Specific to Greece, euro-zone official lenders’ debts have been restructured in the forms of lowering interest rates from 5.5% to approx. 3.5% and extension of term from7.5 years to 15 or even 30 years. These have been backed by €109 billion bail-out money, an additional €20 billion for Greek bond buyback and €35 billion ECB collateral for Greek banks. Private creditors, officially recognized as Private-Sector Involvement (PSI) have been given a choice of either of three options – rollover of maturing bonds, swap with longer maturities (both backed by AAA -rated collateral) or secondary market bond buybacks. However, the PSI has been defined to include only ‘voluntary’ and ‘substantial’ creditors, which would lead to a number of lenders being short-changed.
All the stars have aligned. It’s Friday, Rebekah Brooks, the Murdochs and News Corp are all over the news AND Rebecca Black has released a new video! So here goes a brilliant mash-up of Rebekah Brooks’ resignation and Rebeccas Black’s YouTube hit song ‘Friday’.
In case, you live under a rock, here’s the original (not the “original”, though). And No, I am not going to link the funny and the not-so-bright parodies floating around the Web.
Okay, maybe one :)