Greek Default Looms

Economist Roger Bootle says the stage props for Greece's exit from the euro are being manoeuvred into position. Photo: Reuters

Greek Default Looms As Voluntary Debt Deal Looks Set To Fail -- The Telegraph

European leaders are braced for the eurozone’s first ever sovereign default this week as Greece’s efforts to secure a €206bn (£172bn) “voluntary” bond swap looks increasingly unlikely.

Authorities in Athens are ready to enforce the controversial collective action clauses, or CACs, to impose the restructuring deal on all bondholders as the number of voluntary agreements look set to fall short of the required amount.

Credit rating agencies have warned they will declare Athens to be in default if the CACs are triggered which would be a dramatic culmination to a three-year rollercoaster ride for Athens, the eurozone and global markets.

Read more ....

Update #1: Eurozone crisis live -- The Guardian
Update #2: Debt crisis: live -- The Telegraph

My Comment: It seems that the strong arm tactics from the Greek Government are paying off .... but Greece's deep economic depression and financial mess is far from being resolved .... and as for future access to credit markets, that is probably not going to happen in my life time.