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Greece Just Gave Everyone The Best Trade Opportunity Of The Year

Tyler Durden's picture




 

At an annualized return of approximately 20,622,184,553,370,800,000,000,000,000,000,000,000,000,000%, Greece just gave everyone the best trade opportunity of the year...

Yesterday we highlighted the most important security for Greece and why it was so crucial that this Samurai bond be fully paid.

Overnight, as The FT reports, Mizuho Bank, acting as the agent for the yen-denominated note, confirmed that the outstanding Y11.7bn ($94.5m) payment was made on Tuesday morning in Tokyo.

Rating agencies including Fitch and Standard & Poor’s had separately stressed that payments missed to bodies such as the IMF or the European Central Bank would not constitute a ratings default; but as The FT goes on to note, when Fitch most recently lowered its sovereign rating on Greece to triple C, it said a default on privately held bonds was “a real possibility”.

 

Credit analysts in Tokyo had warned that a default on the samurai note could have led to defaults on public bonds that Greece had issued in other currencies.

With hours to go before payment was due, the market had shown a 50:50 chance of default, as according to Bloomberg data, the bond's last trade was at 58.50 yesterday.

 

Today it has matured at Par, fully repaid (as Greece fails to pay another IMF tranche) for a 71% overnight return, but not before we said the following...

Chart: Bloomberg

 

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Tue, 07/14/2015 - 12:52 | 6311309 Orwell was right
Orwell was right's picture

(deep sigh)   .....   this is gonna go on for a while

Tue, 07/14/2015 - 14:03 | 6311623 Totentänzerlied
Totentänzerlied's picture

No no no. Haven't you been reading the comments. Lenders are always at fault. Always. For everything bad, period. Every single time, every single moment, from the very moment they're born, anyone who extends credit in any form with any expectation to recoup the time value of their money (conjured or not) is literally the devil itself.

Borrowers on the hand, no matter how insolvent, uncreditworthy, deadbeat, broke, having no income and enormous liabilities, regardless of how much fraud and deception they commit to acquire credit, ignoring what the debt is used for no matter how mind-bogglingly worthless, loss-making, useless, idiotic, costly, and destructive, are never, ever, ever, ever, never, ever, never even potentially maybe possibly hypothetically just the least bit responsible, let alone culpable or guilty or liable or accountable. Never.

Credit is a natural and inalienable and human and civil and god-given and sacred right as well as a natural good, civic responsibility, and end in itself. It is better than air and water and equally as necessary. But creditors are pure evil.

----

We have transcended reality, surreality, and hyperreality; we have entered ... plebreality! Hypocrisy is bad ... when you do it!

Tue, 07/14/2015 - 14:10 | 6311645 Buckaroo Banzai
Buckaroo Banzai's picture

Don't be a fool. Sovereigns can default with impunity; that's why they are called sovereigns. Further, all sovereigns default, eventually; the U.S. Has done so twice in the last 100 years. If you are stupid enough to lend to a sovereign, you might get lucky for a while, but eventually you get what you deserve: default.

What we have here is a good old fashioned pissing contest between the EU and Greece as to who, exactly, is the sovereign in this relationship. If Greece defaults, they are the sovereign; if they cave to the EU, that means Greece has lost its sovereignty. This is nothing less than a life-or-death struggle for the EU gangsters; if they lose this one, their credibility is destroyed and their reason for existing is eliminated.

Tue, 07/14/2015 - 14:26 | 6311714 Deathrips
Deathrips's picture

Dogs have dicks..and in other news that is more important than the bullshit coming out of politicians and bankers mouths.

 

Default to the bank..its their problem.

 

RIPS

Tue, 07/14/2015 - 16:27 | 6312041 Manthong
Tue, 07/14/2015 - 14:17 | 6311666 Bangin7GramRocks
Bangin7GramRocks's picture

When you lend to a stiff, don't ask me to feel bad for you when the shit goes bad. And don't cry for the gubmint, central bank, God or some other entity to save your dumb fucking ass!

Tue, 07/14/2015 - 14:15 | 6311668 Occident Mortal
Occident Mortal's picture

How many apples can you extract from a bag that contains only 4 apples?

 

No matter how hard you try, you will never take out more than the bag contains.

 

Greece cannot service their debt. Rescuing them with more debt is insane. The creditors have to accept that they cannot be repaid. Even the IMF are now regularly shouting this across the wires.

