Today is gonna be the day that they're gonna throw it back at you
By now, you shoulda somehow realized what you gotta do
--Oasis
This afternoon the ISDA (International Swaps and Derivatives Association) has ruled that the recent Greek sovereign debt payout re engineering constitutes a credit event. Simply stated, Greece has officially defaulted.
Not much initial reaction in markets as everyone looks at each other wondering who is short Greek CDS.
position in SPX
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Grecian Formula
Only 3,899,319 people had jobs—a mere 36.1% of a total population of 10.8 million!
No economy can service a gargantuan mountain of debt when only 36.1% of its people contribute.
~Wolf Richter
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