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Greece "Velvet Restructuring" Imminent, Blames Upcoming Second Bankruptcy On Citigroup Trader

Tyler Durden's picture




 

It appears rumors that Greece is set to restructure its debt are about to come true. According to Greek daily Ta Nea, reported by the Guardian, "the government was mulling "a velvet restructuring" that would include extending outstanding debt and a voluntary agreement with lenders to modify repayment terms." More: "Greece  is considering ways to restructure its debt – such as by extending the life of its loans – two national newspapers claimed on Friday, joining a flurry of recent reports on the prospect that Athens might be forced to default." Not surprising, this comes hot on the heels of continued lies about the stability and viability of the eurozone and the euro, which recently surged to nosebleed levels only to allow it to drop from the highest possible position when the realization that the dominoes are falling finally sets in. But never one to be bound by the confines of reality, where one is accountable and responsible for their actions1 (1: except all millionaires and billionaires bailed out by the Bernanke Put), Greece is now calling in Interpol to put the blame for its latest and greatest bankruptcy on a Citigroup trader: "A London trader working for US bank Citigroup  is to be questioned by investigators over an email at the centre of an investigation by the Greek authorities into rumours that Athens could be forced to restructure its national debt as early as this weekend." So, it is a trader fault for pointing out the market's reaction to what is so glaringly obvious even a caveman finance minister from Athens will realize it, and not the fact that one needs to apply a new Excel #Ref! patch in order to express Greek debt to GDP. The lunacy. The lunacy.

And here is the text of the trader email, which was basically a bond run, for those who want to spew blood from their ears:

MKT NOISE Over the last 20min, there seems to be some increased noise over Gr debt restructuring as early as this Easter weekend. Spreads are moving wider now with 2y spread +100 from +35 at midday, while Gr banks are at -4%, -6% vs +2% in the morning.

The last few days the talks over Gr restructuring/rescheduling have intensified, despite the ongoing denials by Gr and foreign officials.

If a credit event takes place it is crucial to see what the terms would be as a haircut would have a much different outcome vs an extension of maturities.

Well in that case Zero Hedge is about to be raided by the FBI and the KGB because we had the temerity to not only point out that the country will default back in April 2010 (proven right once already, about to be proven right for the second time) by showing the plummeting bond prices, but because yesterday we showed that according to the market the haircut on Greek bonds is to be 50% of par.

Of course, for Interpol to have any standing, someone in Greece would need to prove that cause and effect are actually inverted, but with all the soon to be unemployed philosophers to be rambling around Athens, we are positive this won't be a problem.

More on this unprecedented attempt to blame one person for decade's of one nation's horrendous fiscal (we would also add monetary, but of course Greece has no monetary policy being a slave to the euro) policy. From the Guardian.

The trader, who has been identified in Greece as Paul Moss, is expected to be interviewed in London by Interpol, working with Greece's cyber crime division.

"We have located the computer terminal at a company in London from which this very damaging email was sent," police spokesman Thanassis Kokkalakis said. "It contained very confusing misinformation that is now the focus of an urgent investigation. This man will be questioned and the findings sent to a prosecutor involved in the case."

Citigroup is insisting it has done nothing wrong . "We are co-operating with the authorities and do not consider there to have been any wrongdoing by Citi or its employees," the bank said.

With Athens poised to launch a €50bn (£44bn) privatisation drive, the Greek finance ministry said the email was now at the centre of "a possible criminal investigation".

Fears abound that the country's reputation may have sustained irreparable damage at a time when it is desperate to attract foreign investment. Greek bank shares fell by 4.6% on Wednesday, with traders citing the email as the cause for the sell-off – but market experts pointed out that the fall in shares had begun before the email was sent.

Anyway back to reality, where Greece apparently has about 48 hours before it sets off a domino effect whereby bank asset writedowns are about to escalate and result in the same shadow banking system "Ice-Nine" effect that nearly destroyed capitalism back in September 2008.

According to another report on Friday in Greek newspaper Isotimia, the government might seek to extend the maturities of its outstanding debt by an average of five years. This would happen after an agreement with its lenders, the newspaper said, citing government sources it did not name.

