Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
It would be a halt of payments to the ECB and EFSF really.

Private banks are now sub-20% of total Greek debt.

Greece has been flipping back and forth between a primary surplus and a small (.5%) primary deficit the last several quarters. At last announcement I read that they were a couple hundred million in deficit. Again, around .5%. So, after being cutoff, they could presumably hold on and wait a while to see what the reactions would be. After all, they were cut off once before already. They surprised some in the troika by holding off for several months (did they dip into reserves?). One thing that's different this time is that new leadership might not make any payments on debt which would put them in arrears and as well afoul of EU regulations.

by Upstate NY on Sun May 6th, 2012 at 04:18:18 PM EST
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