The Greek Debt Swap: Is it a Default, or isn’t it?

By: Francis Cianfrocca (Diary)  |  July 5th at 01:45 PM  | 

While you were watching imported Chinese fireworks yesterday, the Europeans were shooting off some home-grown ones. The euro has been trading down for most of the last 24 hours, as S&P and Fitch announced that they would consider the French-led rollover plan for Greek debt a “selective” default. What’s really going on is that a negotiation is taking place over what should be the credit | Read More »