No final decision to propose such a solution had been taken and discussions were still at an informal level, Isotimia said.

Greece has been shut out of financial markets in the wake of its debt crisis last year. Papaconstantinou said on Wednesday he considered Greece's debt – expected to hit about 160% of GDP in 2012 – "totally sustainable" and that restructuring was not an option.

But given the sheer size of the country's debt set against a continuing economic slump, markets are increasingly factoring in a restructuring.

And while banks may have built up a sufficient buffer against total collapse immediately, one entity which certainly has not is the Greek social security fund which holds about €28 billion in Greek debt. In other words, pension haircut of up to 50% are coming. Let's see how the socialism-tolerant population processes that particular piece of new. Oh yes, those same Greek households about to say goodbye to their pensions are also on the hook for €6 billion of Greek debt. But we are positive their Tier 1 ratios are wonderfully overcapitalized as well, and with immediate access to the Fed's discount window when so needed.

 

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Fri, 04/22/2011 - 09:59 | 1195848 CHARLIE.DONT.SERF
CHARLIE.DONT.SERF's picture

...high and tight, please.

Fri, 04/22/2011 - 10:12 | 1195874 French Frog
French Frog's picture

If (big if?) this was to come out during the weekend when markets are closed, can someone enlighten us as to the effect it would have on the $ and Precious Metals please?

Cheers

Fri, 04/22/2011 - 11:51 | 1196317 centerline
centerline's picture

A really interesting pre-market and market open.  LOL.

Fri, 04/22/2011 - 15:44 | 1197247 Ahmeexnal
Ahmeexnal's picture

Thought criminals...all the bunch of ZHers.

Fri, 04/22/2011 - 17:21 | 1197581 golfrattt
golfrattt's picture

Euro would certainly take a hit, causing a small pop in the USD index and a pullback in commod's...

most likely. It'll be interesting to see if the story alone moves the markets negative on Monday...

Fri, 04/22/2011 - 12:50 | 1196508 topcallingtroll
topcallingtroll's picture

I know a fellow soldier!

Somebody is getting a crew cut!

Is that what we now call a 70 percent haircut?

Fri, 04/22/2011 - 22:32 | 1198224 Tail Dogging The Wag
Tail Dogging The Wag's picture

"Investors need to diversify, they need to own some real estate, they need to own some farmland, they need to own some equities, some cash, and some precious metals..."   Marc Faber —Investment analyst

Got real estate and farmland outside your home country yet?

http://www.thorssoncapital.weebly.com

Fri, 04/22/2011 - 10:02 | 1195850 Bleeping Fed
Bleeping Fed's picture

Adding "velvet" means the restructuring won't be smooth as silk, but close.

Fri, 04/22/2011 - 10:24 | 1195924 luigi
luigi's picture

They seemingly cannot afford vaseline anymore...

Fri, 04/22/2011 - 10:59 | 1196108 Bahamas
Bahamas's picture

olive oil is even better lubricant

Fri, 04/22/2011 - 11:52 | 1196322 centerline
centerline's picture

I dont want to know how you know that please.

Fri, 04/22/2011 - 12:50 | 1196525 topcallingtroll
topcallingtroll's picture

Everybody knows that, silly!

Where were you when we were getting high?

Fri, 04/22/2011 - 16:35 | 1197427 luigi
luigi's picture

Too good to be used that way...

Olive trees could be the only valuable assets left to Greece for exiting this mess.

May I point on the odd coincidence of the again exploding Greece/European/Euro/Debt crisis on the werge of the U.S. 99 billions bonds auction of next week (http://www.zerohedge.com/article/treasury-hopes-auction-99-billion-bonds-next-week-can-it)?

Like the French say (but they rarely learn from their own wise says) "a la guerre comme a la guerre"...

 

Fri, 04/22/2011 - 10:04 | 1195856 earnulf
earnulf's picture

I just wonder what the rate on 100 year bonds for greece would be.

Fri, 04/22/2011 - 10:10 | 1195864 Catullus
Catullus's picture

Keeping with the lebowski-Greek tragedy theme:

Daddy has no real money of his own.

