{"id":6213,"date":"2010-02-25T12:32:16","date_gmt":"2010-02-25T10:32:16","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=6213"},"modified":"2010-02-25T12:33:02","modified_gmt":"2010-02-25T10:33:02","slug":"trades-in-greek-debt-add-to-country%e2%80%99s-financing-burden","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2010\/02\/25\/trades-in-greek-debt-add-to-country%e2%80%99s-financing-burden\/","title":{"rendered":"Trades in Greek Debt Add to Country&rsquo;s Financing Burden"},"content":{"rendered":"<p><a href=\"http:\/\/www.nytimes.com\/2010\/02\/25\/business\/global\/25swaps.html?th&amp;emc=th\">Trades in Greek Debt Add to Country&rsquo;s Financing Burden - NYTimes.com<\/a>.<\/p>\n<p>To reiterate <a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2010\/02\/25\/financial-transaction-taxes-defend-democracy\/\" target=\"_blank\">what I've just blogged<\/a> the NYT says:<\/p>\n<blockquote><p>Bets by some of the same banks that helped Greece shroud its mounting debts may actually now be pushing the nation closer to the brink of financial ruin.<\/p>\n<div id=\"articleInline\" class=\"inlineLeft\">\n<div id=\"inlineBox\">\n<div class=\"image\">\n<div class=\"enlargeThis\">Echoing the kind of trades that nearly toppled the American International Group, the increasingly popular insurance against the risk of a Greek default is making it harder for Athens to raise the money it needs to pay its bills, according to traders and money managers.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>These contracts, known as <a title=\"More articles about credit default swaps.\" href=\"http:\/\/topics.nytimes.com\/top\/reference\/timestopics\/subjects\/c\/credit_default_swaps\/index.html?inline=nyt-classifier\">credit-default swaps<\/a>, effectively let banks and hedge funds wager on the financial equivalent of a four-alarm fire: a default by a company or, in the case of Greece, an entire country. If Greece reneges on its debts, traders who own these swaps stand to profit.<\/p><\/blockquote>\n<p>Sickening, isn't it?<\/p>\n<p>Can society survive this sort of abuse?<\/p>\n<p>It's a question we have to ask.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trades in Greek Debt Add to Country&rsquo;s Financing Burden &#8211; NYTimes.com. To reiterate what I&#8217;ve just blogged the NYT says: Bets by some of the<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2010\/02\/25\/trades-in-greek-debt-add-to-country%e2%80%99s-financing-burden\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70],"tags":[],"class_list":["post-6213","post","type-post","status-publish","format-standard","hentry","category-banking"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/6213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=6213"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/6213\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=6213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=6213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=6213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}