With Greek Bonds In Freefall, ECB Intervention Absence Raises Concerns Greece Is Now Doomed

Tyler Durden's picture

It seems that the ECB has now resigned to letting Greece fail. While previously any time we had a whopping 2 point drop in one day the ECB would promptly step in and be the buyer of only recourse in peripheral debt, it has been deathly silent today. And as the chart below demonstrates Greek debt is about to go bidless: a par 10 Year note is trading at 62, with the resulting yield now literally going parabolic. And the 2 Year is now at 16.5%. Luckily for a globalized economy, dominoes are completely isolated and what now appears to be a certain "chain reaction" in creditor defaults will have no impact on the Russell 2000: after all the Fed is surely prepared for this contingency.


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tmosley's picture


knukles's picture

I thought that Becky always said "duh" before "awesome"?

Mercury's picture

I swear I heard her say this morning "...and apparently gold has been coming back recently..."  as if she were talking about something completely trivial like the price of Hannah Montana tickets or something.

Thomas's picture

Totally awesome (and would you marry me, Becky?)

Long-John-Silver's picture

Why is the RFID chip in my palm flashing?

flacon's picture

It's telling you that you son-of-a-bitch haven't spent enough money this month - you damn "saver"! The only way to get rich is to spend more than you have and you have earned - don't-cha-know! /sarc

Chuck Walla's picture

Buy more gyros! Or is that Euros?

e_goldstein's picture

At least you can eat gyros ;-)

Cthonic's picture

Report to the nearest Sleepshop, Logan Three.

Thomas's picture

It's telling you that you've used up your monthly allocation of chickens to choke.

CPL's picture

You are not of the body!  Traitors!

LawsofPhysics's picture

Well, that dates you tom.  How long till U.S. bonds do the same thing?

tmosley's picture

Never.  The dollar goes first.

If the Treasury market goes tits up, we might get a "renew" rather than a thermonuclear detonation.  But the Fed can't resist interfering, and in fact is forced to interfere under any and all circumstances.

LawsofPhysics's picture

Sweet, so I can love my metals AND bonds for a bit longer.

RockyRacoon's picture

Greece gets access to the Fed's discount window -- problem solved.

I've always wanted to visit/own a sun-drenched Greek island...

redguard's picture

RUNNER! Drop the gold and silver.

redguard's picture

RUNNER! Drop the gold and silver.

redpill's picture

And not a threat to human health (Copyright 2011, TEPCO)

pan-the-ist's picture

Reality might sink in?

traderjoe's picture

But, but Leo said to buy - back at 8% on the 10-year?!

Dick Darlington's picture

Maybe he wanted to get in early to max out the haircut... Some like pain, ya know ;-)

Crisismode's picture

No, he traded them for the chinese solars.

CPL's picture

Which are getting caught with their pants down in scams like channel stuffing or outright lying on their books.

emsolý's picture

Let's play dominoes!

aVian's picture

make that DOOMinoes  

HamyWanger's picture

Please Tyler, I can't take any more DOOM... 

Long-John-Silver's picture

Doom is bullish for Gold and Silver.

Argonaught's picture

Possible doom is bullish for PMs.  Actual doom is only bullish for bread and bullets, not so much rocks, shiny or otherwise.

Cash_is_Trash's picture

One step closer to ending like the French Assignats.


Long-John-Silver's picture

Silver, Gold, Iron, clay pot, and urine can be used to make a battery. You can connect several of these battery's to recharge your I-Pad. Recharging these batteries only requires dumping out the old urine and replacing with fresh urine.

Drachma's picture

The thought of recharging those batteries had me pissing my pants.

topcallingtroll's picture


Double post or double penetration

moldygoat's picture

Oh shit, I thought my wife was going out for Dr. Pepper!

topcallingtroll's picture

Doom in moderation is actually bullish for the accepted currency.

I am kinda.hoping for a kinder and gentler doom. Like all the dooms we faced in the 20th century.

I prefer my doomworlds to stay on my pc.

Dick Darlington's picture

So why don't you switch on CNBC...

depression's picture

Cheer Up Hamy, look at the bright side, at least they finally made the right decision and stopped "throwing good money after bad", so from that perspective this is a good decision, bullish for AAPL and stuff.

But then I realized there is no 'good money' anymore, well except for Gold but that doesn't count, right Hamy ?

topcallingtroll's picture

Oh my god.

If hamy is capitulating or becoming scared we are fucking doomed.

Cmon hamy cheer me up.

Get the gold bugs riled up.

Dont you think a one world government will be the result of all this financial stress, and finally bring peace to mankind?

gorillaonyourback's picture

hamy if i remember right you sold all your silver at 26 and your gold at 1320.  your feelings of doom are coming from within.  are u lookin around at your fellow peons there manufacturing  consent and trying to give the illussion of calm and thinkin to yourself " gotta git out of here".  dont worry you will wake up to the fact that your pension will be gone your dollars worthless and the stocks you so treasure make good wallpaper lolololo

knukles's picture

"Raises concerns"

How quaint.  As if it's something newly found, a jewel of knowledge, an ah-hah moment, spiritual insight.

Raised concerns... in reality simply bitch slapping the EU across the face whilst soundly asleep dreaming wistful images of everything's been taken care of, OK, hunkie dorie and if not, we'll have another meeting and release another statement, mission accomplished. 

Ms. Kyeptokopolis, book me a first class flight to Berlin for the meeting, a suite at the Kampinski, love.  And give Bennie a ring, we'll need another mimeograph copy of the dollar swap drawdown...

nobusiness's picture

European's really don't like to do work on Fridays

Urban Redneck's picture

No, and since the sun is shining beautifully on the central plateau in the Rhine valley- we have no need for Greek islands or paper (today).