S&P rebaja la deuda Griega a SD (Default Selectivo)
Pasen y vean
http://www.zerohedge.com/news/its-official-sp-cuts-greece-selective-default-cc
Greece Ratings Lowered To 'SD’ (Selective Default)
We lowered our sovereign credit ratings on Greece to 'SD' following the Greek government's retroactive insertion of collective action clauses (CACs) in the documentation of certain series of its sovereign debt on Feb. 23, 2012.
Under our criteria, either condition is grounds for us to lower our sovereign credit rating on Greece to 'SD' and our ratings on the affected debt issues to 'D'.
However, we believe that the retroactive insertion of CACs will diminish bondholders' bargaining power in an upcoming debt exchange. Indeed, Greece launched such an exchange offer on Feb. 24, 2012.
If the exchange is consummated (which we understand is scheduled to occur on or about March 12, 2012), we will likely consider the selective default to be cured and raise the sovereign credit rating on Greece to the 'CCC' category, reflecting our forward-looking assessment of Greece's creditworthiness.
If a sufficient number of bondholders do not accept the exchange offer, we believe that Greece would face an imminent outright payment default.
If Greece were to withdraw from eurozone membership (which is not our base-case assumption) and introduce a new local currency, we would reevaluate our T&C assessment on Greece to reflect our view of the likelihood of the Greek sovereign and its central bank restricting nonsovereign access to foreign exchange needed for debt service. Contrary to the current case, in this scenario, the euro would be a foreign currency, and the Bank of Greece would no longer be part of the European System of Central Banks
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En "román paladino"
El acuerdo alcanzado hace unos días por el Eurogrupo sobre la quita incluyó Cláusulas de Acción Colectiva (CAC) que "OBLIGARÍA" a los tenedores de la deuda de Grecia a acogerse a la quita si existe una mayoría de acreedores que la apoya
Ya las agencias de calificación (Las Tres Hermanas) habían avisado que el uso de las CACs se consideraría "IMPAGO" activando "ipso facto" los CDS o seguros de impago crediticio pudiendo contagiarse la inestabilidad a los bancos que hayan emitido los CDSs.
Venizelos dijo textualmente
"nadie presta atención a la activación de los CDS"De nuevo los políticos, tan osados ellos, subestimando al mercado
¿Quiénes son los tenedores de dichos seguros de impago? La Gran Incógnita
¿Cómo se lo tomará el mercado? Hagan sus apuestas
Nos esperan semanas movidas
Un saludo