The French language

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Sarkozy has just told a press conference there will be no Greek default. But it appears that private investors have “agreed” to accept losses of about 50 percent on their bonds. The dictionary definition of default is: “Failure to fulfill an obligation, esp. to repay a loan or appear in a court of law.” But obviously it has a different definition in French.

3 Responses to "The French language"
  1. It’s a voluntary bond exchange, trading at 50% nominal value.  If you don’t like it, you can always rely on the market’s value.

  2. There’s lots of fast and loose use of the English language going on here. Is it voluntary when there are large bazookas pointed at your head. And in any event, the “voluntary” agreement is yet to be agreed.

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