Greek Bond Swap to Cost Creditors 21%
Swaps of existing Greek bonds for new ones with longer maturity dates will cost private bondholders 21%, according to Greece's deputy finance minister, who said Tuesday that exchanges for the new debt instruments would begin in August.
Europe’s Market Euphoria Over Greek Rescue Turns Sour
European markets gave back gains made on initial euphoria over last week’s Greek rescue plan, with the bond market in particular voting no confidence.
Moody's Downgrades Greece, Says Default Almost Inevitable
Moody's pushed Greece down to a single notch above default at Ca on Monday after the deal put together to rescue Athens from its debt woes proved unacceptable to the ratings agency.
Krugman: Europe’s Greek Debt Deal Will Kill Recovery
The Times' Paul Krugman on the Greek rescue: “The Serious People are determined to destroy all the advanced economies in the name of prudence.”