The inevitable is finally happening. Although new uncertainties tend to replace old ones — the focus has shifted to Italy’s troubles in the past few weeks — Greece is going through a default.
It’s likely that this process will be guided by the broad outlines of an agreement reached between the European Union and Greece in October, although the details are probably subject to change.
As part of that accord, Greece and its private creditors have been invited to implement a bond exchange with a nominal discount, or haircut, of 50 percent of face value. Even though acceptance of the invitation is portrayed as voluntary, this agreement is, in all but name, a default, and for practical purposes should be consider as such.
Many comparisons have been made between Greece and Argentina, and now that default will be another common feature, we believe there are two distinct — often overlooked or misconstrued — lessons from the Argentine precedent.
[Trump] didn't say one word about Ukraine and he had to be briefed on this stuff. The only person to say that the United States says the annexation of Crimea wasn't legal and disagrees with Russia was the president of Russia. The overall contrast [with Trump's criticisms of German Chancellor Angela Merkel, British Prime Minister Theresa May, and the EU earlier in the trip] coupled with Trump's inability to say Russia had done anything to contribute to the downturn of US-Russia relations, either way it's scary. Either he forgot there's a problem or he wasn't willing. He would have had no problem listing his grievances against Germany, but against Putin, he's not capable of saying anything.