 

Greece has aknowledged its fate in this mess, Germany has not.

Tue, 07/14/2015 - 15:52 | 6312078 Radical Marijuana
Radical Marijuana's picture

In the case of the magical mathematics through the legalized counterfeiting of the international banksters, they can take out extremely large number of apples out of the bag, regardless of how many apples are actually in that bag. These days, in terms of your analogy, the banksters have been able to pull out at least 400 symbolic apples out of bag that only had 4 physical apples ever put in that bag. (Furthermore, as long as the systems of governments enforcing frauds by those banksters continue, then those banksters are headed towards being able to pull out 4,000 apples out of that bag which only had 4 apples to begin with.)

The magical mathematics done by the banksters is like the story of the Emperor's New Clothes, going on for generation after generation, because every time some boy pointed out that the Emperor was naked, his life was destroyed, while the personal careers of those who continued to praise the Emperors' new clothes prospered, due to the continued favours bestowed upon them by the bankster controlled Emperors.

Overall, the banksters' systems create the public "money" supply out of nothing as debts, in order to "pay" for strip-mining the planet's natural resources. Inside of those systems, phenomena like Samurai Bonds exist, as opportunities to gamble with that "money" made out of nothing. The result is that civilization has become runaway criminal insanities. However, those who make more "money" within those fundamentally fraudulent accounting systems do not have to care about the longer term consequences of doing that. In each short to medium term increment, society continues dominated by backing up legalized lies with legalized violence, which allows the legalized counterfeiting of the public "money" supply by privately controlled banks.

Apparently, the only things that will stop that from happening are the relatively objective, eventual consequences of having strip-mined the planet's natural resources. Since money was always actually based on measurements backed by murder, the ability of a fantasy bag of apples to create more and more virtual apples out of nothing, in ways which were less and less related to the number of physical apples that actually existed, has runaway to leverage numbers which are roughly about 100 to 1, and are headed towards becoming 1,000 to 1. Since the debt controls were actually backed by the death controls, the runaway debt insanities are going to provoke death insanities.

The big picture is the exponential growth of the strip-mining of the planet, in order to enable exponential growth of the human population and total human activities. Those doing that the most are those who appear to be able to indulge in being the most "wealthy," during their own life time. However, the same as the debts were deferred onto future generations, the deaths were also deferred onto future generations.

At some foreseeable point in the future, the actual physical bag of apples will contain only 3 left, then 2, then 1, and finally then almost none will be left. Perhaps then, the magical mathematics that was able to pull an apparently endless number of apples out of that bag will be revealed as the enforced fraud that is always was. However, at that point, there will probably have been all the apple trees already destroyed, and none having been able to be replanted and survive, due to the fundamentally fraudulent accounting systems presenting the enforced frauds that there were an apparently infinite number of more apples to pull out of the bag of apples.

The longer term consequences of the triumphs of civilization being based on enforcing frauds are most probably the mass murder of the majority of the human species, and the destruction of most human activities. However, it continues to be the case that civilization is controlled in the short to medium term by being able to back up lies with violence, which means that people continue to believe that there can be endless more apples pulled out of the bag of apples, since there is apparently endless more "money" being able to be made out of nothing as debts, by the banksters magical mathematics, that is being enforced by the governments that those banksters effectively control.

It is somewhat silly to focus on the differences between Greece versus Germany, inside of that context, that there are globalized electronic frauds, backed by the threat of force from atomic bombs.

The relatively real relationships between physical apples and virtual apples, or the physical economy and the virtual economy, are all mediated through the series of short-term successfulness of being able to back up lies with violence, or enforce frauds. The longer term results are that the human species is probably going to commit collective suicide. In that context, it tends to appear be practically be a waste to time to attempt to point out the deeper levels of more radical truths to anyone regarding the longer term consequences of "paying" for strip-mining the planet with "money" made out of nothing as debts, since those who can continue to make that "money" through means like Samurai Bonds will continue to believe that was a good idea ...

Tue, 07/14/2015 - 18:06 | 6312831 Quus Ant
Quus Ant's picture

It's magical thinking, RM.  As rational as the modern man on the street pretends to be, he lives in a fantasy world every bit as limiting and preposterous as the simple savage he derides.  He puts "trash" in a "trash can" and it disappears into the ether- crossing the borders of his imagination!  What he can no longer see ceases to exist!  He trades his mind, his life, his time for paper and second hand bubble wrapped dreams.  But there are limitations.  As you point out there are limits to what the giving tree, mother earth, can give, but man has his limitations as well and as Clint said, you best know them.   

