Reuters just reported that Greece will achieve an acceptance rate of slightly over 95% in the bond swap but only after the CDCs are activated and imposed. In addition, it was reported that Greece had obtained a 90% acceptance rate in relation to bonds goverened by Greek law. Now follow the bouncing ball: of the entire stock of debt, 85% is goverened by Greek law. 90% of 85% is of course just a tad above the 75% needed to activate the CDCs. Isn't it wonderful how things just work out in the end.
Sweet dreams...which will be a certainty if you are one who believes in fairies and tales such as the above.
Later in the afternoon.
G'night.
