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