How much psychic pain can we inflict on ourselves?  Ho long can we maintain this breakneck, merciless pace into "the future"?  Man may break before the planet. 

Now back to my blunt.

Tue, 07/14/2015 - 21:45 | 6313682 Radical Marijuana
Radical Marijuana's picture

Indeed, the

tragic truth:

"He trades his mind for second hand bubble wrapped dreams."

Tue, 07/14/2015 - 16:55 | 6312525 Tall Tom
Tall Tom's picture

Cliff notes on RM...

 

Have you ever heard of a Futures Contract levered at 100 to 1?

 

Look at the Paper Silver Market or paper Gold Market for Real World examples...OF THE FRAUD IN ACTION.

Tue, 07/14/2015 - 21:47 | 6313688 Radical Marijuana
Radical Marijuana's picture

Yes, Tall Tom, it is the thoroughly reported upon relationship between physical gold, compared to paper and/or electronic "gold," that comes most to mind, as the single simplest symbol of the approximate 100 to 1 ratios.

Tue, 07/14/2015 - 14:22 | 6311694 gigalax
gigalax's picture

You make it seem as if most borrowers have a choice. There are some bad borrowers out there, but the fact is that big lenders have manipulated the global economy so that people have to borrow in order to buy a house, car, start a family, etc.

Tue, 07/14/2015 - 14:25 | 6311695 gigalax
gigalax's picture

You make it seem as if most borrowers have a choice. There are some bad borrowers out there, but the fact is that big lenders have manipulated the global economy so that people have to borrow in order to buy a house, car, start a family, etc. The fact is that lenders are trying to get blood from a turnip at this point. They have already taken most of the existing wealth without producing a thing of real value.

Tue, 07/14/2015 - 14:31 | 6311719 LawsofPhysics
LawsofPhysics's picture

Lenders used to actually fail.   Money creation use to actually require real collateral too (gold).

Yes, "hypocrisy" is correct, and it is everywhere.

Now that bankers and financiers can not fail and money/credit creation requires no real work, these people are overcompensated middlemen between the printer/computer (where money is created) and the producer/consumer in the real economy.

Fuck em, take their fucking heads, they will be more useful as fertillizer.

Tue, 07/14/2015 - 14:48 | 6311774 Fod
Fod's picture

Watch it with the " credit is god-given and sacred right". Based on religious texts, Usury is a sin.

Tue, 07/14/2015 - 14:49 | 6311777 Klaatuwept
Klaatuwept's picture

Maybe I am wrong but I read that the major cause of the global financial crisis was sub-prime mortgage lending to people with no hope of repaying by mortgage brokers who were aware of the financially dangerous and unethical nature of the loans but carried on to chase all those commissions as once the loans were signed they didnt give a fuck.

The whole Greece thing is starting to smell the same.

There seems to be a problem with modern lending done for short term profit by those selling the credit which is then repackaged and sold on therefore removing the financial and moral imperative to only make good loans. Also creditors are now shown to be protected from their bad loans by transferring them on to national balance sheets so we the people can pick up the tab for them whilst they have already enjoyed the profits.

This did and is continuing to cause a lot of damage to people everywhere who had nothing to do with originating the credit, maybe thats why creditors are getting such a bad press here and elsewhere.

 

Tue, 07/14/2015 - 14:55 | 6311801 richsob
richsob's picture

To: Totentänzerlied

Come on, man.  You're preaching to a bunch of honks on this website who must have gotten all their furniture repossessed at some point in their lives or were turned down for the "guaranteed issue" $300 credit card at Radio Shack. 

Tue, 07/14/2015 - 15:03 | 6311831 Klaatuwept
Klaatuwept's picture

No i dont have any credit myself other than a small mortgage for the home I live in, I believe in saving for what i want and see paying interest as a fool's game. However I have seen lots of people with, how shall i put this, less sharp life skills who didnt understand what they were signing get raped by greedy extortionate lenders. You see they prey on the stupid. I see you blame the stupid and probably think they deserve to be ruined, some of us here believe in traditional responsible lending which would no doubt return if the originators of credit were made to carry the bag for the bad loans they make.

