In turn, the country's departure from the eurozone would "result in widespread default on private sector as well as sovereign euro-denominated obligations, " the ratings agency said.
The simplest way to cope with default by private borrowers is to improve the inadequate domestic bankruptcy laws that still prevail in many emerging economies, something that is slowly under way.
Obama and the Republicans twist themselves into pretzels protecting private corporate bonds from default by commandeering private capital and debauching the currency through the Fed to make multi-trillion-dollar bailouts of financial institutions.
Generally speaking, that should be the default policy that private information and communications companies adopt when devising speech policies for their platforms.
Our lives used to be private by default, yet with the advent of each new social network, privacy has become increasingly difficult to preserve.
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Mr. Moffat said he built the site to pressure Facebook to switch its account settings so that such updates are private by default and wouldn't be accessible to developers like himself.
They artificially lower the interest rates and increase the size of credits as the risk of any future debt rescheduling or default is transferred from private commercial banks to Western taxpayers.
When it defaults via inflation, it forces private debtors to default along with it.
Of course, Evernote has screwed with it, so now it won't default to keeping my pictures private (not so good for the clients, or my reputation) and the new layout hides the sharing feature in a stupid drop-down menu.
The average probability that a private construction company would default in the next year was 3.79 percent for the 12-month period ended Dec. 31, compared with 5.73 percent for the year-earlier period.
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Risk aversion, fear of default and depleted bank capital have caused private borrowing rates to deviate sharply from policy rates.
By default, S3 accounts are set to private, which means these stores of potentially sensitive data had to be flipped to public manually -- most likely by accident.
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Repeat the exercise for a large group of publicly traded corporations and you can get an overall default rating for a country's private sector or for one segment of the economy.
It avoids a technical default but it does impose pain on the private sector.
It reduces the chances of a sovereign default triggered by inability to meet payment demands through private sector.
Other plans agreed in July, to make private investors take a hit on any default by Greece on its debts, are also now seen as insufficient.
While the line between voluntary and compulsory becomes blurred in a situation like this, the public sector will have to secure commitment from banks and other private sector creditors in order to avoid default.
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The ratings agency said plans for the private sector to roll over debts could trigger a default under its ratings criteria.
Private investors are shying away from a place where default and devaluation seem imminent, giving the economy little chance of growing.
All these steps were aimed at reducing credit spreads on private loans and increasing the supply of private credit, currently constrained by fear of counterparty default, illiquidity and banks' depleted capital.
On the question of private sector involvement, attention has understandably focussed on the default issue, and whether it is credible to simply assert that this will apply to "Greece and Greece alone".
While none of the bonds issued for the stadium project are in default, William Nortman, a former SEC lawyer who is now in private practice in Fort Lauderdale, Fla.
Even if inflation remained moderate, many firms as well as the government would default on loans, since 90% of government debts and 80% of private-sector debts are in foreign currency.
For example, since September 2005, the Federal Reserve Bank of New York has been leading a joint public-private initiative to improve arrangements for clearing and settling trades in credit default swaps and other OTC derivatives.
The money required to get private bondholders to take losses cannot be delayed if Greece is to avoid default.
At worst, governments might opt for outright default: note that this week's Greek restructuring has been designed to punish private-sector creditors, leaving official creditors untouched.
As I have explained here many times, it is impossible for the US to default on the debt (because it is denominated in dollars), deficits create private sector wealth (while surpluses reduce it), and we NEED the government to supplement aggregate demand so that we can generate output and employment to our potential.
The new privacy settings default to be uber-public, and users have to be proactive about keeping their settings private.
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