Fri, 04/22/2011 - 10:09 | 1195866 Duuude
Duuude's picture

 

It's...a...ChuckJones...world...after...all

 

Fri, 04/22/2011 - 10:36 | 1195992 redpill
redpill's picture

Chuck Jones?  How about Chuck Brown!

http://www.youtube.com/watch?v=2xAJVri2a1U

Fri, 04/22/2011 - 10:09 | 1195867 Hephasteus
Hephasteus's picture

Operation Velveeta?

Fri, 04/22/2011 - 10:10 | 1195871 Dick Darlington
Dick Darlington's picture

Paging the high priest of the europonzi in the cradle of cleptocracy: Please turn out the lights.

Fri, 04/22/2011 - 12:55 | 1196536 topcallingtroll
topcallingtroll's picture

I hate it when people make me snort coke, at least the liquid stuff. Gotta remember drinking and hedging can be dangerous.

Fri, 04/22/2011 - 10:12 | 1195872 Commander Cody
Commander Cody's picture

The email is speculative.  The Greeks pointing to it as criminal are assholes.  Papawhatever is high on something.

Haircuts - bitches.  Riots, too.

Fri, 04/22/2011 - 12:56 | 1196548 topcallingtroll
topcallingtroll's picture

Free riot with each haircut!

Hurry, offer ends soon.

Oh heck. What am I saying. This is a permanent offer. Take your time.

Fri, 04/22/2011 - 10:10 | 1195876 Josh Randall
Josh Randall's picture

Just another big Gyro up the wazoo - hope the Greek people don't stand for this  

Fri, 04/22/2011 - 10:13 | 1195877 Ray1968
Ray1968's picture

A Citi trader. Yup, that's the cause of ALL thier problems. Greece was an innocent victim of a rouge trader. Good job guys!

Fri, 04/22/2011 - 12:50 | 1196526 rufusbird
rufusbird's picture

It is better if it is a foreigner... (like the Russian Sergey Aleynikov)

Fri, 04/22/2011 - 10:14 | 1195878 El Hosel
El Hosel's picture

.... Meanwhile back at the ranch, the US President has ordered an "investigation" into the sudden rise in gasoline prices. So far there is  no mention of any investigation into artificially low interest rates, trillions in unfunded liablities, rampant corruption in all areas of the financial system, failure to prosecute blatant fraud or treasonus behavior among politicians and other corporate and financial elite.

Fri, 04/22/2011 - 10:15 | 1195891 Dick Darlington
Dick Darlington's picture

I'm sure they will find one email which is behind all that evil u mentioned. ;-)

Fri, 04/22/2011 - 11:50 | 1196304 Flounder
Flounder's picture

Sounds like Obummer's speculator investigation ought to be tied into the interpol Citi email investigation to form a global task force called Operation Market Control.

Fri, 04/22/2011 - 13:14 | 1196595 downwiththebanks
downwiththebanks's picture

Or 'Operation Sucker,' for anyone that thinks a puppet of the banker-gangsters (more $ than anyone ... ever) is going to go after the banker-gangsters in any serious way.

And there's a 0% chance the AG from United Fruit does anything meaningful to punish speculation.  His FBI may kill a few Colombian unionists, but that's another matter.

Fri, 04/22/2011 - 10:11 | 1195880 Cassandra Syndrome
Cassandra Syndrome's picture

 

I wonder who is exposed to Greek CDSs?

Fri, 04/22/2011 - 10:17 | 1195906 Dick Darlington
Dick Darlington's picture

Yep, that's somewhat an elephant standing in the china shop. But i'm sure the outcome will be that there's no credit event. After all, it's mostly bankers sitting in the "committee" deciding if the credit event occurred or not.

Fri, 04/22/2011 - 11:42 | 1196280 mick_richfield
mick_richfield's picture

Hey!  "China shop"!   Good idea!  Maybe they can buy this country, too!

What's the Mandarin for "We promise to respect your unique 'culture'." ?

 

Fri, 04/22/2011 - 12:05 | 1196363 Dick Darlington
Dick Darlington's picture

Greece already tried to play the "China card" and look how well it worked. Portugal played the same card and look how well it worked. Now Spain has been playing the same card a couple of times and look how well it will work... The europonzi is on the verge of collapse and maybe Greece defaulting on their debt will be the final push off the cliff.

Fri, 04/22/2011 - 13:18 | 1196602 downwiththebanks
downwiththebanks's picture

At least you're hoping so ...

Fri, 04/22/2011 - 13:34 | 1196639 Dick Darlington
Dick Darlington's picture

damn straight

Fri, 04/22/2011 - 10:16 | 1195881 hedgeless_horseman
hedgeless_horseman's picture

So, by the same logic, if Hellenic bonds recover, then Greece would have sent a Publishers Clearinghouse team to Leo's home in Canada to present him with Nobel Peace Prize?

I guess we will never know.

Fri, 04/22/2011 - 10:11 | 1195883 jtaskinen
jtaskinen's picture

Heh, just ask our new gment. There is little understanding for any further bail-outs. We simply cannot affort this largesse, we are broke as well. AAA rating is a joke.

Portuguese as furious, their ex-president called us gnomes...pretty arrogant posture given the situation.

I hope euro and EU for that matter collapses and this French power concentration excercise in Europe stops.

Hope Finland says no, this wakes people in Germany and they say "no". Why save banksters so that they can get another record bonus

Fri, 04/22/2011 - 10:17 | 1195895 Dick Darlington
Dick Darlington's picture

Amen, brother!

Fri, 04/22/2011 - 10:33 | 1195973 Stormdancer
Stormdancer's picture

Thanks for the first-hand reports :)  Is it something about living near lots of ice?  Finns and Icelanders seem to have a better handle on how to deal with globalist bankster psychopaths than anyone else so far.

Fri, 04/22/2011 - 10:13 | 1195890 Chuck Bone
Chuck Bone's picture

Does the fact that Interpol is getting involved in this not scare anyone else? Man, do you people in Europe have any sovereignty left?

Fri, 04/22/2011 - 10:28 | 1195943 jtaskinen
jtaskinen's picture

No, we (in Finland) do not have very much sovereignty left, on a scale from 0-100, maybe 3.4. Socialist state is everywhere, especially in your vallet, monitoring every move we take. And all to our own good, it is good to protect people from their own ignorance and lack of self protection skills. Maybe 30 years of "education" has finally worked.

But good news is, that the US government thinks our tax model is fantastic. Very effective.

Now watch it coming next to you. Take your money and run for cover.

Fri, 04/22/2011 - 20:07 | 1197913 gwar5
gwar5's picture

Obama signed an executive order on Dec 17, 2009 (in the middle of the night) allowing Interpol to work inside the USA without any constitutional constraints -- no warrants for search or seizure or arrest, and, without any FOIA compliance oversight. They could legally dissappear you in broad daylight and deny it. And, they are housed and work out of Eric Holder's DOJ, which is under direct White House control. The DOJ also does all the interrogations now, not the CIA. Very Soviet-like.

They are now the de facto the national secret police, gestapo, red guard or whatever you want to call them if Obama wants. He is now free to "punish his enemies" if he wants to. 

In January 2010, Obama signed another executive order (again in the middle of the night) giving himself authority over a "council of governors" (COG) in the event he declares "a national emergency." The council would include 2 governors appointed by the President, the US Military, DOD, CIA, NSA, and FBI. The council would have authority to deploy domestic or foreign troops on American soil to suppress domestic unrest. Presumably, this would be required if American soldiers refused to violate the US Constitution to deploy or fire upon fellow YUS citizens. The COG is rather detailed, and extensive, as if the COG is a governmental infrastructure to be maintained for an extensive period of time autonomously.

 

 

Fri, 04/22/2011 - 10:14 | 1195894 GodsofGreektown
GodsofGreektown's picture

Coming to a state, province, or municipality close by....As the Spinners and D. Warwick used to sing, "Then came you!" The restructuring industry is where it's at.

Fri, 04/22/2011 - 10:17 | 1195897 Maiden Lane
Maiden Lane's picture

Velvet Bitches

Fri, 04/22/2011 - 10:31 | 1195965 Jo
Jo's picture

'Interpol' is about as scary as 'CBI' from The Mentalist'.