Tue, 07/14/2015 - 15:14 | 6311901 richsob
richsob's picture

So you are saying the Greeks are stupid?  Or are they historically just a lazy bunch who are constantly living in their hallowed past when they imagine things were oh so much better?  Even the Romans looked down on the Greeks because they constantly had their hands out.  Nothing's changed in 2,000 years.  If they ever actually MAKE THINGS the world wants to buy their economy will get better.  Until then it's just going to be wash, rinse, repeat.

Tue, 07/14/2015 - 15:25 | 6311975 Klaatuwept
Klaatuwept's picture

You seemed to be making the point that the loanee is responsible for bad loans and its nothing to do with the creditors, I am pointing out that in the modern world this is not the case.

As for the greeks, they should not have been allowed to join the EU as they were not economically strong enough and they should not have been advanced the funds in question to begin with, but then the powers that be wanted them in the EU and so actions were taken for political reasons rather than economic reasons and this is the root of the problem rather than the stereotypical laziness of one nationality.

 

Tue, 07/14/2015 - 15:59 | 6311914 Radical Marijuana
Radical Marijuana's picture

I get the impression, Toten, that you do not have a deeper understanding regarding what it means that the vast majority of the public "money" supply is being created out of nothing as debts for everyone else, by privately controlled banks, whose frauds are being enforced by governments, which governmental powers were long ago captured and covertly controlled by the international bankers. That is WHY the people who understand that tend to be more critical of the "creditors," than those who are the "borrowers."

(I recommend that you spend several hundred hours to watch enough of these FREE Excellent Videos on Money Systems. Many of those have already been featured on Zero Hedge.)

You were quite correct, when you stated that we have "transcended reality, surreality, and hyperreality." However, we are nowhere close to "plebreality." The vast majority of people, the "plebians," that use the public "money" supply created out of nothing as debts by the "patricians," continue to be even more deliberately clueless about that than you appear to be, Toten.

Lenders that lend their own money, that they made WITHIN the MAD Money As Debt systems, should be much more cautious about to whom they lend. However, those who can make the public "money" supply out of nothing, when somebody else agrees to "borrow" that, have every possible incentive to do that as much as possible, especially since those individuals who do that tend to be able to take their personal commissions home and keep those, regardless of whatever else happens later to other people who suffer the final consequences of those frauds having been enforced, so much, for so long ...

To NOT be hypocritical is to admit that everyone, including one's self, operates inside of systems which are entropic pumps of energy flows, which are necessarily systems of organized lies operating robberies, in which the most successful of those are the biggest gangsters, the banksters, that operate their symbolic robberies through their fundamentally fraudulent financial accounting systems.

Civilization necessarily operates as fractal patterns of the methods of organized crime, which includes BOTH the "borrowers" as well as the "lenders." However, looking at that overall system as objectively as possible, it is clear that the international banksters are so many orders of magnitude more fraudulent than anyone else, that nobody else is remotely close to being in their league. The best organized gangs of criminals have applied the methods of organized crime to the political processes, in order that almost all successful and surviving politicians are the banksters' puppets, who are voted for by enough the banksters' muppets. Hence, what actually EXISTS NOW is this situation, as described by Carroll Quigley:

"powers of financial capitalism
had another far-reaching goal,
nothing less than to create a
world system of financial
control in private hands
able to dominate the
political system of
each country and
the economy of
the world as
a whole ..."

They made and maintained the globalized gambling casino, where "money" made out of nothing can be speculated with, such as is basically the case with those Samurai bonds.

By and large, it is politically impossible for people to STOP BEING HYPOCRITES. "Credit" is based on the expected ability to continue to act as robbers in the future. Old-fashioned money backed by gold and silver was based on the previous ability to have been acting as robbers in the past. Overall the INTENSE PARADOXES are that human beings and civilizations act as entropic pumps of energy flows, which have deliberately misunderstood the concept of entropy in the most absurdly backward ways possible. Of course, that applies to how money is measurement backed by murder, through social systems operated by the best available professional liars and immaculate hypocrites.

Inside that overall context, Toten, you are typically correct in some superficial ways regarding the matching bookends of "hypocrisy" of both the lenders and the borrowers. However, you are also tilting towards being excessively sarcastic regarding those observations. The deeper sources of the hypocrisies are the ways that social successfulness has become based upon being the best professional hypocrites.

To paraphrase a couple of Mark Twain's statements:

The best liars believe their own lies, while it is easier to fool people than to convince them that they have been fooled.

