"Curious why the topic of tomorrow's €430 million non-Greek law bond maturity payment (which we first pointed out as a D-Day type of cash outflow for the Greek people) is particularly touchy? Simple: if Greece makes the payment it will see its already in the red cash balance drop by another 30% to a sub redline €1 billion. Which would mean the country will likely not pass go and go straight into looting mode once the people realize that some evil, evil hedge fund hold outs (who are doing precisely what they are contractually entitled to, and what we said back in January would be the event that breaks the bank, i.e., holding out) have been paid in full despite the Greek restructuring, while there is no money to pay anything else."
-- As Zero Hedge, CollapseNet and many others have pointed out for the last year, Greece is dead, has been dead and can not be resuscitated. The debt can has been kicked down the proverbial road, and we are reaching the point where it is time to face the music. -- JB, Managing Editor
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