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Charting The History Of Glorious Greek-Bondholder Relations
Today, at one point in the afternoon, CNBC's Michelle Caruso Cabrera "broke" the new that according to the IIF and its always amusing chairman Charles Dallara, Greece is about a month away from a final, conclusive and this time definitive resolution with its creditors. He punctuated the news by saying "progress has been made." Naturally, a minor detail was overlooked, namely whether the haircut would be 50% as per the Second Bailout, First Amendment, or 75% as Germany is rumored to have demanded recently. Also ignored is any update on whether hedge fund Vega is proceeding to sue Greece or anyone else for cramming the fund down in what ISDA defined as a "consensual bankruptcy." But the main reason why we ignored this news completely, is that as the annotated chart below of Greek bond prices show, this is not the first time Dallara has had encouraging "news" to say about the bankruptcy process. In fact, if bondholders had merely sold the first time the Frenchman had opened his mouth, they would have saved about 70% of their money. Frankly at this point it no longer matter. The only catalyst now is March, by when Europe needs to finalize and fund the Greek bailout's €130 billion or else it is game over for the Eurozone.
h/t Andrew Yorks
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from the ashes arise...
Ya mas, bitchez!
He is a total joke with no actual power - no surprise he is clueless
The Bernanximus:
Trichetommodus:
Bernanximus:
Trichetommodus:
Gracchus [Interrupting abruptly]:
"....... and the noise afterwards, it rises, rises up like...like...like a storm, as if you were the Thunder God himself"
Ben Bernanke could NEVER understand what it's like to be the Thunder God himself.
....nor could he ever be followed by a harmonious wall of sound that peels like Jimi Hendrix with a mile high stack of Marshalls.
Excellent! I could cheerfully sit and watch an entire movie in this vein.
+ 15.3T (but who's counting?)
Hilarity. Now chart it against National Bank of Greece share prices.
Alright, this is what's going to kill me - keep breaking down time in 2-12 week increments for anything that might matter and string me along only to tell me another 2-12 weeks for a "resolution". Somebody shoot me already.
the French mafia leaking a story to the Italian NY MSM/Financial Mafia about the Greek mafia. Second helping please.
There should be a rule whereby if you hear a Frenchman open his mouth, you should automatically punch him in the face!
If it's Bernanke, can I headbutt him. break his arm, and then stomp his nuts?
Kick him in the nuts, first. That way he can't scurry off so fast.
On second thought, do Eunuchs have balls?
At this point, I'm sure my head is the hardest part of my body and, I've always found a good head-butt to win in the "element of surprise" department. What happens after that is, I suppose, subjective to circumstance.
lol
Greece should wait until they can pay off the debt with just a few “barbarous relics”.
I did not have consentual bankruptcy with that woman .
Thats an awesome post ZH, short and to the point.
German bond auction in some hrs from now.
Finally a dollar amount. Talk about a ton of dough from Germany to "the little people." whatever comes of "Greece" you have to admire the fact "they made it expensive." now onto the real game: Spain or Italy Europe? You can't have both.
Tyler;
Such disrespect is uncalled for: it's CNBC's "Chief International Correspondent", Michelle Caruso Cabrera! For she meets the CNBC anchor criteria for expertise; She has been to Greece.
Fuck you and your stupid faux-sarc. STFU please.
Pretty please?
I'm close! I'm close! No I'm really close!
Just keep going honey.
Payback
Something tells me that EU leaders will shaft bond holders in reprisal and allow Greece to default and exit.
oh dear me, EUR is sell again:
-- Euro loses steam after risk assets rose Tuesday on solid manufacturing data globally
-- Focus shifts back to European sovereign debt problems, with Greece's private sector participation talks seen as near-term key
-- Euro-zone bailout fund plans to sell bonds amid concerns over potential downgrades of member state sovereign debt
Oh sure, all is well in Greece; and Spain, and Italy, and main street U.S.S.A.
Soon it will be Spain...
Jan. 4 (Bloomberg) -- The Spanish govt helped the Valencia
region make an EU123m payment to Deutsche Bank that had been
overdue since Dec. 27, El Pais reported.
• Treasury gave a verbal guarantee to an unidentified lender persuading it to advance the funds the regional government needed to make the payment, the newspaper said
• Verbal guarantee was extended to get round a law which prevents central govt from formally backstopping the debts of the regions, the newspaper added
• Central govt also advanced its regular transfers to the regions by about 10 days to Jan. 3 to help Valencia, El Pais said
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Yup, ZH is the ultimate place to sell clothing. You are a spamming genius.
Spain May Request EU, IMF Loans to Help Banks, Expansion Says
Jan. 4 (Bloomberg) -- Spanish Prime Minister Mariano
Rajoy’s government is considering applying for loans from the
European Union’s rescue fund and the International Monetary Fund
to finance the restructuring of the country’s financial
industry, Expansion reported, citing unidentified people with
knowledge of the matter.
wow the PMI fudge goes on. EZ PMI up and CPI down...last gasp Europe
Someone needs to get a rape kit for the Greek bondholders because that haircut was definitely not consensual.
Don't Panic.
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With a batting average like that, he could pitch in the AL.