Tue, 07/14/2015 - 15:21 | 6311952 g speed
g speed's picture

At T     --Am I reading the new MDB.    I'll give you a +1 for the effort to replace the ultimate troll---- 

Tue, 07/14/2015 - 15:06 | 6311856 J Jason Djfmam
J Jason Djfmam's picture

But then there would be no one to lend to.

Tue, 07/14/2015 - 12:56 | 6311339 KnuckleDragger-X
KnuckleDragger-X's picture

At least as long as the fairy dust supply holds out.....

Tue, 07/14/2015 - 12:59 | 6311345 4 wheel drift
4 wheel drift's picture

(deep sigh)   .....   this is gonna go on for a while

 

indeed.....   and with these banksters having such hold on power and direct link to ....  "the powers that be"

why expect different...

 

as stated before....  unles we all brake the system, this corrupt monster has so many heads, it will be very hard to bring it down...   cannot be fixed, it has to be destroyed....

 

meantime....   one needs to do what it is needed for ..  'survival'

Tue, 07/14/2015 - 15:15 | 6311860 steelhead23
steelhead23's picture

Yes, opportunities to turn a mighty profit abound in distressed securities - but there's an equal opportunity to leave your bloody fingers on the floor by trying to catch a falling knife.

But here's a thought - not just Europe, but the entire global financial system is dead set on avoding a default that would trigger an avalanche of CDSs and CDO-squareds that could have even larger repurcussions.  Hence, distressed Greek bonds might be less risky than they currently appear.  Might the IMF or ECB quietly pick up the tab if Greece couldn't pay?  Put that in your risk calculator.

Tue, 07/14/2015 - 12:52 | 6311310 Took Red Pill
Took Red Pill's picture

Why didn't you tell us yesterday?!

Tue, 07/14/2015 - 13:02 | 6311361 StackShinyStuff
StackShinyStuff's picture

They did.  Unfortunately I had no idea how to buy a Samurai Bond...

Tue, 07/14/2015 - 13:09 | 6311392 astoriajoe
astoriajoe's picture

One day the backs will be used to print menus for Japanese takeout.

Tue, 07/14/2015 - 13:38 | 6311530 Tyler Durden
Tyler Durden's picture

We did:

... if the current trading price of the Samurai bonds due in 24 hours (at par) is any indication, the market is clearly not assuming a repayment is the base case unless of course this just happens to be the highest IRR opportunity available in 2015 should Greece, by some miracle, make the payment.

in "Greece Fails To Make Another IMF Loan Payment But It Is Tonight's Samurai Bond That Everyone Is Watching"

Tue, 07/14/2015 - 14:00 | 6311601 Took Red Pill
Took Red Pill's picture

I stand corrected. Thank you! Who would have thought they'd actually make it. Big risk=Big reward

Tue, 07/14/2015 - 14:14 | 6311659 Buckaroo Banzai
Buckaroo Banzai's picture

All you had to do here was figure out if the yakuza had bought any of these bonds. Apparently, they had.

Tue, 07/14/2015 - 14:17 | 6311674 Antifaschistische
Antifaschistische's picture

Isn't the question, who made this payment for them?

Tue, 07/14/2015 - 13:56 | 6311594 MsCreant
MsCreant's picture

Those nickels in front of those steam rollers are soo, so, shiny...

Tue, 07/14/2015 - 12:52 | 6311312 101 years and c...
101 years and counting's picture

"Rating agencies including Fitch and Standard & Poor’s had separately stressed that payments missed to bodies such as the IMF or the European Central Bank would not constitute a ratings default"

defaulting on taxpayers is ok.   its why "they" (troika) transferred 100's of billions of debt from banks to taxpayers in 2010. that debt is now coming due, which mean greece can just (non) default as much as they would like without any defaults/CDS being triggered.  possibly, the biggest taxpayer raping in history.

Tue, 07/14/2015 - 12:55 | 6311322 Ploutos74
Ploutos74's picture

That's why they gave Tsipras a seppuku. Or did he gave them a bukkake? Don't remember

Tue, 07/14/2015 - 13:09 | 6311396 101 years and c...
101 years and counting's picture

come on. its all theater.  written script for the "markets" to react to.  afterall, how the fuck does tsipra agree to a deal that was voted NO by 61% of the population.  my god, they let the peasants think they had a voice with that charade of a referendum......and then they just bent them all over at once last thursday.

