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The European nations' "agreement" to allow Greece to default by 50% on its bonds is certain to cause chaos in the financial markets as soon as they figure out what was actually done to the bondholders.
Bondholders normally insure their bonds, and the rate of insurance is based on the risk of default. (These are called Credit Default Swamps, or CDS's.) Bondholders are not going to pay more in insurance cost than they make on the interest gains from the bonds.
But now it appears that the bondholders themselves may be the ones taking the 50% "haircut" on their bond purchases. It is not fully clear yet, but it is being claimed that the insurance companies will not have to pay the bondholders for their 50% losses.
Bix Weir is predicting chaos in the financial markets next week over this issue.
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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