Quote from Banjo:
ROTFLMAO
Quote from Good1:
Can anybody explain to me how this "bond swap" works? When we were kids, when somebody stole something, we said they "swapped it". I would really like to understand the mechanics behind this. Who would be swapping exactly what?
Quote from MSN:
I was laughing at gwb's jokes as they are ones that will be making the rounds this week on late night TV.
Swap means to exchange one thing for another, not steal something, that is swipe.
http://www.msnbc.msn.com/id/4598325...wap-talks-appear-close-collapse/#.TzjD6k4gdDs
This link is the basis of the explanation. The Germans want somebody other than their own citizen taxpayers to get the hot poker of financial past stupidity and future financial responsibility up their ass. Of course it's more complicated as there are more elements that have to agree to all terms and conditions. The whole affair is a farce worthy of a Beavis and Butthead episode and will come apart at the seams as it amounts to the Germans attempting a jackbooting of the PIGGS into financial subservience. If I were running Greece I'd tell them to eat shit and die and leave the EU as the suffering of the Greek people would not be any greater and they won't have a Nazi tax collection kiosk at the end of every street.
Quote from Banjo:
The deal, known as the Private Sector Involvement, or PSI, aims to reduce Greece's debt by â¬100 billion ($127.8 billion) by swapping private creditors' bonds with new ones with a lower value, and is a key part of a â¬130 billion ($166 billion) international bailout.
Without it, the country could suffer a catastrophic bankruptcy that would send shock waves through the global economy. The bailout tops a first, â¬110 billion program agreed in May 2010, when the country's borrowing costs soared to untenable heights.