Last week “The Slog” reported that the Greeks were due to officially be declared in default by the rating agencies on March 23. Today Fitch downgraded Greece to C from CCC but his sources have since clarified further information:

“The main bond swap is scheduled for March 10,” a Washington insider told me within the last hour, “and at that point, they [Fitch] will name the event as a technical default. So now everyone wants to know what the ramifications are for insurance. That’ll depend on what deal, say, Hedge Funds have signed with specific insurers. But you could certainly speculate that some insurance will be triggered.”

And then to add insult to injury for the Greek people, it looks like their general election is to be postponed.

Meanwhile, following the Greek Environment minister’s suggestion that the elections in Greece be further postponed, there is widespread speculation in Athens that Goldman Sachs implant Prime Minister Lucas Papademos is under pressure to announce this formally.

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