
Next Time, Greece May Need New Tactics, by Landon Thomas Jr.
"The Greek government was able to legally strong-arm most of its private bondholders into accepting the debt reduction deal it completed Friday. But next time — and experts predict there will almost certainly be a next time — Greece might have much less leverage."

Deutsche Welle
Greece is not out of the woods yet, by Henrik Böhme
"Maybe Greek Finance Minister Evangelos Venizelos was indeed right to call the debt swap deal a "historic moment" for Greece. But the stress should be on 'moment', not on 'historic'."
Greek media celebrating historic debt swap
"About 85 percent of private investors holding Greek government bonds are participating in a bond swap. The Greek media on Friday celebrated the agreement as a big success, but experts warn the crisis is not over yet."

Le Monde
A la une: La Grèce réussit enfin sa faillite (full eletronic edition)
Un jackpot de 600 millions pour Goldman Sachs, par Marc Roche
"L'opération organisée en 2001 par Goldman Sachs pour permettre à la Grèce de réduire sa dette a rapporté la somme de 600 millions d'euros à la banque américaine."
Le déclenchement des CDS ne fait plus peur, par Clément Lacombe
"Certains estiment même que le déclenchement des CDS sur la Grèce doit permettre de sauver ce marché de l'assurance sur défaut, dont l'existence même était remise en cause jusqu'ici du fait de leur non-activation dans le cas grec."

Le Figaro
Grèce : les économistes plus pessimistes que les politiques, par Guillaume Guichard
«C'est plutôt une bonne nouvelle, a réagi Jésus Castillo, économiste chez Natixis. Cela allégera les besoins de financement de la Grèce jusqu'en 2014. Toutefois, si le pays ne devrait pas manquer de liquidités à moyen terme, cela ne le rend pas solvable pour autant à plus long terme.»

Grèce : la dette s’estompe, la crise demeure, par Vittorio de Filippis
"En apparence, pas le moindre doute : le pire a été évité."

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