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Though Greece finally reached a debt deal last week, the fine print suggest that the country may have surrendered itself to creditors and bondholders.

23 Feb 2012

NEW YORK (Commodity Online): Though Greece finally reached a debt deal last week, the fine print suggest that the country may have surrendered itself to creditors and bondholders.

As per the new agreement, Greece's lenders will have the right to seize the country's gold reserves in the event of any default. Greek gold reserves are estimated to be more than 100 tonnes. Also hard hitting to its national interests is the fact that all future issues of Greek bonds will be governed in English and Luxembourg courts- conditions more favourable to the bondholders.

Credit rating agencies like S&P and Fitch had already warned that Greece would eventually default. Fitch had even quoted March 20, 2012 as the date when Greece will default on the payments. And if it does so, then as per the new deal it may have to part away from its gold amongst other things.


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COMMENTS (7)
Bocacassidy
01 Mar 2012
The Greeks have had their dance ...now it is time to pay for the music........ All future loans should only be offered against hard collateral ...eg Territory ... If Germany lends X billions to Greece , the collateral should be one or more Islands ....In case of default , the Island becomes German territory ....Alternative ? no more loans no problem. quid pro quo !
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Bocacassidy
01 Mar 2012
Greece has welched on their creditors .....Money should never be lent to derelict 3rd world countries of this sort ...The Greeks lived high on the hog , loafing , and consuming far more than they ever produced ....This fiasco may serve as a reality check for the legitimate nations of the European community !
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Steven in Dallas
28 Feb 2012
PS: And I speculate that history will show that the Greek politicians who facilitated this agreement were well rewarded for their treachery, living in luxury off of their ill gotten gains.
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Steven in Dallas
28 Feb 2012
I guess I'm waiting for the Greek people to queue up in lines with their mouths open so that the gold can be taken from their teeth. Historically, there is actually a precedent for that...
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Yomama
25 Feb 2012
DEAR GREECE.....CALL ICELAND IMMEDIATELY....THEY HAVE SOME ADVICE YOU NEED TO HEAR. RUN THESE F-ING BANKERS OUT OF TOWN OR HANG THEM FROM THE NEAREST BRIDGE. IT's THE ONLY WAY YOU"LL SAVE YOUR COUNTRY
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Spiro papadockapolious
24 Feb 2012
my fellow friends the idea of a greek revolt against the IMF is a total dream, greek culture in greece is now comming to an end and there is nothing any greek is going to do about it except talk and talk .and watch and watch as a strong beautiful nation gets eroded.look to turkey and figure out whats next. only one hope is King Konstintine but the way greeks of that past acted....
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Jon
24 Feb 2012
Absolutely sickening!! Disgusted and angry. Greece is handing over their people and children to the crooks at the IMF by putting gold up for colateral. BS Greece should tell the IMF and all the crooks that are the banking industry to F off. Period!! Greece will rebel like no other. This is only the begining folks.
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