So no.

Fri, 04/22/2011 - 10:36 | 1195989 Broomer
Broomer's picture

... result in the same shadow banking system "Ice-Nine" effect that nearly destroyed capitalism back in September 2008.

You say this like capitalism is still alive...

Fri, 04/22/2011 - 21:02 | 1198026 StychoKiller
StychoKiller's picture

Ice-Nine FTW!

Fri, 04/22/2011 - 10:40 | 1196001 lizzy36
lizzy36's picture

Velvet restructuring, liability management exercise......

Seems like a great week for a Greek tragedy. After all the only thing the sheeple are interested in is the fairy tale: the princess, her prince, his bald spot and the over/under until their divorce.  

Fri, 04/22/2011 - 12:29 | 1196443 A Man without Q...
A Man without Qualities's picture

the situation for some pension funds is even worse than that.  They bought a lot of structured bonds with the sovereign as the reference credit, and so any default will create a loss equal to the loss on the bond plus the loss on the swap.  We could be talking big numbers here, say another 15 - 20% of notional, or maybe worse.  Of course, they should question who bought these, why and from whom and how much did they overpay.  Greek is a total fucking kleptocracy - nobody puts anything into the system and everyone tries to take something out.  When the break does come, it's going to stun people when they see just how broke the country is and just how bad the theft has been.

It's essentially the same shit with Portugal - they are very good at the public face of respectability, but behind the scenes, hidden in the second set of books, the picture is really ugly.

Fri, 04/22/2011 - 13:09 | 1196580 topcallingtroll
topcallingtroll's picture

There are a lot of people who dont understand the southern european culture. I had hoped it wasnt quite as bad as it looked, but i am now afraid it is as bad as many feared. It will take massive european subsidy to keep the haircut around 50 percent.

Sat, 04/23/2011 - 04:19 | 1198583 hugovanderbubble
hugovanderbubble's picture

+1

Fri, 04/22/2011 - 10:45 | 1196033 The Count
The Count's picture

Ahhhh.... I love financial speak. Where default becomes 'restructuring'.

Fri, 04/22/2011 - 10:47 | 1196036 Bruce Krasting
Bruce Krasting's picture

Color me disappointed. I wrote early this week about what would happen with Greek bonds. I think you will see some of what I wrote become reality this weekend.

But I'm not a target of Interpol. Can't get no respect......

http://www.zerohedge.com/article/greek-bonds-whats-next

Fri, 04/22/2011 - 11:20 | 1196186 css1971
css1971's picture

But I'm not a target of Interpol. Can't get no respect......

Just wait till he fesses up where he heard it all from.

Does the US extradite to Greece? The weather's nice and the food is good. Factor 50 sunscreen and a big hat are my tips.

Fri, 04/22/2011 - 10:52 | 1196069 Bubbles the cat (not verified)
Bubbles the cat's picture

Chasin a fkn email!?! How much longer is this stoopid fkn charade gonna go on? Restructure? Default you silly fkrs. You can't pay it back. Get on the streets and take your country back instead.

Fri, 04/22/2011 - 11:25 | 1196216 redpill
redpill's picture

Well it must be Shiti's fault, afterall...

"...Greece's debt is absolutely sustainable."

-- Greek Finance Minister George Papaconstantinou

Fri, 04/22/2011 - 12:03 | 1196352 downwiththebanks
downwiththebanks's picture

Why not dissolve Citi?  They're more insolvent.

Stick Pandit and the boys in the clink, and zero out everything.

Fri, 04/22/2011 - 10:56 | 1196078 steve from virginia
steve from virginia's picture

Jeez!

The only 'restructuring' that matters is the one where all of Greek debt is forgiven. Anything else is denial.

 

Fri, 04/22/2011 - 12:02 | 1196359 downwiththebanks
downwiththebanks's picture

How about an Easter's Day Global Jubilee!

Imagine holiday dinner at the Dimons.

Fri, 04/22/2011 - 13:12 | 1196589 topcallingtroll
topcallingtroll's picture

Sounds like the pre festivities are already starting.

