EFSF takes note of Greece's non-payment to the IMF
- IMF non-payment is a default on certain EFSF loans
- Greece has three options, acceleration of loans or a waiver or reservation of rights
- Greek non-payment doesn't influence EFSF's ability to make bond holder repayments
I've no idea what all that means
Fortunately one of our astute readers has done his homework and gives an explanation of the 3 option;
"Acceleration of the loan means that the EFSF cancels the loan contract and requests immediate repayment of the principal and interest amounts
Waiver of rights means that the EFSF irrevocably waives its right and remedies under the loan for this specific non-payment
Reservation of rights means that the EFSF neither accelerates the loan nor waives its right to do so, but instead reserves the right to act at a later stage"
h/t to reader Joco who's saved me probably an hour getting lost in the EU/EFSF website
