Friday, May 20, 2011

Fitch warns EU financial fiddlers that a Default = a Default - End of!

Fitch, in further downgrading Greek debt has made it clear to all the weasle word wizards working overtime in the Euro Group, that an extension of maturity dates can never be voluntary, therefore there is no such thing as a soft default.

In this blog's view, it is clear that the Euro Currency is on the verge of disintegration unless triple A rated countries step up and accept liability for the weaker nations, in which case few AAA rated Euro Group countries will soon be left.

Solidarity always was a farcial concept in the present EU!

Read the Fitch statement from here.

Update 17:18 ECT Bloomberg have more on the stark Fitch statement including this:

European finance ministers on May 17 for the first time floated the idea of talks with bondholders over extending Greece’s debt-repayment schedule, saying that last year’s rescue failed to restore the country to financial health. Fitch said even such a voluntary restructuring would constitute default.



Post a Comment

<< Home