European Markets Plunge as Greece Threatens to Default
Thursday, 08 March 2012 09:40
Posted by David Icke
'Bourses across Europe shed more than 3pc each as Greece said it was ready to impose the €206bn restructuring on bondholders who do not vote for it by the 8pm GMT deadline on Thursday.
After a meeting in Frankfurt on Tuesday, the Greek Debt Management Agency "confirmed" that, if a majority of bondholders agree to the deal, it "intends... to declare the proposed amendments effective and binding on all holders".
Traders took the statement as a warning that Greece was expecting to use the Collect Action Clauses (CACs) to force through the deal. Rating agencies have warned that the retrospective measure, which was approved by Greek politicians last month, would constitute a sovereign default - the first in the eurozone's history.'
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