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|User Info||FLASH: Greece Deal Supposedly Made; entered at 2012-02-20 22:22:40|
Registered: 2011-03-16 Pasadena, CA
As I understand it, this establishes at least two seniority levels of debt. ECB and private. ECB gets no haircut, private holders take the haircut.|
That means CDS triggers go off. Thats a big difference from other deals before now.
Mannfm11 has a good point. If you are going to default, why not make it useful and go BIG?