Friday, February 17, 2012

Barclays & JP Morgan Privately Warned to Prepare for Greek Default on March 23rd

Contrary to Jim Sinclair's recent remarks that the ISDA will not actually declare Greece's default a default, apparently JP Morgan and Barclays have been given a document providing inside information detailing the specific details of the plans for an official Greek default to be announced on March 23rd.


A written document giving firm dates and detailed actions for a planned Greek default has been in the possession of two top Wall Street bank currency trading bosses since the second week in January. The Slog has separate but corroborative sources affirming the existence of the document, and a conviction among senior bank staff that – at least at the time – the plan represented “a timetable, not a contingency”. The plan gives a firm date of March 23rd for default to be announced after the close of business...

The document asserts that Greece will officially be declared in default by all the ratings agencies after the close of business on Friday march 23rd . At the weekend all Greek bank accounts will be frozen, with emergency measures detailed to prevent the flight of capital. Included in the paperwork is a list of very limited exceptions to the ‘no withdrawals’ order. All major banks ‘are instructed  not to deal with euro exchange  as of open of business in Greece on Monday 25th march. All Greek markets will close for one day ‘at least’.

Read more: