Greece now have all of the players for its bailout in place. The IMF and EU agreed that austerity is in place enough that it will lower deficits, and, at some point in the distant future, the national debt. The ECB has given support as it pushes money into the banking system, some of which is presumably used to buy sovereign debt of some of the region’s financially weakest nations. The last brick in the bridge was an exchange by private investors of old Greek bonds for new ones. There has been resistance because the value of the new paper is about 30% of the old. The private holders have tried to hold out for better terms. Circumstances have convinced almost all of them that an “unorderly default” would make their investments worth nothing. At this point over 95% of these private holders have agreed to the new terms.
The Greeks Get Their Bailout, Finally
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
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