Page 47 - Debt Restructuring News Today

>> translator: i keep saying that whatever the outcome of the referendum is greece must take difficult measure, otherwise the country wont make it. otherwise the chi wont work. and if the government and people reject difficult measures, we are going to get into a very difficult situation. >> now many in the german government are clearly running out of patience with grease matthew is the chief correspondent for politico joining me from athens. we are awaiting these proposals from tsipras. really ...

Typically quite reserved and muted. if she is saying that publicly it makes you wonder how contentious the issues have been behind the scenes. it is a mess there. isa soares live for us this morning in athens. global markets seem to be taking the ups and downs of the greek debt crisis in stride so far. but traders are monitoring developments quite closely. heres the take of two analysts. >> the markets open in turmoil again. how is europe going to resolve this situation? how are they going to ...

That surprised the euro group and they asked for an extension and a two-year bailout program. so 2010 2012 and again they want one now for 2015. at the core their argument seems to make sense. they say their debt is too high. lets look at the big number. that is $351 billion for greeces debt. that is using a conversion from 317 billion euros. $351 billion. that means that greece has the highest debt in the euro group, at 177% of gdp. it is above italy at 132. and others who have gone through d...

Even -- a lot of tourists have been going to greece. its not like they have been absent all of these years. its just not enough to pull the economy up especially since the unemployment rate is around 25% and the gdp has already fallen in the past five years so far. >> another thing we learned from argentina is debt restructuring is certainly needed if greece is to have any real future. given the lessons from argentina, what would you say is a fair solution, a fair compromise between greece and t...

Billion worth of bonds in 2002. >> what followed was a decade of debt restructuring with the imf, the currency was devalued unemployment skyrocketed to more than 20%. >> it didnt end there. in fact inflation soared. gdp or gross domestic product the year following the default dropped 11% and the financial uncertainty during that period led to deadly riots, and that triggered political instability. joining us is the professor of international economics at american university. thank you for being ...

The second point is whether the city negotiated in good faith. that is a little more subjective. attorneys representing pensioners say they were in talks with the city. so well watch that. if the judge rules that the city is eligible to move forward with bankruptcy protection they move forward with whats called the plan of adjustment, the largest debt restructuring of a municipality in u.s. history. if the judge says the city is not eligible for bankruptcy, the city gets flooded with a new round...

Theyre engaged in all of these credit default swaps. you go back to the question people were asking in the great debt restructuring was coming up. nobody knew how it would affect american banks. one of the reason is there are all of these over the counter nontransparent and we didnt fix it. why didnt we fix it? because of the bank lobbyists and the republican congressmen that made it essentially impossible to get legislation that would make more transparency. >> and sometimes democrats too. >> s...

Far from being one of the best celebrated cases but for black farmers, it is a big deal that led to $1.15 billion being distributed to african-american farmers in 2010 as compensation for a long and cal lamb ma tus history of discrimination. for years, they claimed discrimination in the allocation of farm loans, debt restructuring and crop payments. in 1999, a judge agreed in a class action lawsuit known as pickford 1. it wasnt until president obama agreed for the funding which allo allowed for ...

The way, what youre seeing in europe, france and germany, greece, is that ordinary people who are really have been terribly hard hit by this recession, unemployment off the the wall. cutbacks in pensions and health care. ordinary people are saying hey, maybe its time to reverse this austerity thing. lets see austerity for the big banks and wealthiest people in our countries and in the world and not just working people. >> but lets be honest on what that means for the big banks. austerity for the...

So we dont feel the pain, but the -- >> is there a third option which goes to a debt restructuring not at the expense of the poorest but a debt reconstruction at the expense of the banks? >> everybody who gets a check from government will have to get smaller checks. >> jimmy, what are you thinking? >> well, i think that its a lovely ideal and its lofting. i just think at the end of the day, one believes the government has a role. you told me you think the government doesnt have a role in faction...