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European Cross Country Bond Spreads

Tyler Durden's picture





 

As we embark on what will likely be another painful week for European markets, here is where all the cross country spreads are as of this moment.

As compared to the stable German 10 year benchmark, the worst 5 continue to be the PIIGS, in the following order - Greece, Ireland, Portugal, Spain and Italy. The tightest spreads are for Finland, Holland, France, Austria, and Belgium. We anticipate some further divergence between the PIIGS and the rest of Europe by the end of the week.

 


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Mon, 05/31/2010 - 23:37 | Link to Comment rogerramjet
rogerramjet's picture

Fuck the PIIGS and fuck GM employees

Mon, 05/31/2010 - 23:47 | Link to Comment Nolsgrad
Nolsgrad's picture

+1 fuck GM indeed

Mon, 05/31/2010 - 23:47 | Link to Comment jdrose1985
jdrose1985's picture

You sound like a disenfranchised bond investor.

In any case, fuck you too.

Tue, 06/01/2010 - 00:44 | Link to Comment Dr. Hannibal Lecter
Dr. Hannibal Lecter's picture

My Dear Friend,

I am not a disenfranchised GM bond holder.  But I concur.  Fuck GM.  And fuck you too.

Warmest Regards,

H.

Tue, 06/01/2010 - 00:54 | Link to Comment AR15AU
AR15AU's picture

Fuck GM...  compelling government to take from our paychecks for their own gain...  evil...

Tue, 06/01/2010 - 01:49 | Link to Comment Rusty_Shackleford
Rusty_Shackleford's picture

GM is finished.  There's no way they can compete with this:

 

http://www.funnyordie.com/videos/0ecc000105/hyundai-assurance-commercial

Tue, 06/01/2010 - 08:14 | Link to Comment jdrose1985
jdrose1985's picture

I can understand your loathing for GM.

However, it was stated to fuck GM employees.

Sure, fuck what remains of the middle class. Let's hope they die in a fire, right!

Tue, 06/01/2010 - 08:35 | Link to Comment snowball777
snowball777's picture

Easy there, Jack...Ralph has the conch.

Mon, 05/31/2010 - 23:42 | Link to Comment Tigers Wood
Tigers Wood's picture

François Baroin, the French Budget Minister, told local television stations that holding on to the country’s AAA rating would be a “stretch”.

Mon, 05/31/2010 - 23:48 | Link to Comment Kina
Kina's picture

He has been told.

Mon, 05/31/2010 - 23:48 | Link to Comment abalone
abalone's picture

Back to the real battlefield...credit

Tue, 06/01/2010 - 00:03 | Link to Comment jdrose1985
jdrose1985's picture

We are past the point of no return. Credit is the only place worth devoting my time to, these days. All else is a gigantic nothingburger. The bearded men can no longer save us.

Tue, 06/01/2010 - 00:04 | Link to Comment lizzy36
lizzy36's picture

No worries.

One little pig plans on coming back to market in July.  Don't laugh all at once. 

ATHENS, June 1 (Reuters) - Greece could launch a treasury bill auction in July, marking its first return to the markets since it was awarded an aid package by the European Union and the International Monetary Fund, its finance minister said.

Greece can continue to issue T-bills during the 3-year, 110-billion euro emergency funding programme agreed with the European Union and the IMF earlier this month.

Asked when Greece was planning to return to the markets, George Papaconstantinou told Greek NET TV late on Monday: "The (aid package) money is sufficient till the start of 2012."

But asked if the government was planning to issue T-bills in July to cover maturing short-term debt, he said: "Yes ... We have short-term paper expiring, some of it in July, then we will be in the markets."

A total of 4.56 billion euros ($5.59 billion) of T-bills mature in July -- 2.16 billion euros of one-year and six-month government paper comes due July 16 and another 2.4 billion of 13-week T-bills on July 23.

Greece comfortably covered a sale of 3-month T-bills in April, before the EU/IMF aid package was agreed, raising 1.95 billion euros to fund maturing short-term paper. But it had to pay twice as much in yield compared to a previous auction in January. The yield for 3-month T-bills rose to 3.65 from 1.67 percent.   "Everything will depend on yields," Papaconstantinou said regarding any return to the markets.

The minister added that the Greek banking system was not in danger and that deposits were "1000 percent" safe.

Greek banks .FTATBNK , which are hit by recession and government austerity measures, have underperformed European peers .SX7P since the start of the year.

The country's debt crisis, which sparked contagion fears and roiled the euro, has hurt them through higher funding costs, a squeeze on margins and trading losses tied to their government bond holdings.

Tue, 06/01/2010 - 00:05 | Link to Comment snowball777
snowball777's picture

They call that a UNION?!

