effectively Greece has defaulted on its debt ? saying it any other way is just spin ?
basically the banks agreed effectively greece only had to pay them back 50p in the pound to the debts it owed ? becuase the euro taxpayer will reimburse.
that is the kind of arrangement that gets made by bankrupt defaulters, and the idea the banks agreed to this is tosh, the banks have agreed because they know the euro government and its taxpayers will pay for it one way or another, truth is … just like the cat in the hats pink splodge, pushing the debt around doesnt cause it to go away, this is a 1 to 2 year deferment at best. I dont think europe growth will recover by that point.
the greeks will probably still default, meanwhile theyre probably thinking the argentinian model looks good ie default and grow from a total debt struck off scenario.
did the average greek person benefit from this debt being loaned ? probably not ? but now 50% of the debt being written off, wow they have benefited.