“They have to make a payment of 14 and a half billion on an outgoing bond,” Mayer said in a radio interview today on “Bloomberg The First Word” with Ken Prewitt. “If they don’t have the money in the account at the time the payment is due, then they really default.”
“Time is of the essence. I think we have maybe 1, maybe 2, maybe 3 more days but that’s it. And then it will be too late to avoid an outright default,” Mayer added.
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