The deadline for the Greece debt exchange vote has passed at 2PM Central, 3PM Eastern. Well, let’s be honest. If they don’t get the vote they want, they are likely to just extend the offer. So, it’s over, but it ain’t necessarily over.
Numerous news sources are saying that they have received at least a 70% majority of the vote. So technically they can do a cram down, force the minority that did not vote in favor to accept the deal. Technically, that would trigger a credit default event. It has yet to be seen if they will get the 90% needed to avoid a default.
And that does not even begin to address Greece’s 20% unemployment problem, or their numerous other problems.
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury