Guest Post: EFSF Bond Buying Won't Work, Is August 20th Default-Day?

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Thu, 07/14/2011 - 14:06 | 1456866 slaughterer
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Yes, this timeline and end-result is entirely correct.   

Thu, 07/14/2011 - 22:48 | 1458325 jeff montanye
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but he misspells "principal", i.e. what is owed on debt.  this is niggling but on zero hedge with its educational dimension?

 

Thu, 07/14/2011 - 14:06 | 1456868 TaxSlave
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The first one to default wins.

Thu, 07/14/2011 - 14:08 | 1456880 nope-1004
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Everyday we live in default.  Perhaps Aug 20 is when it becomes a formality.

 

Thu, 07/14/2011 - 15:57 | 1457303 10kby2k
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Hence PMs, guns and food.

Thu, 07/14/2011 - 14:08 | 1456881 carbonmutant
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It would certainly set the standard for the other members of the Pork family...

Thu, 07/14/2011 - 14:10 | 1456888 malusDiaz
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Jubilee

 

Debt Forgiveness.

 

Haircut.

 

DEFAULT.

Thu, 07/14/2011 - 14:18 | 1456911 slaughterer
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Right in the middle of "vacances."  Imagine all the mobile phone calls between Nice, Cannes, St. Tropez and Paris, Berlin, London, and Brussels. 

Thu, 07/14/2011 - 14:18 | 1456912 props2009
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http://gmbpost.com/investment-news/lol-moment-as-nancy-pelosi-says-obama...

 

Hilarious moment as Nancy Pelosi compares Barrack Obama to Job in Bible and says Obama is greater.

 

Am falling off the chair here. What a nut!!!

 

 

Thu, 07/14/2011 - 14:20 | 1456919 Bonesetter Brown
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Default is not the problem.  Default is the solution.

Thu, 07/14/2011 - 14:45 | 1457071 a_ext
a_ext's picture

Wow major dollar strength off the move in treasuries.

 

Thu, 07/14/2011 - 15:15 | 1457182 static
static's picture

So stated:

http://www.wilmott.com/blogs/satyajitdas/index.cfm/2011/7/12/Why-The-Fre...

agree with bonesetter...default is the solution...not the problem...and has been from the begining.

Thu, 07/14/2011 - 15:24 | 1457208 PsefTikos
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A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain       - Mark Twain

Thu, 07/14/2011 - 17:12 | 1457601 oogs66
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Yea buts it's a limited edition Burberry umbrella so at least you feel rich while holding it

Thu, 07/14/2011 - 22:49 | 1458326 jeff montanye
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nice

Fri, 07/15/2011 - 04:02 | 1458599 Urban Redneck
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Bankers are Fuckers.  Bureaucrats are Bitches.  The IMF is staffed with bureaucrats (at least since they canned the previous MD).  The only way not to get fucked by the banks would be to bring some heavyweight retired bankers to protect the IMF/ECBs interests, and work with the regulators to come up with either a win/win or lose-less/lose-less solution for both sides.   

Fri, 07/15/2011 - 04:06 | 1458600 Peter K
Peter K's picture

"A default by Greece on the weekend of August 20th with IMF/EU secured financing in place would solve a lot of problems.  Greece would get actual debt reduction and only have to re-prioritize who gets proceeds from asset sales."

Isn't "re-prioritization" a bad thing. Why would the EU/IMF want to give senior debt status to the new debt arising post default? 

If the US Congress prioritizes their payments' giving debt holders senior debt status, it will provoke a downgrade from S&P, supposedly.

No wonder Socialism es Muerte.

 

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