One does not simply suggest a default on salaries and pensions . Seriously , imagine the chaos in the 2 days of default. Or they could introduce another type of âmoneyâ for daily transactions but then its bye bye Euro (some believe not just for Greece)
my idea, and probably not originated by me, is southern peso for the latin countries of europe. u wake 1 day and u have a northern euro + a southern euro + that bs country france.
This newer Kathimerini article is now suggesting it could be a little longer than that: "Coalition plays down loan delay" http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_09/11/2012_469390 "Greece hopes that it will have a positive verdict on its loan tranche before the end of the month. A new Eurogroup meeting in December could give the green light for two further installments, of 5 and 7 billion, to be released."
this is diff b/c if greece bows out and says your bonds are now wallpaper the ECB is insolvent and the market will crash worse than after leh. everyone has too much at stake for that to happen.
A minor step forward in the whole process: "Greek coalition wins budget vote comfortably, waits for loan tranche" http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_12/11/2012_469548 "Greeceâs government sailed through a vote on the 2013 national budget shortly after midnight on Sunday," but "In comments published by a German newspaper on Sunday, German Finance Minister Wolfgang Schaeuble said the troika of international lenders to Athens was unlikely to deliver a full report in time for Monday's euro zone finance ministers meeting. "European leaders have been waiting for the report by officials from the three institutions - the IMF, EU and the European Central Bank - before agreeing to extend more loans. "At the moment it does not look as if we will have a finished, complete troika report on Monday, especially given that the Greek parliament is only agreeing the budget on Sunday,» Schaeuble said ahead of the Eurogroup ministers' talks."
Just bookmarking this Capital.gr article for the moment http://www.capital.gr/News.asp?id=1663515 (in Greek) http://translate.google.com/ The dodgy English translation of the headline is: "Banks: Low prices drop on recapitalization and valuations"
"Greece's NBG shareholders approve Eurobank offer" www.reuters.com/article/2012/11/23/nbg-eurobank-idUSL5E8MNB5G20121123 "NBG made a share-swap offer in early October to buy all of Eurobank, offering 58 new shares for every 100 Eurobank shares." **** http://www.bloomberg.com/quote/ETE:GA 956.09 million shares * 1.7300 EUR = 1.654 billion EUR market cap Capital requirement is at least 7.43 billion EUR source: Q1 2012 financial report **** http://www.bloomberg.com/quote/eurob:GA 552.95 million shares * 0.9150 EUR = 506 million EUR market cap EUROB has a 3.97 billion EUR capital hole that needs filling.
NBG issued two press releases on Friday 23 November, following shareholder approval of the EUROB takeover. They are available on the NBG web site, but have not yet been uploaded here: http://www.ase.gr/content/en/Compan...sp?Cid=57&coname=NATIONAL+BANK+OF+GREECE+S.A. Regarding the timing of the takeover: "The voluntary tender offer should be completed in the first weeks of 2013, whereupon the legal aspects of the integration process will be set in motion." Looking at the January calendar, this suggests the merger should be complete by Friday 18 January, the third Friday of 2013. It seems then that the EUROB capital raising will be part of the NBG capital raising. The number of new NBG shares will be about 320.7 million (552.95 * 0.58) which will bring the new NBG share count to about 1.277 billion shares (956.09 million + 320.7 million).