In Case You Forgot, This Greek Deal Is Probably Worth S#!t

Markets have appeared enchanted by reports coming out of Greece recently that Greek politicians are about to approve a new round of austerity measures and happily ignorant of the fact that negotiations about private sector involvement are still dragging on.

But even if the Greek government were suddenly to reach agreements with both the troika and its private creditors, it appears unlikely that both deals will actually be worth anything.

That's primarily based on the fact that the debt swap deal officials agree to with the private sector will likely never be implemented, particularly if the European Central Bank doesn't join in on sharing losses. As it stands participation in the plan will have to be "voluntary" in order not to provoke a credit event.


Read more: http://www.businessinsider.com/in-case-you-forgot-this-greek-deal-is-probably-worthless-2012-2