Failcascade

Endgame ahead

Archive for the ‘Greece’ tag

Lights out in Greece

without comments

According to Reuters chances are Greece will soon become a much darker place… at least at night that is, since apparently their electricity infrastructure is about to collapse as well, just like their banking system, their hospitals and pretty much everything else.

ATHENS (Reuters) – Greece’s power regulator RAE told Reuters on Friday it was calling an emergency meeting next week to avert a collapse of the debt-stricken country’s electricity and natural gas system.

“RAE is taking crisis initiatives throughout next week to avert the collapse of the natural gas and electricity system,” the regulator’s chief Nikos Vasilakos told Reuters.

RAE took the decision after receiving a letter from Greece’s natural gas company DEPA, which threatened to cut supplies to electricity producers if they failed to settle their arrears with the company.

Written by mo

June 11th, 2012 at 10:21 pm

Posted in Europe

Tagged with , ,

Greek CDS triggered

without comments

EMEA DC Statement

March 9, 2012

In light of today’s EMEA Determinations Committee (the EMEA DC) unanimous decision in respect of the potential Credit Event question relating to The Hellenic Republic (DC Issue 2012030901), the EMEA DC has agreed to publish the following statement:

The EMEA DC resolved that a Restructuring Credit Event has occurred under Section 4.7 of the ISDA 2003 Credit Derivatives Definitions (as amended by the July 2009 Supplement) (the 2003 Definitions) following the exercise by The Hellenic Republic of collective action clauses to amend the terms of Greek law governed bonds issued by The Hellenic Republic (the Affected Bonds) such that the right of all holders of the Affected Bonds to receive payments has been reduced.

The EMEA DC has resolved to hold an auction with respect to the settlement of standard credit default swaps for which The Hellenic Republic is the reference entity. To maximise the range of obligations that market participants may deliver in settlement of any such credit default swaps, the EMEA DC  has agreed to run an expedited auction process such that the auction itself will take place on March 19, 2012. In light of this expedited auction process, market participants should submit any obligations that they would like to include on the list of deliverable obligations to ISDA as soon as possible.

Written by mo

March 9th, 2012 at 9:18 pm

Waste piling up & fuel running out in Greece

without comments

According to various news outlets (quoting Euronews)

Greek transport workers on Monday staged their sixth strike in a fortnight in protest at government spending cuts.
Athens ground to a standstill as metro staff, bus drivers and rail employees all took part in the industrial action.
[…]
Municipal employees have stopped making rubbish collections since October 5 in protest at the civil service cuts.

That and (again Euronews):

Greek energy workers have vowed to go on strike to oppose planned wage cuts that form part of the debt-laden country’s austerity drive.
Employees at the largest refinery say they will start a walkout on Tuesday. They want to be excluded from a draft law that will cap average wages to 1,900 euros per month.

People already queue up in front of gas stations and start panic buying of fuel, even though only a fraction of the supply is affected. Yet.

Good thing Greece doesn’t get too cold during the upcoming winter months.

Written by mo

October 11th, 2011 at 10:04 pm

Posted in Europe

Tagged with ,

Michael Lewis on the situation in Europe

without comments

On todays Daily Show, Michael Lewis discussed his travels as a financial disaster tourist. Nothing new if you’ve been following the news during the last couple years, but probably quite interesting if you haven’t:

The Daily Show with Jon Stewart
Get More: Daily Show Full Episodes,Political Humor & Satire Blog,The Daily Show on Facebook

Some highlights from Pt. 2:

About Greece:
It’s a society in total moral collapse. It’s already there, not collapsing. […] I took two tax collectors out for drinks, and the tax collectors both explained to me, that the way you got promoted in the tax collection business, was not to collect the taxes. You got fired if you were good at collecting taxes. Nobody wanted a good Greek tax collector. Now Germans are in Greece, trying to collect taxes. And it’s not a pleasant exchange.

The Daily Show with Jon Stewart
Get More: Daily Show Full Episodes,Political Humor & Satire Blog,The Daily Show on Facebook

Written by mo

October 5th, 2011 at 4:10 pm

%d bloggers like this: