70% haircut on Greek debt. Is it a default?-Better listen up

[Z00]

Very interesting interview:

http://www.youtube.com/watch?v=9802NwSSS6U

[mbailey1234]

Don't know why I did this exactly, maybe boredom or maybe I had a little to much Jack in my Coke tonight? but I have been wondering at what point they would classify the situation in Greece as a DEFAULT. After watching the video link posted above, it may be a little more clear now. So I thought what the hell, and just emailed four different ISDA offices and asked the question.

Probably won't get anything from it but who knows??

If someone owed me money and I was considering knocking off up to 70% of their debt, I would sure call it a default!

I sure wish he would have said the names of the 5 banks involved in the video.

If it's just Greece, is it really going to sting that bad here in the US? 11 million people is a pretty small country. I don't doubt there are more to come but I have a hard time believing that Greece alone will topple everything.

[Z00]

Well it wont be an official anything until the bonds come due in mid March. They have til then to decide what to call it.


EDIT:
Pick 5

Rank Name Headquarters Deposits (billions)
1 JP Morgan Chase & Co. New York, NY $1,009
2 Bank of America Charlotte, NC $884
3 Wells Fargo San Francisco, CA $785
4 Citigroup New York, NY $774
5 PNC Financial Services Group Pittsburgh, PA $193
6 HSBC Holdings London $161
7 Bank of New York Mellon New York, NY $160
8 U.S. Bancorp Minneapolis, MN $159
9 SunTrust Bank Atlanta, GA $113
10 State Street Corp. Boston, MA $112

I go with 1 2 4 6 8