European Banks Scrambling to Prevent Default by Greece

European banks and insurers are scrambling to prevent a default by Greece amid worries that Greece’s parliament won’t pass a much-needed austerity plan next week.

The focus right now is on a voluntary rollover of their Greek government debt holdings, a measure aimed at getting around rating agencies’ reservations and avoiding a Greek government default.

Still, stocks continued to decline and credit default swaps for Greece, Italy and Portugal widened on the renewed concerns about a potential default. The euro also declined against the US dollar for the third straight day.

Finance officials are discussing with banks and insurers a proposal to replace existing Greek debt with a different type of bond, which they hope will persuade credit rating agencies to refrain from declaring the Greek government in default, two senior European banking sources told Reuters.

The proposal foresees a voluntary rollover of debt into securities of a different credit composition to avoid agencies moving Greece to default status, the sources said.

“Only by a completely different composition of the bonds would the rating agencies see the restructuring as voluntary and not declare Greece insolvent,” said one senior banker.


Those that are manipulating not only the monetary supply of the world, they are also engaged in manipulating the people of this planet to covertly maneuver the New World Order into place so that they enslave all of mankind to be their worker bees in a world order of overseers that views mankind as slaves to the New World Order. This is Satan’s answer to making his twisted way work in a unified peace. But there will be no peace on any foundation other than that of Christ’s Jesus whom founded the world as Michael the firstborn Son of Yahweh, the ancient Israel Mother of all creation.

Isaiah 28:16 ‘Therefore the Lord GOD said: “Look, I have laid a stone in Zion, a tested stone, a precious cornerstone, a sure foundation; the one who believes will be unshakable.”