Tue, 06/01/2010 - 00:35 | Link to Comment Temporalist
Temporalist's picture
Mirror, Mirror on the Wall, When is the Next AIG to Fall? | Marc Faber

http://www.youtube.com/watch?v=H0sS6a9RW2E

Tue, 06/01/2010 - 00:55 | Link to Comment AR15AU
AR15AU's picture

the worst 5 continue to be the PIIGS, in the following order - Greece, Ireland, Portugal, Spain and Italy.

Ah, the elusive GIPSI formation...

Tue, 06/01/2010 - 02:23 | Link to Comment Hdawg
Hdawg's picture

All the worlds a stage...
The pre-arranged public spectacle to justify future policy that has already been agreed upon. 

The PIIGS debt are a dead end, The UK debt is a dead end, The US debt is the biggest dead end of all.  The next 3-6months will be used to load up any remaining healthy European countries with the liabilities of the rest of these dead end countries.

Then they'll be forced to have a meeting and all hold hands to jump off the devaluation cliff together...rebalancing the global economies in one fine coup.

SDR anyone?

Tue, 06/01/2010 - 03:44 | Link to Comment Tigers Wood
Tigers Wood's picture

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THE Greek government has been advised by British economists to leave the euro and default on its €300 billion (£255 billion) debt to save its economy.

The Centre for Economics and Business Research (CEBR), a London-based consultancy, has warned Greek ministers they will be unable to escape their debt trap without devaluing their own currency to boost exports. The only way this can happen is if Greece returns to its own currency.

Speaking from Athens yesterday, Doug McWilliams, chief executive of the CEBR, said: “Leaving the euro would mean the new currency will fall by a minimum of 15%. But as the national debt is valued in euros, this would raise the debt from its current level of 120% of GDP to 140% overnight.

Greece’s departure from the euro would prove disastrous for German and French banks, to which it owes billions of Euros.

McWilliams called the move “virtually inevitable” and said other members may follow.

Tue, 06/01/2010 - 03:45 | Link to Comment Tigers Wood
Tigers Wood's picture

THE Greek government has been advised by British economists to leave the euro and default on its €300 billion (£255 billion) debt to save its economy.

The Centre for Economics and Business Research (CEBR), a London-based consultancy, has warned Greek ministers they will be unable to escape their debt trap without devaluing their own currency to boost exports. The only way this can happen is if Greece returns to its own currency.

Speaking from Athens yesterday, Doug McWilliams, chief executive of the CEBR, said: “Leaving the euro would mean the new currency will fall by a minimum of 15%. But as the national debt is valued in euros, this would raise the debt from its current level of 120% of GDP to 140% overnight.

Greece’s departure from the euro would prove disastrous for German and French banks, to which it owes billions of Euros.

McWilliams called the move “virtually inevitable” and said other members may follow.

 

Tue, 06/01/2010 - 04:27 | Link to Comment Ethics Gradient
Ethics Gradient's picture

The article goes on to say:

-----------------

“The only question is the timing,” he said. “The other issue is the extent of contagion. Spain would probably be forced to follow suit, and probably Portugal and Italy, though the Italian debt position is less serious.

“Could this be the last weekend of the single currency? Quite possibly, yes.”

-----------------

DAX +20% by Friday?

Tue, 06/01/2010 - 04:50 | Link to Comment bingaling
bingaling's picture

It is the common sense solution . When was the last time a Gov't actually used common sense ? I don't think Greece will quit anytime soon especially this week .This saga has a lot of time to play out .

Tue, 06/01/2010 - 04:28 | Link to Comment Comrade Napoleon
Comrade Napoleon's picture

Regarding #385579 above re: French Budget Minister...it is said that a Frenchmen is only happy when he is taking an opposing position to something...I guess this can apply to one's own position as well...

http://news.ph.msn.com/business/article.aspx?cp-documentid=4122664

 

Tue, 06/01/2010 - 06:38 | Link to Comment Mentaliusanything
Mentaliusanything's picture

Well gentleman and women folk - China went to the Doctors today -and guess what, they were told they have contagion. China said in an interview that they "love the US Long time" but the doctor said "no head job for USA this year or next". She also said she play around with European and they not pay the bill for last roll on Hong Kong Mattress and no wear condom. So she sign off and say Sucky Sucky USA Me thinks you should see doctor with big needle before you screw yourself big time and enjoy Market return from holiday.0 - Bloomberg's have pulled the story about China production falling. Well its back to spin the wheel of Fortune then- OK.

But this should do it

http://www.bloomberg.com/apps/news?pid=20601087&sid=ab_5MztN9obQ&pos=1

 

 

 

Tue, 06/01/2010 - 08:38 | Link to Comment snowball777
snowball777's picture

27 Cannibal Kings...wondering loudly what the dinner bell will bring.

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