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EU Fixed? Spanish Credit Risk Up 30% Since Greek Elections
Despite some compression today in anticipation of ECB QE (as if that was not anticipated enough in the idioctically marginal yields across European peripheral bonds), it appears Europe is 'not' fixed. With Brexit odds around 1 in 6 and Podemos' lead in Spain extending, it appears redenomination risk (as we discussed, clearly lacking in many spreads) is re-emerging. Since the Greek election, Spanish credit risk is up 30%... more than Greece!
Of course this is nothing to worry about... Draghi will just shift his buying attention to the CDS market and take care of another 'signal' from the markets...
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Buenos dias bitchez
Nobody expects the Spanish Solvency Fruition!
TYLER:
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What's up??
Draghi will just spread the love...ECB has plenty to spread around. There just tiny little flare ups! Nothing more debt can't fix.
The Turkish Defenze
idiot cds buyers. even if there is a default you will never collect.
Definition of "credit event" always seems to change at the momento final.
I smell a Moorish revival. Or Moopish, I forget.
Euro got creamed today! Poor socialist babies!
Only another 4000% to go!
Greece, Italy, Spain, Portugaul and Ireland.
What do you expect from the PIIGS?Blowup.
The Euro will eventually die in it's present form.
"re-emerging" love that sheeeit, go figure. As if financial problems just dont go away? lol
Rajoy has been caught bang to rights fiddling and hasn't been served any warrants. Appears corruption in the EU is okay-dokay as long as your on board with this Great Experiment.