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Old 01-20-2012, 12:58 PM  
Stewie Stewie is online now
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Greece: Too big to fail... oh, and the banks take a bath!

The credit event about to occur in Greece will not be deemed a default because the five largest US banks carry 97% of the so-called insurance and credit default swaps. Therefore, if Greece defaults (a credit event condition determined by an organization made up of major US banks and investment houses ) those banks would be hammered into financial hell.
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Old 01-20-2012, 04:34 PM   #2
BucEyedPea BucEyedPea is offline
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Old 01-21-2012, 07:12 AM   #3
Mizzou_8541 Mizzou_8541 is online now
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Quote:
Originally Posted by Stewie View Post
The credit event about to occur in Greece will not be deemed a default because the five largest US banks carry 97% of the so-called insurance and credit default swaps. Therefore, if Greece defaults (a credit event condition determined by an organization made up of major US banks and investment houses ) those banks would be hammered into financial hell.
I wish I had a better understanding of this situation, so I apologize for my question...why will the US banks get hammered?
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Old 01-22-2012, 03:15 PM   #4
Stewie Stewie is online now
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Originally Posted by Mizzou_8541 View Post
I wish I had a better understanding of this situation, so I apologize for my question...why will the US banks get hammered?
The five largets U.S. banks are the counter-party to 97% of their swaps and debt. Greece fails, those banks take billion$ in losses. It won't happen, they'll print money.
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