Tue, 07/14/2015 - 13:57 | 6311598 NotApplicable
NotApplicable's picture

Those same peasants who wanted to remain in the EU, you mean. With that, what else was Tsipras to do?

Tue, 07/14/2015 - 14:01 | 6311608 MsCreant
MsCreant's picture

I like a good conspiracy theory. Lots of them seem to be "true."

But what if, in this case, it is as out of control as it looks? Try letting that sink in and see how your view changes.

I thought for sure that Tsipras has this scripted, that they had a plan. I mocked others who thought otherwise, it seemed absurd for them to study this as long as they had, and to have not had all kinds of options mapped out.

If this is scripted, there is some sloppy, sloppy, stuff going on. Lots of folks are being "surprised" by other folks responses.

Tue, 07/14/2015 - 14:15 | 6311663 NotApplicable
NotApplicable's picture

I'm assuming that Tsipras was given the same type of script as Lee Harvey Oswald.

Tue, 07/14/2015 - 14:51 | 6311782 joe90
joe90's picture

Given the number of players and vested interests it hardly seems possible that it is scripted.  However, there will be the big players redlines that those involved will be only too aware of.  Two of them at least appear to be "no BRICS" involvement and protect the German banks derivative position at all costs.  If it was scripted would this be allowed http://yanisvaroufakis.eu/2015/07/14/on-the-euro-summits-statement-on-gr... .... unless it's also part of the script and PCR is right, YV is a trojan horse.

Tue, 07/14/2015 - 15:08 | 6311867 J Jason Djfmam
J Jason Djfmam's picture

Really! How could you make this shit up?!

Tue, 07/14/2015 - 14:01 | 6311612 trulz4lulz
trulz4lulz's picture

Sepakkuake....dont google it.

Tue, 07/14/2015 - 14:03 | 6311618 MsCreant
MsCreant's picture

I have heard you have one, last, great orgasm as you die.

21 grams.

Tue, 07/14/2015 - 12:58 | 6311324 Glass Seagull
Glass Seagull's picture

 

 

These "deals," all these silly, punitive "bailout" deals are just so the creditors (read:  "buy-side credit guys") are assured an EU-taxpayer-underwritten/financed put on these shitty, shitty bonds.  Probably some EU policymakers speculating in the space ahead of the announcements as well...just like the "skilled" D.C. asymmetric information baggers-cum-headline-frontrunner traders.

 

I'm not a Marx fan, but he was right:  CAPITAL eats the LABORER in the end.

 

Tue, 07/14/2015 - 12:56 | 6311337 CHC
CHC's picture

What did they pay the coupon with - an IOU?

Tue, 07/14/2015 - 12:58 | 6311344 KnuckleDragger-X
KnuckleDragger-X's picture

That's the real question, who actually paid it?

Tue, 07/14/2015 - 13:50 | 6311569 semperfi
semperfi's picture

Yellen

Tue, 07/14/2015 - 15:58 | 6312153 roadhazard
roadhazard's picture

I agree

Tue, 07/14/2015 - 12:56 | 6311338 Philo Beddoe
Philo Beddoe's picture

The Y-Anus put. 

Tue, 07/14/2015 - 12:59 | 6311348 Right-on Left-off
Right-on Left-off's picture

So that instrument has just been retired at Par.  Nice but I don't think that market for a put on that bond was open to the public market.  So .... we didn't miss anything and neither did the bankers or whoever had those puts made out like a bandit.  I presume they are the Banker Banditos.

What a rip off!!!!

Tue, 07/14/2015 - 12:59 | 6311350 TheLooza
TheLooza's picture

Fuck I just need one of those super powered dollars for one year, then fuck Germany, fuck the Fed, fuck Tsripas and fuck this rigged piece of shit market.

Tue, 07/14/2015 - 13:00 | 6311355 BadDog
BadDog's picture

This is nothing but a variation of the old pea under which shell game at carnivals.  Only thing is that these guys make the carnival barkers look respectable.

Tue, 07/14/2015 - 13:02 | 6311363 OldTrooper
OldTrooper's picture

samurai note - Sounds like an old SNL skit.

Tue, 07/14/2015 - 13:58 | 6311599 PTR
PTR's picture

Since you mentioned it.....

Samurai Delicatessen

Tue, 07/14/2015 - 13:07 | 6311376 John Law Lives
John Law Lives's picture

Speaking of "trades", why are oil prices rallying on the heels of the Iran Nuclear Deal?  As sanctions on Iran are eased, this could make way for another 1+ million barrels per day of oil coming to market within the next several years.  That is hardy bullish for oil prices.  Then again, what else makes sense these days.