Fri, 04/22/2011 - 10:59 | 1196098 Monday1929
Monday1929's picture

So this is how it ends. With me having to defend a Citi trader.

Any of us who believe we will collect our winnings on our Shorts are deluded.

Fri, 04/22/2011 - 11:59 | 1196344 downwiththebanks
downwiththebanks's picture

Damn straight.

Fri, 04/22/2011 - 13:13 | 1196592 topcallingtroll
topcallingtroll's picture

Strange bedfellows indeed!

Fri, 04/22/2011 - 11:21 | 1196198 trav7777
trav7777's picture

WTF are they going to restructure to, infinity years?

This is absurd; the growth of the economy CAN NO LONGER support the paper debts levied by the monetary system

Fri, 04/22/2011 - 11:53 | 1196332 centerline
centerline's picture

It is fun watching them run around the elephant in the room though.

Fri, 04/22/2011 - 13:18 | 1196598 topcallingtroll
topcallingtroll's picture

They have a hard time avoiding bumping into him because they pretend they cant see him standing there.

Fri, 04/22/2011 - 11:21 | 1196199 Captain Planet
Captain Planet's picture

Looks like we wont be seeing much of the Easter bunny this year...

He better start hiding now, cause in a few years he himself will be the target of the famed hunt every Easter Sunday.

 

Fri, 04/22/2011 - 11:34 | 1196242 Flounder
Flounder's picture

--But the finance ministry in Athens said rumours about an Easter restructuring were "devoid of any substance and verge on the ridiculous".--

See it is ridiculous and here are a couple of other guys interpol can line up with the Citi non-believer.

"Fewer and fewer people want to hold Greek debt," said Nick Parsons, of National Australia Bank. "

 

Jonathan Loynes, European economist at consultancy Capital Economics, agreed that a default looks all but inevitable. "The markets have felt for a long time that despite the bailout, eventually the Greek situation would come to be unsustainable, and it would require some sort of restructuring," he said.

Loynes added that he is surprised the value of the euro has not come under more pressure as the crisis has intensified. "I'm somewhat flummoxed by the euro's strength."

 

http://www.guardian.co.uk/business/2011/apr/21/citigroup-faces-inquiry-o...

 

Fri, 04/22/2011 - 11:39 | 1196281 MarketTruth
MarketTruth's picture

Massive FRAUD GETS REWARDED while whistleblowers go to jail. Yup, sounds like normal market operation nowadays.

Fri, 04/22/2011 - 13:20 | 1196608 topcallingtroll
topcallingtroll's picture

Well said.

Fri, 04/22/2011 - 11:56 | 1196330 downwiththebanks
downwiththebanks's picture

It's OK for the banker-gangster to engineer a deal that screws Greece.  But Greece shouldn't be allowed to flip the script on the banker-gangsters who brew up endless crises with their mathy little derivatives games.

The problem isn't one con man.  It's the con.

Fri, 04/22/2011 - 12:29 | 1196452 vachon
vachon's picture

Beautifully said.  The con:  wash, rinse, repeat.

Fri, 04/22/2011 - 12:27 | 1196444 foxman
foxman's picture

Time to investigate and prosecute the rumors and their mongers!

Fri, 04/22/2011 - 13:16 | 1196599 hugovanderbubble
hugovanderbubble's picture

My name is Hugo Peterssen (Spanish Citizen), and yes FBI , KBG u can capture me im tired of this freaking manipulation market in order to save the bigcaps and crash the small mid population tranch.

I dont have nothing to lose in this life, i prefer a better world without scam and fraud, im idealistic i know, but thanks to ZeroHedge Members and other websites we have proven that the real thing is much different than the press/media says cos of course they are part of the scam too: Specially Thomson Reuters...i know they have to live with the ponzi world, but no, its time to end and reset this dramatragedy.

and I could demostrate that not just Greece in under default.

 

Who is buying Spanish Bonds? non domestic dealers? why ? cos in Spain all banks are in default ALL, this country is a mess and they have cooked their books to again lie for the stress tests.

ECB and IMF,BIS...the game is close to the end. Game over...

Sell any Peripherical Sovereign Government Bond and Remember Italy and Belgium will be the next two country to be attacked.

