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Rumors That US-Targetted Greek Bond Issuance Scrapped, As Americans Have Purported "Short Party" In Greek Bonds
According to Bankingnews.gr, yesterday's disclosure that Greece would attempt to raise money by targeting US bond investors is now being refuted, and that this will likely "not happen." With record wides across the bond complex, it is not difficult to see why.
In the meantime the entire high beta euro sovereign market is melting down.
Portugal 158/164 +17
Italy 125/130 +12
Greece 390/410 +56
Spain 127/132 +11
Ireland 155/162 +12
UK 80/85 +5
Austria 60/65 +5
We are stunned US stocks are not up on this latest piece of horrible news: the market has proven quiet resilient in climbing the wall of sovereign bankruptcy in recent months.
And now for some comic relief: after alienating Germans in perpetuity, Greece is now targeting the US, and the IMF and specifically its main backer - the US. I guess if you have to go down in flames, might as well try to burn all those who are trying to help you, if only you would cut your profligate ways... Which simple requirement, as was already disclosed, is out of the question. Bankingnews.gr is blaming the plunge in 10 Year GGB on American selling. We are not sure if a "Short Party" is the same as a "Pants Party." We don't want to find out.
h/t Jim Jones
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Goldman Sachs has succeeded where Spector had failed. Goldmember's targeting of Fort Knox was too barbaric and lacked the finesse which world credit markets can be manipulated behind the scenes. Goldman Sachs undermining of the world economy for self gain is impressive.
Gee, so happy to be a gold bug!
And the shorts are struggling to keep a lid on the price today, plus they are losing it with platinum/palladium
No worries. SPX is 3 points off the 52-wk high and the banking sector is positive. Party on Garth.
Headline - FT: <<Greece will go bankrupt, but not 2010>>
Followed by Portugal, Spain, Italy, Ireland, UK & US; the rest of the story.
look its easy to get caught up in these headlines but step back
does the entire planet being fiscally overextended really put the global "recovery" at risk?
when basically every country in the world needs to embark on programs that drive less consumption or risk blowing the system up entirely, does that really impact the expectations for S&P earnings to grow like 30% this year and next putting earnings at a new peak in 2011?
do commodity prices at 2 year highs while US wages contract really present a problem for consumer spending? how about if we layer in a savings rate that has collapsed from 6% to a little over 3%?
obviously the answer to these questions is no because the 200 day moving average on the S&P is upward sloping, indicating all problems have been pre-emptively solved
sorta like the S&P MA was upwardly sloping in 2007 when we were all relieved to learn subprime was only maybe 20% of the total mortgage market, way too small to matter
Fugg,
Money is like a ping pong ball, it will always bounce from one perceived return to a better perceived return....The concern I fear is exactly what you write about:
"does the entire planet being fiscally overextended really put the global "recovery" at risk?"
I say yes. because what is going to happen is that the ping pong ball is eventually going to stop bouncing.
"we were all relieved to learn subprime was only maybe 20% of the total mortgage market, way too small to matter"
Yes, exactly. And in the immortal words of Cramer, housing was only 4% of GDP.
Hell, Greece is only 2% of world GDP. It's smaller than the economy of Los Angeles, where, as we all know, there are no problems at all.
Wow, I feel SOOOOO much better now! You have clearly shown why I should just relax, and count those Benjamin's rolling in. my 401K will be fat when i retire, no problems with SS which will be fully funded, my taxes will drop, and I'll only have to work 30hrs/week!
Just keep those printing pressess humming! Sadly your satire is WAAAAY to close to toutTV and thier ilk. Do they even READ thier spew before it goes on the air?
Listen, Greenspan has spoken and he clearly explained how the market leads the economy, so as long as stock markets are going up, nothing else matters. Go out and spend and don't worry about how you are going to pay for it - your government doesn't, why should you?
Where the hell is Beeks (Leo)?
REITs are exploding! Check DRN.
SPY now at the unchanged mark. Time to gun up the futures...
here comes the pain... someone in ny wants greeks down for the count.
Does the European opprobrium remind anyone else of Monty Python sketches?
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