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Greek 10 Year Hits 952 Bps, +100 On The Day, 5 Years At 13.6%, German Professors Announce Imminent Greek Bail Out Lawsuit

Tyler Durden's picture





 

At this point there is no need to refresh the Greek curve in graphic form: the country is finished in its current format. Bailout, no bailout, the market has spoken. Even as the German Bundestag (lower House of Parliament, the Bundesrat will vote later) approves a bailout, which unfortunately is too little too late at this point, Market News reports that several German professors "will file a lawsuit at the German Constitutional Court today against the German aid for Greece." This will put a procedural stumbling block in the rescue machine, as Greece is in desperate need to getting funding this weekend: some estimate that the entire country has far less than 1 billion available as "petty cash" not to mention it has to fund billions in maturities. The end game at this point is all to clear, even German FinMin Schaeuble said that "s a consequence of the current crisis, rules for an orderly insolvency of a Eurozone member state should be established, Schaeuble urged, reiterating previous comments." Yeah, those orderly procedures are oh so easy to implement. Just look at how easy it is for that political corpse Dodd and his worthless bill: As the Dude says it best: "That's a great plan, Walter. That's f#*$&' ingenious, if I understand it correctly. that's a swiss f#($*& watch." Alas, the troubles in Europe have devolved to the comedic content of a Coen brothers movie.

 


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Fri, 05/07/2010 - 06:21 | Link to Comment AUD
AUD's picture

There is still a bid for Greek bonds!?

Who's the chump?

Fri, 05/07/2010 - 06:26 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

It's me. I want to wallpaper my new office.

Fri, 05/07/2010 - 10:41 | Link to Comment sheeple
sheeple's picture

u r rich

Fri, 05/07/2010 - 06:25 | Link to Comment Zombie Investor
Zombie Investor's picture

I'd like to buy those German professors a round of strudel!

Fri, 05/07/2010 - 06:27 | Link to Comment JacksCompleteLa...
JacksCompleteLackOfSuprise's picture

so what happens if Greek doesnt get cash this weekend? I thought the 14th was the key day?

Fri, 05/07/2010 - 06:34 | Link to Comment kapillar
kapillar's picture

Don't worry. By the time the "German professors" imminent lawsuit is properly filed and stamped for use in whatever court may be available, Greece will be in a monetary union with the Turks.

Fri, 05/07/2010 - 06:57 | Link to Comment Duuude
Duuude's picture

Tha Grurk Union....uh Onion?

Fri, 05/07/2010 - 07:01 | Link to Comment kapillar
kapillar's picture

The Trukian Leech, maybe?

Fri, 05/07/2010 - 06:35 | Link to Comment M.B. Drapier
M.B. Drapier's picture

This will put a procedural stumbling block in the rescue machine, as Greece is in desperate need to getting funding this weekend: some estimate that the entire country has far less than 1 billion available as "petty cash" not to mention it has to fund billions in maturities.

Surely this won't in itself be a huge problem for the bailout, as the IMF can front-load some of its contribution if it has to?

Sat, 05/08/2010 - 15:08 | Link to Comment M.B. Drapier
Fri, 05/07/2010 - 06:52 | Link to Comment Moonrajah
Moonrajah's picture

German profs FTW. Oh, and about Greece having only 1 billion left - I think somebody typed it wrong courtesy of their big fat finger.

Fri, 05/07/2010 - 07:52 | Link to Comment MsCreant
MsCreant's picture

Yeah, probably really a Tr, huh?

Fri, 05/07/2010 - 11:08 | Link to Comment nonclaim
nonclaim's picture

More like a 1 Nil·lion...

Fri, 05/07/2010 - 06:53 | Link to Comment Sudden Debt
Sudden Debt's picture

1. This weekend there will be mass demonstrations in Athens

2. Germany and France will try to get the bailout fixed but they are not the only ones to sign the deal. Bureaucrazy will block it, watch and see ;)

All hopes went down with the BP dome. And that is like doing open hart surgery in the dark at 1 mile depth.

3. To many people securing their money right now as the risk is to high. That will put more and more pressure on the market, wich will go down, what will trigger more people to protect their funds and so on and so on.

 

Bring on the correction! BRING IT ON BITCHES!!

Fri, 05/07/2010 - 06:58 | Link to Comment alt-shift-x
alt-shift-x's picture

didn´t you guys get that memo, we don´t care about "lawsuits at the German Constitutional Court" anymore, the money will be pumped into greek bonds  errrr i mean wallpaper because our governemts says so, these guys never admit they made a mistake,never. honestly i don´t think that lawsuit will even serve as a procedural stumbling block, but TD is right the market has spoken, what happens here is just a huge waste of my tax money.Maybe i should finally think about moving to switzerland or something.

Fri, 05/07/2010 - 06:58 | Link to Comment jkruffin
jkruffin's picture

I said from the very beginning many times, that any bill sponsored by Dodd and Shelby would be garbage.  They have both lived in the Senate for decades in bed with the bankers again and again.  They need to voted out of office for good.  Dodd is practically a criminal as much as he has done for bankers to screw the American people.

Fri, 05/07/2010 - 07:12 | Link to Comment MarketTruth
MarketTruth's picture

i honestly do have have hundreds of trillions of dollars i could loan Greece. They are accepting Zim dollars, yes?

Fri, 05/07/2010 - 09:16 | Link to Comment Grand Supercycle
Grand Supercycle's picture

 

Posted 1 week before the recent crash:

"The weekly DOW chart shows an expanding wedge indicating a significant move is probable ....this remains an overbought bear market rally and the uptrend could falter at any time.

http://www.zerohedge.com/forum/latest-market-outlook-0#comment-326767

Fri, 05/07/2010 - 09:48 | Link to Comment dogster
dogster's picture

"Rescuing Greece" is a disinfo phrase.

Rescuing the Greek banking front of House of Rothschild is the correct phraseology.

Fri, 05/07/2010 - 09:50 | Link to Comment dogster
dogster's picture

"Rescuing Greece" is a disinfo phrase.

"Rescuing the Greek banking front of House of Rothschild" is the correct phraseology.

Fri, 05/07/2010 - 12:36 | Link to Comment markar
markar's picture

Greek ministry of finance just put out a correction. They do not have 1 bill euros left-it is 1 bill gyros--fat finger error

Sat, 05/08/2010 - 03:47 | Link to Comment Grand Supercycle
Grand Supercycle's picture

 

Posted May 1st - a week before the crash.

 '11,250 / 300 is an area of significant resistance and if this level can’t be breached it should signal the end of the March 2009 bear market rally - the weekly DOW chart shows an expanding wedge indicating a significant move is probable - this remains an overbought bear market rally and the uptrend could falter at any time - the VIX index continues to give bullish warnings which is bearish for equities - long term charts of key equity indexes continue to give bearish warnings and the March 2009 lows will be breached in my opinion - USD Index bullish warnings since 2009 on the weekly and monthly chart have not changed and further USD strength and thus EURO weakness is still expected '

http://www.zerohedge.com/forum/latest-market-outlook-0

http://stockmarket618.wordpress.com

Do NOT follow this link or you will be banned from the site!