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Greek Default-Swap Costs Only Beaten by Venezuela: Chart of the Day

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naaman fletcher Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 10:42 PM
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Greek Default-Swap Costs Only Beaten by Venezuela: Chart of the Day
The cost of insuring Greek government debt is now second only to that of Venezuela, where President Hugo Chavez has declared economic war against the bourgeoisie.

The CHART OF THE DAY shows that credit-default swaps on Greek government bonds, in red, have overtaken Argentina, which failed to pay more than $80 billion in December 2001. The Latin American nation still has more than $6 billion of defaulted securities outstanding after its second attempt to restructure.

Greece isnt Argentina, said Niels Jensen, a portfolio manager at London-based investment firm Absolute Return Partners LLP, which oversees more than $300 million. From an economists point of view, theres no question that its much, much worse.

Greeces debt burden last year was equivalent to about 115 percent of gross domestic product, compared with a level of about 60 percent for Argentina when it defaulted. Credit swaps signal theres a more than 67 percent chance the southern European nation wont meet its commitments within the next five years.

http://www.bloomberg.com/news/2010-06-30/greek-credit-d...
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Braulio Donating Member (860 posts) Send PM | Profile | Ignore Fri Jul-02-10 08:49 AM
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1. So Venezuela holds the world record for bad debt ratings?
Amazing, oil prices are so high, and yet those guys can't figure out how to run things. I also heard they're buying food and let it rot in their ports, and can't figure out how to maintain their electric power running. Maybe they should hold elections and let the adults take over.
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