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-	The banking industry has described its agreement with Greece to cut its debts as "unprecedented".	+	There are wonders aplenty in this life, and mostly in the mundane. Sometimes these wonders creep up on us and surprise us. Sometimes these wonders prove to us that God is in and about and alive through all life.
-	A group of banks and other investors in Greek government debt have agreed to exchange their debt for new bonds that are worth much less and pay a modest rate of interest.	+	Recently I was reminded that ordinary Aussie adventures do occur, when we least expect them.
-	Including the reduced interest rate, the losses to the banking industry are more than 70%.	+	HOW THE STORY GOES...
-	For some of Europe's biggest banks, that means heavy losses.	+	Cycling home from work is usually mundane exercise, but not this day. As I peddled, approaching a stop sign, I noticed the car ahead of me with a flat tyre. I tapped on the driver's window, and, feeling a little creepy, reported the situation to the young lady driving. Noticing there were no men aboard, I offered to change the tyre for them.
-	"The losses are going to be substantial, but they are contained and there's a longer-term benefit for the system in having a core group of investors sit down across the table and coming together," said Charles Dallara, managing director of the Institute for International Finance, which negotiated on behalf of the banking industry.	+	Pretty standard story thus far...
-	Continue reading the main story	+
-	�Start Quote	+
-	In the long and tawdry history of governments borrowing more than they can afford, this represents a remarkably huge, unprecedented write-off�	+	It took a few minutes for the two young women - German backpackers, Jo and Catherine - to unload their luggage compartment so I could access the spare wheel. Then we found there was no wheel brace. This is when the story gets interesting.
-	image of Robert Peston Robert Peston Business editor, BBC News	+	An Australia Post courier drives past and I flag her down; she looks in the back of her van, but no wheel brace was found. She was very courteous; almost apologetic. A man drives past in a four-wheel-drive; he checks his wheel brace and doesn't know where to look; we can't help each other, but he is civil. The next car stopped is a small Hyundai with three women inside. The driver ruffles through her luggage compartment and finds a wheel brace, but it doesn't fit the Honda wheel nuts. She blesses us and then leaves. Then, as Catherine and Jo and I talk, Simon arrives, distinctive in his dreadlocks. He is ready to help. However, he checks his car - a Toyota SUV - and it lacks one wheel brace! "Good to know this," he says. Then I call my workplace and Jim, the storeman, agrees to bring some tools. He arrives in a matter of minutes and we have the tyre changed just as quick. But the spare tyre is the wrong one; it's a steel rim, not an alloy wheel like the one that has just been changed. But we do get it to fit good enough to drive a short distance. Soon enough Jim follows Jo and Catherine in getting the tyre fixed.
-	More from Robert	+	MORALS TO THIS STORY
-	It is perhaps no great surprise that Greek banks are the most exposed to Greek debt.	+	These are the things I was reminded of in this everyday Aussie adventure:
-	According to Barclays Capital, the top two holders of Greek debt are National Bank of Greece, with 13.2bn euros ($17.5bn), and Eurobank EFG, which holds 7.3bn euros ($9.7bn).	+	1. Don't assume people don't want to help. Every single person we stopped was courteous and understanding; each felt bad that they couldn't help. God restored our faith in helpful humanity.
-	Once the bond exchange is completed, those holdings will be worth less than half their current value, and if you include future interest payments, worth 70% less.	+	2. These are divine appointments. I would not have even met Jo, Catherine or Simon at all if it hadn't have been for this unfortunate event.
-	Outside Greece, French and German banks hold the most Greek debt.	+	3. The most practical reminder is the need for a wheel brace for when we have a need to change a flat tyre. It's a good idea we are prepared.
-	The last bailout?	+
-	Many foreign banks have already accepted that their investments in Greece are now worth just a fraction of their original value, irrespective of the latest deal.	+	***
-	In its most recent set of results, France's BNP Paribas, the biggest owner of Greek debt outside Greece, said that it had written down the value of its Greek debt by 75% on its balance sheet.	+	There is plenty of good news in the world if we will only look to see it, just as there are plenty of good people. God, help us notice the good and these good people as we traverse our days, AMEN.
-		+
-	And according to the Barclays report, Commerzbank is the biggest holder of Greek debt among Germany's banks. Its holdings of government debt have complicated its efforts to raise new finance to boost its balance sheet.	+
-		+
-	For the average investors, the effect of Tuesday's bailout is limited. Most insurance companies and investment firms have little or no exposure to Greece.	+
-		+
-	Some hedge funds have built up their holdings in Greek debt, but it is likely to be a relatively small amount, perhaps less than five billion euros.	+
-		+
-	It is thought some will refuse to sign up to the bailout deal and hope to be repaid in full.	+
-		+
-	Analysts are now wondering whether the latest deal will be enough. The Greek economy is in recession, making it even more difficult for the nation to pay its debts.	+
-		+
-	"The debt sustainability analysis is much worse than people were expecting," said Laurent Fransolet, head of fixed-income strategy research at Barclays Capital.	+
-		+
-	"It's ambitious and we cannot be sure this is the last bailout. Does it buy a bit more time? Yes. But the next one will have to involve the official sector much more."	+

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Revision as of 13:30, 22 December 2012

There are wonders aplenty in this life, and mostly in the mundane. Sometimes these wonders creep up on us and surprise us. Sometimes these wonders prove to us that God is in and about and alive through all life.

Recently I was reminded that ordinary Aussie adventures do occur, when we least expect them.

HOW THE STORY GOES...

Cycling home from work is usually mundane exercise, but not this day. As I peddled, approaching a stop sign, I noticed the car ahead of me with a flat tyre. I tapped on the driver's window, and, feeling a little creepy, reported the situation to the young lady driving. Noticing there were no men aboard, I offered to change the tyre for them.

Pretty standard story thus far...

It took a few minutes for the two young women - German backpackers, Jo and Catherine - to unload their luggage compartment so I could access the spare wheel. Then we found there was no wheel brace. This is when the story gets interesting.

An Australia Post courier drives past and I flag her down; she looks in the back of her van, but no wheel brace was found. She was very courteous; almost apologetic. A man drives past in a four-wheel-drive; he checks his wheel brace and doesn't know where to look; we can't help each other, but he is civil. The next car stopped is a small Hyundai with three women inside. The driver ruffles through her luggage compartment and finds a wheel brace, but it doesn't fit the Honda wheel nuts. She blesses us and then leaves. Then, as Catherine and Jo and I talk, Simon arrives, distinctive in his dreadlocks. He is ready to help. However, he checks his car - a Toyota SUV - and it lacks one wheel brace! "Good to know this," he says. Then I call my workplace and Jim, the storeman, agrees to bring some tools. He arrives in a matter of minutes and we have the tyre changed just as quick. But the spare tyre is the wrong one; it's a steel rim, not an alloy wheel like the one that has just been changed. But we do get it to fit good enough to drive a short distance. Soon enough Jim follows Jo and Catherine in getting the tyre fixed.

MORALS TO THIS STORY

These are the things I was reminded of in this everyday Aussie adventure:

1. Don't assume people don't want to help. Every single person we stopped was courteous and understanding; each felt bad that they couldn't help. God restored our faith in helpful humanity.

2. These are divine appointments. I would not have even met Jo, Catherine or Simon at all if it hadn't have been for this unfortunate event.

3. The most practical reminder is the need for a wheel brace for when we have a need to change a flat tyre. It's a good idea we are prepared.

There is plenty of good news in the world if we will only look to see it, just as there are plenty of good people. God, help us notice the good and these good people as we traverse our days, AMEN.