The Greek defaults.

In my last post on this subject (The Greek Soap Opera) I have alluded to the possibility that the latest changes in Greek loan terms constituted a partial default.
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In a post dated for today Michael Pento (KINGWORLDNEWS.COM) details the conditions of the defaults.

I. First default.
E172B of Greek bonds in private hands, constituting 85.5% of the total bonds in private hands, were defaulted upon. This was called the "haircut" as you remember.

II. Second default.
This was the changing of interest rate, maturity and the 10 year deferral of interest payments. The default refers to bonds held in banks.

A third default is promised of some E40B.

All theses defaults constitute what the EU leadership referred to as "managed default." Inasmuch as Greece is unable and unwilling to do away with the conditions of Social Democracy that led to the huge debt, Greece had to reduce payments to people, in fact reduce living standards.