28 Apr 2015
A breakdown of where the Greek debt sits - GS
FXStreet (Guatemala) - Analysts highlighted where the holes are in the Greek debt scenario.
Key Quotes:
"Greece has been in the spotlight again this past week. As widely expected, an agreement between the country and the European official sector institutions was not reached at the Eurogroup meeting in Riga on April 24."
"Contrary to what was the case before the restructuring of Greek debt in 2012, the private sector exposure to the Greek public sector is currently very limited. The Greek government has €14.8 bn of bills outstanding and only €36 bn worth of marketable GGBs are held by the private sector, and mainly concentrated in the hands of few investors. Moreover, exposures are for the most part marked-to-market."
"The main source of contagion risk to other EMU peripheral sovereigns, and broader markets, stems from a potential default of Greece vis-à-vis the official sector, which represents the lion’s share of the Greek debt and, relatedly, Greece’s potential exit from the Euro area."
Key Quotes:
"Greece has been in the spotlight again this past week. As widely expected, an agreement between the country and the European official sector institutions was not reached at the Eurogroup meeting in Riga on April 24."
"Contrary to what was the case before the restructuring of Greek debt in 2012, the private sector exposure to the Greek public sector is currently very limited. The Greek government has €14.8 bn of bills outstanding and only €36 bn worth of marketable GGBs are held by the private sector, and mainly concentrated in the hands of few investors. Moreover, exposures are for the most part marked-to-market."
"The main source of contagion risk to other EMU peripheral sovereigns, and broader markets, stems from a potential default of Greece vis-à-vis the official sector, which represents the lion’s share of the Greek debt and, relatedly, Greece’s potential exit from the Euro area."