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Greek Bank Bonds & Stocks Crumble To Record Lows
Just 3 short months ago, Greek bank bonds were trading near par and every over-leveraged, over-confident, over-full-of-propaganda hedge fund was buying them "for the yield" - well, S&P had upgraded Greece and implied 'all-clear'. Today, Greek bank bonds are trading at 60% of face-value, having dead-cat-bounced last week before re-collapsing today. Greek bank stocks are also careening lower with most at record lows (below the lows reached during the peak of the crisis). The reason to focus on these instruments is that, while somewhat illiquid, they are the most sensitive to the day-to-day headlines and overall sentiment on Greece (and Grexit) as a pure reflection (redenomination risk aside) of trouble ahead.
Greek bank stocks are down 65-75% from mid-Summer (interestingly peaking around the same time as oil...)
Greek bank bonds have cratered to fresh record lows...
Charts: Bloomberg
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Greece should just default like Iceland and get it over with.
The rest of PIIGS need to do the same.
Russia can help all the PIIGS and offer them a way out.
Putin can help blow up all those derivatives on this debt as payback for the sanctions.
Sweet revenge. Putin would win this chess game.
Nicely put.
Greece fire! Stay outta the kitchen!
Putin doesn't have enough money to help them all.
No one has enough money to help them all. Why the fuck would Russia "help" them? It would be wiser to let them fall flat on their faces and then pick up the pieces at bargain basement prices.
Don't the conflicts start when forgiveness ends? Looking to have your debt ignored is no way to go through life, son.
The Putinbots don't see it that way, Putin is driving is country into the ground just in a slightly different way to his peers. Obama/Abe/Cameron/Hollande are destroying their countries in a monetary way. Putin is doing it economically by isolating his largest industries from their largest customers, having failed to diversify Russia away from energy, or create an environment where anybody wants to do business.
Not a single one of them can accept that what they're doing is ultimately going to end badly for the people they're supposed to serve, and like a drug addict they're not going to get any better until they realise what they're doing is causing serious fucking problems.
Why do they need russia to offer a way out? Dont be someone (else's) b*tch.
Iceland didn't default.
And their public sector debt/GDP ratio exploded at around the same time they allegedly didn't bail out the banks.
anyone who gets into bed with greece will catch herpes
Greece has to default, EU cannot give in to economic terrorism. It would set an example for Spain, Portgugal, Italy etc and then where would we be ? Greece exits and the EU is saved for a little while longer.
Really?
See, if I was stupid enough to own Italian or Spanish government debt, and the Greeks abandoned ship, I would be looking to sell the sooner, the better.
Of course, current 10-yr Med bond yields are below 2%, but frankly that is totally oblivious of the real actual risk profile of the assets in question.
italy and spain are not going to default. they are in the club and are fully paid up members. greece on the other hand....
that's a lot of assumptions right there
let's put it like this...i am not queueing up to buy their 30y paper. however i think default risk is low.
Podemos is now the largest party in Spain.
https://twitter.com/ianbremmer/status/564793524118245377/photo/1
once the greeks are made an example of and the real pain begins the spanish will sober up quickly.
Hold on....let me find my shocked face.
https://www.youtube.com/watch?v=srw3RdiIlrQ
2008/2009 all over again, this time with even more leverage.
Fuck the banks.
We thought about taking all the TARP money and fixing everything but then we looked at each other and went........naaaaw!
2008/2009 all over again..
This time though, instead of "tanks in the streets" there will be Aircraft Carriers in your toilets!
Greece demands free shit paid for by everyone else.
A large population of America must be from Greece.
Communist is as communist does.
Meh: they're just broke and so os Germany. Why else is Merkel here in DC? She needs a bailout.
Right, I'm sure Merkel didn't come here just to sample some of Moochelles trouser sausage.
Fuck em. Let the greeks "fix" greece and let the 'merican fix merica.
Fuck the fascists oligarchy.
they still have the begging bowl out as they say fuck you.
America revolted to get out from under King George's Bank of England, after which they issued they own value-based, interest-free currency; international bank manipulators today have convinced the world that this just can't be done.
Show 'em how America did it Alexis:
http://whatreallyhappened.com/WRHARTICLES/allwarsarebankerswars.pdf
Just gtfo of the EU and be done with it! I'm a milenial and I've grown so tired of the entire planet pretending all these houses of cards are granite monoliths. My social security is gone, you're going to try confiscate my 401k eventually or have it vanish in a fiat fire. I'm on the hook for $40T in unfunded liabilities and you're devaluing citizenship through the importation of South America's poor who demand my tax dollars the second they cross the border.
Just fucking bring on a Mad Max world so I can die or rebuild and have stability in my life before I'm in my 50's! This slow death is causing a break in my sanity.
"you're going to try confiscate my 401k eventually"
Dont contrubute to 401(k) unless you have amonster company match so it makes it worth the gamble. Same with IRA.
right, because those IRAs are in a different "market"?!?
Allow me to simplify; When fraud is the status quo, possession is the law.
Granted my grammer is not the best. But thats what I wrote.
We're in the same boat, 30 years apart.
How about contributing to Social security since 1977 and getting nothing at the end (8 years to get to collect)? We're talking hundreds of thousands of dollars all being spent as we go. As far as sanity, tack on six kids (three in colllege) and try to navigate this shit while paying for all that you mention above.
The kids in college are starting to get it, there is hope.
Get out of the banking system.
I'd start a support group with you if I didn't think it would land us on a terrorist watch list. All I can say to you is at least you had the 80's and 90's to nest egg a bit(though with 6 kids I doubt it). My heart's out to you brother. I can't say it's a world for men who want to work hard and be responsible. At the end of every 60 hour workweek only pride and the morality I was raised with keep me from throwing my hands up and joining the recipient class. It's so tempting.
Section 8 housing voucher, EBT card, Medicaid(I'd have time to go to the doctor!), Obamaphone. I'd work 15 hours a week under the table and live the dream!
I'm not trying to climb up on a cross but it just sucks. I'm 28, single, and rent. After going over my W2 it looks like between state and Federal I'm going to have paid over $25,000 in taxes again. I realize I'm a piker compared to how bad many of you get bent over ever tax season. Last year when I filed they asked for another $900 as a final fuck you of the fiscal year.
I thought I was bleak! Holy shit Dude!
Buy stawks.
BTFD?
Meanwhile back at the ranch the S&P is smashed green... Either they know whats in the derivative box, and its nothing, or they have no idea, and just keep pumping.
Most likely it's a little of both, but for those in the club it really does not matter. Either way their welath will be safe, yours will not.
Same as it ever was.
The algos will trade with each other till they cant. Theyre like the band on the Titanic. They'll play music till the very last second.
Greece still has 112 tons of gold to fall back on. O wait......
Just default already Greece, sheesh! I feel like I'm swallowing crazy pills hand over fist watching this shitty game of Stratego trudging on week after week.
I've seen this movie, it's the trickle-down effect , right?
Uh, let me understand this. I overspent for years and am broke. A neighbor helped me out with a large loan so I won't starve and I agree to repayment terms and agree to manage my stuff more responsibly. Now I am threatening my neighbor with default on my debt to him and am telling him that if I stop cooperating with him he will go down as well. At the same time I am starting up my old spending patterns again
When you owe the bank $10,000, you have a problem. When you owe the bank a million dollars, the bank has a problem.
When the US owes the world 10+ trillion you and I have a problem.
I am excluding, of course, the portion of the debt that is owed to US citizens. It goes without saying that they/we will not be paid.
When is the Fed going to step in and buy up all that Greek debt to add to their balance sheet? It really is not all that much .