Tue, 07/14/2015 - 13:50 | 6311568 El Vaquero
El Vaquero's picture

Oil price?  That's settled in our markets.  Wait, did I say "markets?"  LOL. 

Tue, 07/14/2015 - 13:07 | 6311378 WTFRLY
WTFRLY's picture

But wait, there's more! Buy 2 and get this travel-size bottle of Greek tears absolutely free!

Tue, 07/14/2015 - 13:48 | 6311565 semperfi
semperfi's picture

call within the next 10 minutes and get a bonus bottle of lube

Tue, 07/14/2015 - 15:10 | 6311876 J Jason Djfmam
J Jason Djfmam's picture

Olive oil no doubt.

Tue, 07/14/2015 - 13:09 | 6311389 macambaman
macambaman's picture

This payment lowers the Greek debt levels and shows the government's commitment for repaying...blah, blah.

Tue, 07/14/2015 - 13:09 | 6311394 youngman
youngman's picture

I would like to know if GREECE actually paid it.....who sent the money???

Tue, 07/14/2015 - 14:04 | 6311572 YHC-FTSE
YHC-FTSE's picture

Mizuho spokesman said they received 20 billion Yen ($220 million) in principal and interest from Athens this morning. Apparently the Greeks had that much spare change in the back of the sofa, OR maybe one of their sugar daddies (Japanese govt/IMF/ECB) wired it through to keep things rolling.

Not the first time these samurai bonds went wobbly - Lehmans defaulted on theirs in 2008 and Argentina defaulted on a series of them in 2001, shaking investor confidence in them for awhile so there are quite a lot of suspects with deep pockets.

Tue, 07/14/2015 - 14:20 | 6311689 Clowns on Acid
Clowns on Acid's picture

Exactly ... $220 MM... IMF could just take that out of petty cash. So the Cameroon goes without thier monthly IMF stipend...big feckin' deal.

Great pick up though Tyler. Sometimes I feel like I am sitting on a "Desk" here.  

Tue, 07/14/2015 - 13:10 | 6311400 To Hell In A Ha...
To Hell In A Handbasket's picture

Economic theory is no more. Supply and demand, the invisible hand, price discovery, they no longer drive the markets. Economic theory is now officially made up on the fly and tailored as and when. Central bank omnipotence is real! The existance of the Greek Gods relied on people believing in them and they died when the people stopped beliving. I now believe the same applies to the banksters. ZeroHedgers aren't enough. Well educated in financial matters we may be, but until the ordianary man looses faith, then central bank command and control omnipotence rules supreme. If you don't believe me, just ask the Greek electorate.

Tue, 07/14/2015 - 13:19 | 6311434 Able Ape
Able Ape's picture

Greece held a bake sale, baklava was a BIG hit and bada bing, bada boom - payment MADE!...........It's so easy, a caveman could do it!...

Tue, 07/14/2015 - 13:21 | 6311443 Blopper
Blopper's picture

There will be NO GREXIT ever.

Any blood-on-the-street event should be bought with confidence for a once-in-a-lifetime fortune/lucrative opportunity.

Tue, 07/14/2015 - 14:17 | 6311675 NotApplicable
NotApplicable's picture

Corzine might beg to differ.

Perhaps you should amend your statement to add "unleveraged" after the word "bought?"

Tue, 07/14/2015 - 13:26 | 6311473 kaa1016
kaa1016's picture

ZeroHedge, great article yesterday and follow up today as well. A seemingly obscure bond could have had a major affect on markets in regards to cross defaults of Greek paper. Someone knew this and didn't want to take a chance and let that bond default. The butterfly effect.

Tue, 07/14/2015 - 13:33 | 6311504 Blopper
Blopper's picture

If there will be Frexit, Brexit, Itaxit, Portuxit, etc -xit, I hope I will have enough capital and access for such blood-on-the-street moment.

Tue, 07/14/2015 - 15:16 | 6311917 J Jason Djfmam
J Jason Djfmam's picture

Maybe a free for all FUXIT.

Tue, 07/14/2015 - 14:02 | 6311614 Redart
Redart's picture

The EUR/USD today's high was a huge buy by heavy hands, despite the fall in the last two hours. Load longs on EURUSD

Tue, 07/14/2015 - 15:04 | 6311834 Fed-up with bei...
Fed-up with being Sick and Tired's picture

EURO is in a short.

