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Greek HDAT Withdraws Official Bond Price Disclosure, Greek Spreads At New Record, Greek Stock Market Down 2.5%
The Greek bond holiday is here. Greece's bond pricing administration HDAT has withdrawn bond prices as spreads have hit 650 bps. Greece acknowledges it is game over as 10 Years are at 10%, and 3 Years at 13%. Stock liquidation are rampant as Greeks are on the verge of panic: the ASE is down 3% and investors are now widely expecting a 10% correction to below 1,700 on the ASE. And Portugal is now officially part of the party Portuguese - CDS just hit 310 bps.In the meantime Germany is starting to feel the burn - German FinMin Schaeuble has stated he is determined to defend the stability of the euro by asking that Greek talks with IMF conclude by weekend. He also said that he anticipates that Euro zone and IMF want to free up Greek aid simultaneously and does not favour idea of granting Greece moratorium on debt. Alas, the time for speeches is over. Making matters worse, Germany’s SPD says will not back accelerated parliamentary process to approve Greek aid, rendering all rhetoric useless. Lastly, Angela Merkel will make a statement on Greece at 13:00 GMT. We can't wait to hear the powerlessness in her voice.
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... and a broken record kept playing "the Greek crisis is contained"...the Greek crisis is contained"...the Greek crisis is contained"...
Good thing GPap followed through on his threat to fuck the shorts. They'll never mess with him again, I bet, nor any other eurozone country.
This is just the kind of decisive leadership we need in the world right now.
Somebody is going to lose their shirts....
If the ASE were down 6%, would the DJStoxx 600 be up 2% rather than the mere 1% it is now?
Just wondering . . .
Thanks ZH for the best reporting on Greece anywhere on the Web!
I think it's funny that I can borrow money over 5 years at a better rate than a European government.
Not really. Monkeys are far more responsible with their resources than governments...
I am wondering who the largest underwriter of the Greek CDS is. If it is Greek banks then the EMU will be fighting hard to prevent any hint on the interpretation of a "default event" because it will be an additional huge liquidity drain from the Greek banking system, right?
Without funding Greece faces default on May 19th. Merkel needs to win an election on May 9th and will do nothing for Greece before then. The Brits are on track to elect a minority government which means endless squabbles. The French banks will take a big hit on a Greek default. This will be a blowup bigger than Lehman. Expect the melt-up to continue!!
Merkel will not spend any political capital to support Greece. The EU/Greece has put Merkel into a corner and the EU/Greece expects Germany to submit and cough up the current 8+ Billion euros. I doubt that will happen. This was supposed to be the crisis that accelerated political integration of the EU states. A point in fact is all discussions are European State to State, not through the EU parliament.
Greece has been instructed to put together a multi-year debt reduction plan that will likely be similar to Latvia, Ireland, et al. That would call for significantly more belt tightening than the Greeks were planning.
In the end, the Greeks do not have the type of economy that can pay their debts. Where will they generate GDP growth over the next 20 years in order to pay their bills?
Greece should default and leave the euro.
The same Socialists governed Greece back in 2000. The same manipulations Socialists do now. Greek PM had meetings with GS high officials.
House of cards.
All this bad news should give us a very nice Monday melt-up in the S&P 500.
The God of arithmetic is finally here to remind all these suckers that a) they're not doing His work and b) that they don't know shit. But go ahead and fix a too much debt problem with more debt. What could go wrong, Sherlock?
Bingo.
I like your idea of "The God of arithmetic".
AKA The God(s) of the Copybook Headings.
http://www.poemhunter.com/poem/the-gods-of-the-copybook-headings/
As it will be in the future, it was at the birth of Man---
There are only four things certain since Social Progress began:---
That the Dog returns to his Vomit and the Sow returns to her mire,
And the burnt Fool's bandaged finger goes wabbling back to the Fire;
And that after this is accomplished, and the brave new world begins
When all men are paid for existing and no man must pay for his sins,
As surely as Water will wet us, as surely as Fire will burn,
The Gods of the Copybook Headings with terror and slaughter return!
And God said "Let there be numbers",and there were numbers.
Odd and even created he them,
and he said unto them, be fruitful and multiply;
and he commanded them to keep the laws of induction.
Apologies to Ed Nelson
and Giuseppe Peano
I think we're finally, irretreivably at the start of Greece's endgame. Quoteth the legendary Bill Paxton: "GAME OVER MAN!"
"It's just a flesh wound !"
@ Monkeyfaction / Postal
that was a humorous little exchange, I shouldnt really be grinning quite so much at the truth in these statements should I?
Christ, it just won't die, it's like the T1000.