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EuroStat To Determine Increase To Greek Debt Shortly
EuroStat just caused more work for RBS "strategists." The European statistics office, still busy going through Chi square brain teasers, has announced it has to determine the increase in Greek government debt due to the 2001 Goldman-underwritten swap transaction. Per Bloomberg: "The Greek authorities have informed Eurostat that repayment of the debt began in 2004,” Eurostat said in an e- mailed statement today. “In consequence, Eurostat will have to determine, in cooperation with the Greek authorities, what will be the increase in government debt due to this specific swap operation from 2004 onwards.”
And the obligatory, "we are not the idiots here... someone else is" disclaimer:
“When the European system of accounts was adopted, these kinds of operations were not usual practice for governments of Member States and therefore, specific statistical rules for such government transactions did not exist,” Eurostat said. “In consequence, Eurostat together with the EU statistical community elaborated specific guidance notes for the recording of government securitization operations (issued by Eurostat in July 2002) and for the recording of financial derivatives (issued in March 2008).”
We anticipate some semantic arbitrage out of 70%-UK owned banks, that will skillfully invert the definition of "increase" to be coincident with that of "record decline" which will further facilitate the selling of GGBs to the kind of idiot money that is still reliant on said bank's analytics.
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It's all Greek to me.
just as long as ya understand ' fungible ' (which i'm rather certain you do, CD ~ thanks for your latest pieces, by the way, great reads).
american banks don't understand the term insolvent and european banks sure as shit don't get the concept of fungibility ~ just watch E. Europe over the next few Q's.
LOL. We also have to be on guard for an AIG swap payable to all Greek sovereign debt holders in the event of a bankruptcy. AIG needs to be shut down IMMEDIATELY with all contracts torn up.
BTW, does anyone see the fractal equivalency to the action preceding the Feb. 4th drop? I think equities are about to descend into hell.
That is crazy. Letting Greece fail would help Timmy issue long-term treasuries to the sheeple at low interest rates for a year, maybe more.
I'm betting Timmy and Ben will let Greece twist in the wind or sink.
Is the IMF their tool?
No doubt. The AIG thing is a pure hypothetical, unless I read it somewhere and forgot.
Greece would still fail in the case I mention; however sovereign debt holders who bought protection thru AIG would be paid off.
"fractal equivalency"
This is new to me. Care to explain or show via a web site? Always ready to learn new things since I broke my tricycle with the training wheels.
Seriously, I thought I was reasonably informed until I saw this term. Could you please direct me? Thanks!
A fractal is an object, or in the case of stocks, a wave or price pattern, that exhibits self similarity even on the smallest scale. So, within a given wave, you will see the move continuously scale-up, and the scale up form should be very self similar (in some cases identical). The scale up ratios are often fib levels.
Fractals can be found in snowflakes, flowers, mountain ranges, clouds, etc.
Here is the wiki link on it as my explanation is somewhat simplistic:
http://en.wikipedia.org/wiki/Fractal
john,
I knew what fractals were, having studied Mandelbrot and fractals. But I had never considered calling what I naturally do looking for "fractal equivalency", though now that you have explained it, the term makes sense. Thank you.
http://en.wikipedia.org/wiki/Mandelbrot_set
My mistake; I misinterpreted your question. You probably know more about them than I do! I studied a fair amount of math in school (way back when), but never analyzed fractals formally.
As it relates to stocks, I just recently started analyzing fractal similarities in the past few years or so.
You have my mind racing. Since you introduced me to this term, I've been exploring how it could be applied in other ways. Of course, fractals are everywhere, something I've know for a long time. But sometimes a dish isn't a "dish" until you eat off of it and your comment about fractals has me seeing them differently.
Thank you. This is why I love ZH. Interaction by respectful and knowledgable people who wish to spread the wealth.
damn skippy as per ZH and the Paper Street Soap Company ~ ZH message boards.
us fractal folk (of all stripes) only get about 89 'converts' who see the light each year, so we're happy to have ya check out the nature of fractal applicability to financial markets, especially since such is how they actually operate (from milliseconds to millennium ~ think russian doll figurines).
sorry to hear that you're a student of benoit's though ... how such a genius could be so f'ing stupid about plagiarism is just beyond my simple mind.
"meandering wildly"
Securitizations and derivatives were not included because this was the back door left open to allow nations to get inside the club. Once the "core" nations were in, they decided to close it on the satellite nations from the east. Greece got in because they convinced the other Euro currency nations that they were European enough, and it made the map look nice and symmetrical. The rest is just noise.
Max Keiser getting down on the "Inside Story"
Germany to be the chief beneficiary of the $Billions being bet against the Euro.
"Greeks who are loosing their jobs are sausage going through the Wall street banking machine..."
http://maxkeiser.com/2010/02/24/max-keiser-on-inside-story-greek-debt/
EUROSTAT is now waking up...Do they still claim that they did not know about those deals?
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