Tue, 07/14/2015 - 15:05 | 6311840 Fed-up with bei...
Fed-up with being Sick and Tired's picture

Target is 1.08

Tue, 07/14/2015 - 14:15 | 6311669 Phoenix901210
Phoenix901210's picture

Well if it sounds too good to be true...

The people currently buying whom are not resonably well informed are going to go through incredible panic if and when things really start a downward tumble.

Tue, 07/14/2015 - 14:31 | 6311721 jubber
jubber's picture

You don't fuck with the Dolphin bashers

Tue, 07/14/2015 - 14:44 | 6311756 PrimalScream
PrimalScream's picture

This entire Greek soap opera was predicted many years ago when the European Union was formed.  It was pointed out THEN that the economies of all the countries in the EU were fundamentally incompatible.  You cannot unite such a broad range of economies with a single currency and a single Central Bank.  There is not enough flexibility in the policies to allow the countries to all function.  So as a result, the rich countries in the EU will ALWAYS be bailing out the poor ones.

Germany does NOT care about Greece.  They just want to make an example of the country.  They just want to hang Greece from the top of a flagpole by their b*lls.

Germany & Merkel are terrified that this process of GREXIT will become PORTEXIT (Portugal exit) and SPANEXIT (Spain exit), and the whole d*mn union will fall apart fast.  And truthfully, that collapse is a lot closer than people want to admit.

Tue, 07/14/2015 - 15:13 | 6311898 J Jason Djfmam
J Jason Djfmam's picture

Spanxit sounds better.

Tue, 07/14/2015 - 14:44 | 6311763 quasi_verbatim
quasi_verbatim's picture

Anyone who went long on this in the fifties knew it was a done deal, was in the loop and won't be found among ZH commenters.

This is jackal trading.

 

Tue, 07/14/2015 - 14:53 | 6311792 headhunt
headhunt's picture

Also known as 'Soro's trading'

Tue, 07/14/2015 - 15:06 | 6311852 q99x2
q99x2's picture

Who decides who gets to be paid? And, are they accepting applications for that job?

Tue, 07/14/2015 - 15:38 | 6312030 GoldSilverBitcoinBug
GoldSilverBitcoinBug's picture

Does anyone have insider information about default on Veneuzala I can acces them at 35% o.O on my bank Lulz :)

Anyway that was risky but I must recognize it: nice played !

Tue, 07/14/2015 - 16:14 | 6312279 Inthemix96
Inthemix96's picture

Read these words,

Think I can fly, think I can can fly.  When am with you, my arms are wide, capturing fire as the wind blows, I am an original suprise, I can see a billions dollars in your eyes, even if we strangers till we die.

I wanna run away, I wanna run away.  Anywhere out this place, just you and I.

By a group called Galantis, right now, when the show is at this stage?  Listen for yourself, the fuckers are chasing the moon and sun further in.

Conspiratorial?  Or me being fucking suspicious?  You decide.

https://www.youtube.com/watch?v=szj59j0hz_4

;-)

Tue, 07/14/2015 - 16:16 | 6312298 Inthemix96
Inthemix96's picture

Canny dance tune none the less.

:-)

Tue, 07/14/2015 - 16:26 | 6312288 Grosvenor Pkwy
Grosvenor Pkwy's picture

A few comments on the original article based on traditional horse-racing odds. (I'm not a gambler, so I hope I don't make too big a fool of myself here.)

First, the annualized return number is meaningless, since as of yesterday, this was a point-in-time event, like a horse race or a b-ball game. You either win (bond pays in full) or you lose (bond defaults); there is no in-between. Winning a bet at the track would give similarly extreme annualized numbers, but nobody thinks about it like that.

From the chart, the market made the odds even at 1-1 (50%) just as the article says, but then towards the very end, they shortened up to 7-10 (58%) odds-on, indicating that some insiders had info that a win was somewhat more likely.

We should have taken this as a signal to bet! but of course I didn't, so "you snooze, you lose!"

Tue, 07/14/2015 - 19:15 | 6313194 CitizenPete
CitizenPete's picture

If there are four regular apples in the bag, u can only pull out four apples. But these are fractional reserve horse apples we're talking about here.

Tue, 07/14/2015 - 19:38 | 6313287 discopimp
discopimp's picture

Anyone know how these bonds could have been purchased?

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