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Greek 2 Year Bonds Now Yielding Record 22%, Price On 10 Year Bonds 59 Of Par

Tyler Durden's picture





 

Just a quick reminder that the world continues to burn: the yield on the Greek 2 Year bond has just climbed to 22%, an all time record. The actual price is 74.25%. And far more jarringly, the 10 Year is 59 cents on the euro. A 40% haircut is now effectively priced in by the market.

 


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Wed, 04/20/2011 - 10:51 | Link to Comment Ivanovich
Ivanovich's picture

I guess that's why the EUR is pushing highs again, and the S+P is up against it's yearly high as well?

Wed, 04/20/2011 - 10:56 | Link to Comment SheepDog-One
SheepDog-One's picture

S&P negative for the year...EUR and Fiatsco winos staggering down the alleyway arm in arm propping each other up when one or the other stumbles.

Wed, 04/20/2011 - 10:56 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

ach sure, not to worry.

Wed, 04/20/2011 - 10:54 | Link to Comment Double down
Double down's picture

This may be a weekend of hair cuts and margin requirement hikes.

Wed, 04/20/2011 - 10:57 | Link to Comment SheepDog-One
SheepDog-One's picture

What? Well I havent seen any bubblehead C- journalism student turned economic expert on CNBC mention any of this. Cant be true. Freaking unicorn dew shooting out of my TV all over the carpet.

Wed, 04/20/2011 - 10:57 | Link to Comment Herne the Hunter
Herne the Hunter's picture

22% a year is just about enough to tame inflation. HPQ up 3%, nuff said

Wed, 04/20/2011 - 10:57 | Link to Comment Double down
Double down's picture

When is the dollar going to bounce?  This ride is getting a bit frightening.

Wed, 04/20/2011 - 13:59 | Link to Comment topcallingtroll
topcallingtroll's picture

Hopefully soon.

Wed, 04/20/2011 - 11:06 | Link to Comment hugovanderbubble
hugovanderbubble's picture

60-70% Haircut INMINENT

Wed, 04/20/2011 - 11:31 | Link to Comment willien1derland
willien1derland's picture

OMG - FRENCH BANKS WILL FACE INSURMOUNTABLE IMPAIRMENTS! - Does Trichet request a Bernank 2011 Super Fiat Printer from Berlin?

Wed, 04/20/2011 - 11:09 | Link to Comment carbonmutant
carbonmutant's picture

NBG is .10 away from it's all time lows...

Wed, 04/20/2011 - 11:08 | Link to Comment TINN
TINN's picture

only 15 days till Mexican Standoff..

bring popcorn

Wed, 04/20/2011 - 11:13 | Link to Comment Bubbles the cat (not verified)
Wed, 04/20/2011 - 11:16 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

Yield rally.

Wed, 04/20/2011 - 11:18 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

Looks like Greece would do better with a couple of Capital One cards in their wallets.

Wed, 04/20/2011 - 11:25 | Link to Comment QQQBall
QQQBall's picture

So what is the default insurance permium? TIA

Wed, 04/20/2011 - 11:29 | Link to Comment willien1derland
willien1derland's picture

And I thought I was confused, but NOW I can say without reservation that I am profoundly lost - The only answer that seems reasonable is that the markets are going parabolic in an attempt to force the 'back channel' discussion in Washington DC to ensure Debt ceilings are increased & the Bernankster carries on with QE4EVER - meanwhile the real economy is grinding slower & the divergence between paper & reality extends beyond practical reason...and REMIND ME WHY WE NEED A GOVERNMENT?!

Wed, 04/20/2011 - 11:28 | Link to Comment JoeSexPack
JoeSexPack's picture

How did you get a price of 74.25% for the 2 year?

Or 59 cents/Euro for the 10 year?

Just wondering how the annual interest computes to these discounts...

Wed, 04/20/2011 - 16:06 | Link to Comment JoeSexPack
JoeSexPack's picture

All explanations welcome, from Tyler or elsewhere.

Just asking.

Wed, 04/20/2011 - 11:33 | Link to Comment Zero Govt
Zero Govt's picture

22% still not high enough..

...given anything longer than a 3 Year Bond you'll never ever see your money again!

Wed, 04/20/2011 - 13:56 | Link to Comment topcallingtroll
topcallingtroll's picture

You forgot you get a free maturity extension with each haircut.

You will get your money back.....snicker.

Wed, 04/20/2011 - 11:39 | Link to Comment Dick Darlington
Dick Darlington's picture

Look at the complacency of the "market". European equities close the day up 2%+. WTF!

Wed, 04/20/2011 - 12:03 | Link to Comment Peak Everything
Peak Everything's picture

Finally, people can get a decent return on their savings.

Savings good. Debt bad.

Wed, 04/20/2011 - 12:07 | Link to Comment QE4EVER
QE4EVER's picture

If you think the EUR is strong now, wait til' you start getting peripheral defections....

Wed, 04/20/2011 - 12:13 | Link to Comment ivars
ivars's picture

I had correctly predicted increase in silver price growth speed here, in this March 13th graph.

http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&st=0&sk=t&sd=a&sta...

 

But I made that prediction correctly based on consequent correction to 25-28 USD. Have i also predicted correction correctly ( that its coming soon) , and the level of correction price ( its 45 USD in the graph, could be of course even >50 USD in the peak as well as prices move very fast in superexponential growth region)?

We shall know in less than a 2 weeks.

The interesting thing is , stocks has to drop at the same time, as USD value will be somewhat temporarily restored vs. silver and also a bit vs. gold, but oil price should not change dramatically.

Is Iran going to do something stupid? I have no idea what could cause all these events simultaneously. Or some too big to fail bank may fail?

Wed, 04/20/2011 - 12:19 | Link to Comment QQQBall
QQQBall's picture

Rumour: Grease CB in discussions with PayDay Loans for bridge financing. ;)

Wed, 04/20/2011 - 13:15 | Link to Comment Miles Kendig
Miles Kendig's picture

And far more jarringly, the 10 Year is 59 cents on the euro. A 40% haircut is now effectively priced in by the market.

And THE catalyst of why Germany wants to restructure ASAP.  They have come to appreciate that it will be 40c to the Euro by this time next month.  They'll just pump Ben for the fx swap lines to recap.  F12  F12  F12  and it's done

I wonder when Ireland, Portugal, Spain, Italy et al will wake up and jump aboard the train that is now departing from gleis 8 3/8?

Wed, 04/20/2011 - 13:50 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

If I had inside knowledge that the ECB would monetize on  a gigantic scale I would buy this paper.

Evelyn , you know I think you are a real nice guy , really I do

Wed, 04/20/2011 - 15:05 | Link to Comment Cull Morgan
Cull Morgan's picture

Yup, the steamroller still looks pretty far away to me. I might just try to pick up a few dimes before it gets here.

Any idea how to find ISIN, or even better, CUSIP, for Greek bonds?

Wed, 04/20/2011 - 18:44 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Sorry Cull , I don't -  I am just a Dork

Wed, 04/20/2011 - 19:17 | Link to Comment Miles Kendig
Miles Kendig's picture

Which day of the week is have a whiskey day DOC?

We'll share this week, I got a little extra ration ..

Wed, 04/20/2011 - 14:02 | Link to Comment topcallingtroll
topcallingtroll's picture

Dp

Wed, 04/20/2011 - 13:53 | Link to Comment topcallingtroll
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Did anyone notice it is 420?

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