Suspense: Will Greece default or not? and who will follow that example? [View all]

[dixiegrrrrl]

Greece’s Debt Talks With Creditors Stall

Greece’s creditor banks broke off talks after failing to agree with the government about how much money investors will lose by swapping their bonds, increasing the risk of the euro-area’s first sovereign default.

Proposals by a committee representing financial firms haven’t produced a “constructive consolidated response by all parties,” the Washington-based Institute of International Finance said in a statement yesterday. Talks with Greece and the official sector are “paused for reflection on the benefits of a voluntary approach,” the group said.

http://www.bloomberg.com/news/2012-01-13/greece-bank-creditor-group-says-debt-talks-on-hold-amid-failure-to-agree.html

Here's an interesting sentence in all this:
"If the talks fail and Greece defaults, “there will be a lot of contagion,”..
( how do you say that in Italian, eh?)