Long Italy CDS , Long Belgium 5 and 10 yrs CDS.

Long US Munibonds 2 and 5 yrs CDS ( specially Pennsylvania and NewJersey) Short Texas CDS

 

Good luck,

 

Fri, 04/22/2011 - 13:18 | 1196600 hugovanderbubble
hugovanderbubble's picture

My name is Hugo Peterssen (Spanish Citizen), and yes FBI , KBG u can capture me im tired of this freaking manipulation market in order to save the bigcaps and crash the small mid population tranch.

I dont have nothing to lose in this life, i prefer a better world without scam and fraud, im idealistic i know, but thanks to ZeroHedge Members and other websites we have proven that the real thing is much different than the press/media says cos of course they are part of the scam too: Specially Thomson Reuters...i know they have to live with the ponzi world, but no, its time to end and reset this dramatragedy.

and I could demostrate that not just Greece in under default.

 

Who is buying Spanish Bonds? non domestic dealers? why ? cos in Spain all banks are in default ALL, this country is a mess and they have cooked their books to again lie for the stress tests.

ECB and IMF,BIS...the game is close to the end. Game over...

Sell any Peripherical Sovereign Government Bond and Remember Italy and Belgium will be the next two country to be attacked.

Long Italy CDS , Long Belgium 5 and 10 yrs CDS.

Long US Munibonds 2 and 5 yrs CDS ( specially Pennsylvania and NewJersey) Short Texas CDS

 

Good luck,

 

Fri, 04/22/2011 - 13:18 | 1196604 hugovanderbubble
hugovanderbubble's picture

My name is Hugo Peterssen (Spanish Citizen), and yes FBI , KBG u can capture me im tired of this freaking manipulation market in order to save the bigcaps and crash the small mid population tranch.

I dont have nothing to lose in this life, i prefer a better world without scam and fraud, im idealistic i know, but thanks to ZeroHedge Members and other websites we have proven that the real thing is much different than the press/media says cos of course they are part of the scam too: Specially Thomson Reuters...i know they have to live with the ponzi world, but no, its time to end and reset this dramatragedy.

and I could demostrate that not just Greece in under default.

 

Who is buying Spanish Bonds? non domestic dealers? why ? cos in Spain all banks are in default ALL, this country is a mess and they have cooked their books to again lie for the stress tests.

ECB and IMF,BIS...the game is close to the end. Game over...

Sell any Peripherical Sovereign Government Bond and Remember Italy and Belgium will be the next two country to be attacked.

Long Italy CDS , Long Belgium 5 and 10 yrs CDS.

Long US Munibonds 2 and 5 yrs CDS ( specially Pennsylvania and NewJersey) Short Texas CDS

 

Good luck,

 

Fri, 04/22/2011 - 13:25 | 1196624 topcallingtroll
topcallingtroll's picture

Hugo.

Try to objectively give us your best guess how badly the banks are undercapitalized.

It looks so bad that china now wont touch it.

Imagine the lack of transperency was even too much for the chinese to stomach!

Fri, 04/22/2011 - 13:23 | 1196616 topcallingtroll
topcallingtroll's picture

Oh the truth!

Get it off me! It hurts!

Fri, 04/22/2011 - 13:36 | 1196640 slewie the pi-rat
slewie the pi-rat's picture

the greeks are very happy discussing this, today.  it's the germans who are flopping around like fish on the deck isn't it?  and the Finns?  isn't this wonderful?  what will the IMF say next? 

this paper, this "Greek Debt" is, perhaps, destimed to the same mythic fame as the "Trojan Horse" ?

that said, i must hoist the jib and pirate along to "Hitler & The Crimex"

this is better than the supermarket check-out line!

Fri, 04/22/2011 - 13:57 | 1196716 mind_imminst
mind_imminst's picture

My inkling is that a call will go out to Uncle Ben. A Greek default or restructuring will spread contagion like wildfire. Big U.S. and Euro banks are still functionally insolvent and the ponzi is at risk because of the Greek situation. I suspect there will be a restructuring that is not as bad as the market expects (50% haircut) and it will be wrapped in some sort-of unintelligible newspeak, maybe "Quantitative Greek Bondholder Relief". Investors will be relieved that "default" is not so bad (even while losing SOME money). Behind the scenes, it will just be another FED money-printing rescue operation. Kicking-the-can. 

