Director’s Cut: The Credit Father

The European Union may speak about 'saving Greece' but their actions betray their real intentions; it's banks they want to rescue.

Some believe a credit event occurs when a new card hits their doormat. Others might imagine a debtor repaying less than half of what it owed.

But if that debtor happens to be Greece, which wants to pay bondholders just 15 Euros for every 100 they own, plus 30 Euros in new bonds with a very low interest rate and long maturity, perhaps not.

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