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Greek Bond Yields Surge Above 19% After EU Talks
Following finance minister Varoufakis' insistence that Greece will not accept more debt (or what EU calls a "bailout") and talks with the Eurogroup chief end, Greek bond yields have surged (and prices dropped) with 3Y GGBs back over 19% - the highest since the crisis. Greek bank stocks - after yesterday's exuberant penny stock squeeze - are falling once again.
Greek bonds are plunging...
Greek bank stocks have faded fast post-Troika meeting...
Charts:Bloomberg
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Who stuffed their portfolio with this Greek paper when the Greekovery delusion was in full swing? Uh oh...
You did. You didn't actively buy them, but when the bonds become valueless, they will becomes yours through GARP (the Greek Asset Relief Program).
Or "QE 4", if that makes it more palatable to you.
So these guys will be going from the Troika (worse) to spending without thinking about how to pay for it (worser).
The Greeks aren't like Iceland and have natural resources and a work ethic.
This is going to be entertaining indeed.
I am wondering if I should trade in my greek bonds for Ukrainian bonds....I hear the yields are better. Besides the Great God Soros is more powerful than Zeus.
Any thoughts, other than getting my head examined, LOL?
Follow the man (greek finmin)
https://www.youtube.com/watch?v=Nxh9xpqGCg4&x-yt-ts=1422579428&x-yt-cl=8...
http://www.protothema.gr/politics/article/447200/me-ti-mihani-tou-sto-ma...
Take a look at the 5 year chart of NBG (National Bank of Greece). It's gone from $225 to $1. The bailouts worked great! Is it any wonder Greece wants to think things over?
You did. You didn't actively buy them, but when the bonds become valueless, they will becomes yours through GARP (the Greek Asset Relief Program).
Or "QE 4", if that makes it more palatable to you.
You can say that again.
Didn't mean to do that. My apologies for doing so, but I blame it in the whore that is Google Chrome.
Xerox sponsored this message.
Greek 3 year at 19%.....The Greek finance minister already said they want a 33% write-off
of their debt just to get things started. The Greeks are running a deficit and not collecting any taxes.
They can't pay off their debt even if they got a 90% write-off. It's all Kabuki to me.
They're nationalizing everything BUT the Banks.
"WHERES MY PAYOFF! WHERES MY PAYOFF!"
Dopes.
You nationalize the Bank FIRST....then you negotiate.
Instead these are all asset seizures "backed by nothing."
Good luck if the Greek military steps in.
33% is what i got back in Argentina 3 years later.
33% is what Greeks will get three and a half years from now.
you can bet the house on it. I would be if i wasn't all in metals and MNKD.
repost sorry
Sell sell sell the greeks are gonna be the first to do what all should and stopp accumulating more debt and put people back to work pay them more so they can spend. I bet within 2 years they will look back and smile. Putin will bail them out this time.
I seem to remember they tried that in Albania...
CRETE DECLARES INDEPENDENCE!
ROYAL MARINES IN CYPRUS!
U.S. banks have a problem of their own, being below where they were a year ago, while broad equity indices are up 15%. The SPX for one example has 100 points-plus to go on the downside to catch up with the failing banks:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=spx&insttype=&freq=1&show=&time=7
With higher and higher double digit numbers on the Y-axes for yield and lower and lower numbers for the bond prices, this is starting to get a bit confusing...
Wake me up when 3Y bond yield is 74 and 3Y bond price 18.
If only they had some kind of pressing device to create money instead of needing to borrow it
They can do it in spreadsheet as soon as EUR=GRD
What if they issued a 'secondary' currency while still being a member of the Euro?
Alberta did that in the Thirties. Nobody would take "prosperity certificates," not even the provincial liquor stores.
I'll kabuki on your face if you want
From the Grauniad:
"Send off for Joren Dijsselbloem ended with incredible stand-off as Varoufakis socked him one over the troika. The Dutchman looked enraged, bending forward to whisper something in Varoufakis' ear to which the Greek finance minister did not respond. Greek finance ministry staff standing behind me said 'Oh my God.'
"One said 'I wonder if this is the time to pack my bags.'"
What I wouldn't give to know what was said. "I hope Danae has a plan B" wouldn't surprise me at all.
Jeroen Dijsselbloem always looks enraged !
I have never seen him smile except when he lies.
exactly!
besides, after he get his orders he will come back smiling ... one good thing was the Greek minister did not rush after him, he let him run ahead, and the minister was just taking it easy ... trojka will not have it easy this time around ... 4 years was enough, and people of greece have had enough of this shit.
This is the second time you've uttered this COMPLETE FABRICATIION. Dijsselbloem was NOT reported as whispering in V aroufakis ear. You're a TOIKA TROLL
Okay, we all know the Troika monitor ZH, so, lads---how much is it worth to you to have me in your pocket? I could sure use the money.
All fooling aside, why would the Troika spread rumours that made Dijsselbloem look like a cartoon villain?
If greek bonds fall enough Russia could bail them out for a couple pennies on the euro.
Probably easier to move Greece into the Ruble area, they're pretty much half price in Euro terms. HUGE PR win for Putin, the conversion of whatever the Bank of Greece and Greek Treasury has left in Euro reserves into Ruble could help strengthen the buying power of the average Russian.
Isn't Greece close to a balanced budget before debt repayments?
I'm sure this helped.
Central banks and the EU don't like Greek style haircuts and they won't get one!! Haircuts are for the common folks!
Just wait and watch as the EU, U.S. and others make the case for continued Greek austerity and to keep their nuts in a jar on the nightstand!
I think of Michael Corleone in the Godfather telling Kay...."You know that could never happen, it's an impossibility! I would use all my power to prevent that from happening..."
Nineteen percent! Damn, I wanna get me some of that.
Me too!!!
Really, what could go wrong?
Move over Venezula! Yet another stunning Socialist success story!
I might buy some small amount of that but the brokers always screw over the little guy. I'm guessing greece will last another 3 years.
Simple fact about Greece.
Each individual Greek owns about 35,000 Euros in debt to Western Banks.
The average income for a Greek is 1,200 Euro a month.
The troika expects to be able to bleed these Greeks for a century or more to try and squeeze hundreds of billions of Euros out of these people? All the while adding more emergency debt to that already outstanding!
This same EU expects to absorb a bankrupt war ravaged fascist dictatorship of 40+ million people in Ukraine?
Spain is next on the agenda, with a new political party at over 30% support level, a new party who demand the debts of Spain be up for alterations! Spain is too big to fail, too big to bail.
To quote Nudelman. "Fucke the EU!"
It's spelt Varoufuckeu.
Greek Fin Min turns up for work on a 1300 Yamaha.
That's sub zero cool.
I will simply ask one question...
Preciesly where do you go if you want to buy these bonds???
My point would be, that you'd be hard put to do a trade
here... but the banksters... that would be another story...