Greek PM Says "Won't Come To Bond Market Now", Claims Greece Has Been "Undervalued"
Just headlines for now, but this likely means the Greek bond roadshow has been cancelled as not even the world's best underwriters were able to generate enough interest for the imminent disaster that will be Greek bonds. One can only imagine how much horror must have gotten uncovered during the roadshow process if investors, even with the backstop of the ECB's endless guarantees, have said "no mas." Luckily, Moody's earlier gave a provisional rating of AAA to the European Financial Stability Fund (EFSF), which it now appears will be used imminently, first for Greece, then Ireland, and then everyone else who comes to the trough. If this news doesn't send the S&P over 1,220, nothing will.