Fri, 04/22/2011 - 13:58 | 1196718 mind_imminst
mind_imminst's picture

My inkling is that a call will go out to Uncle Ben. A Greek default or restructuring will spread contagion like wildfire. Big U.S. and Euro banks are still functionally insolvent and the ponzi is at risk because of the Greek situation. I suspect there will be a restructuring that is not as bad as the market expects (50% haircut) and it will be wrapped in some sort-of unintelligible newspeak, maybe "Quantitative Greek Bondholder Relief". Investors will be relieved that "default" is not so bad (even while losing SOME money). Behind the scenes, it will just be another FED money-printing rescue operation. Kicking-the-can. 

Fri, 04/22/2011 - 14:47 | 1196957 Flatchestynerdette
Flatchestynerdette's picture

Picture of Easter bunny begging for no restructuring of Greek debt over weekend

Too bad, it looks like easter bunny's wish is not going to be granted.

Fri, 04/22/2011 - 17:18 | 1197574 Buck Johnson
Buck Johnson's picture

I would really like to know how they where able to get one email with someone saying or projecting that Greece will "Velvet Restructure" (which is them defaulting, when you make any changes it's default).  Did this guy or someone on a blog post this email and then Greece took it and ran with it.  They are going to default this weekend and next week is going to be crazy.

Fri, 04/22/2011 - 17:26 | 1197597 AldousHuxley
AldousHuxley's picture

Shiti Bank is where Arabs loose their crude money. Dumbasses.

Fri, 04/22/2011 - 22:27 | 1198208 GodsofGreektown
GodsofGreektown's picture

Greece needs a complete regime change just like the US.  Two party political system is for losers and every Greek knows it and we know it too.  Pay taxes?  To expand the bureaucracy, create more bullshit jobs, no way!  The Greek people know they've been fucked by the same families and they know how its done.  I think it's a major fallacy to say that they're all corrupt or backward.  They just don't have a digitized printing press to inflate the world with.  I hope the leaders in Greece are hanged because they've disarmed their populace with a deplorable socialist bullshit education system that engineers people into parasites.  They did this whole PR campaign about EU, and how the EU was going to save Greece, but the people, the Greeks that lived there, farm there, work and produce something with their hands?  They didn't want it.  But all these aristocratic Greeks that jerked off at Harvard, Yale, London School of Business, then came back to Greece and sold the people a dream, like crack dealers, easy credit there, an enslaved a whole nation in debt and now these criminals have the nerve to finger point and try the scapegoating tactics?  If Greece can default, and begin the restructuring tomorrow they will be ahead of the rest of the world!

 

Fri, 04/22/2011 - 23:50 | 1198364 topcallingtroll
topcallingtroll's picture

Greeks need to get all Iceland on those bitch-ass bankers.

Mon, 04/25/2011 - 03:49 | 1202577 Canny
Canny's picture

In recent years there has been a trend toward general nike shop uk and other non-replica types of football shirts. The cost of collecting replica shirts can be pretty steep, so younger fans tend to wear shirts that represent their favorite team but aren't the actual nike sale that the team wears on the field. The trends in the general football shirts are toward crazy patterns and prominent displays of a team's crest. Many general nike factory outlet also celebrate specific players from each team.

Mon, 04/25/2011 - 06:48 | 1202850 FinanceSeer
FinanceSeer's picture

Talk to the GREEK MONKS. They have all the MONEY! lol!

Mon, 04/25/2011 - 18:19 | 1205513 tomster0126
tomster0126's picture

I'm so SICK of Greece and other bozo European countries blaming their setbacks on others.  It's their fault...just like us, they do need to change their system up.

 

www.forecastfortomorrow.com

Mon, 04/25/2011 - 18:23 | 1205517 tomster0126
tomster0126's picture

I'm so SICK of the Greeks and other miserable Euros blaming their mishaps on others.  they need to just change up their system, like us.

 

www.forecastfortomorrow.com

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