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Europe Awakes To Sea Of CDS Redness
With a Greek default imminent, and this time ISDA having no chance to kill CDS as a hedging mechanism as the trigger event will be more than present, investors have once again jumped at the opportunity to close lucrative basis trade opportunities, as a result sending all of Europe broadly red in spread terms. Notable: Portugal CDS, which contrary to media reports elsewhere has been trading points up front for a few weeks now, just hit a record 40 pts up. And what is worse is that the 5/10s, which should be inverted for a country as distressed as this, isn't.
5Y 10Y 5/10's Rolls
ITALY 416/426 +21 393/413 -23/-13
SPAIN 368/378 +20 342/362 -20/-10
PORTUGAL 39/40.5 +0.5 41.5/44.5 2.5/5.5
IRELAND 610/640 +5 440/510 -180/-120
GREECE 62/64 0 63/67 0.5/3.5
BELGIUM 238/248 +8 226/246 -14/0
FRANCE 169/174 +6.5 190.5/198.5 19/23
AUSTRIA 170/176 +5 184.5/194.5 14/19
UK 77/81 +2 92/98 14/18
GERMANY 88/91 +4.5 107.5/113.5 18/22
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Extend & pretend bitchez!
Bestest markit evah! - Robo
http://www.youtube.com/watch?v=rOdELisKpP4&feature=related
Robo Cop decided to help the people bitches!
Priced in already...but bullish...oh, I'm so conflicted here. I need it to be both!!!
Love, CNBS
Chickens coming home to roost.
Gonna need to break out the big freakin guns for this.
Extend and pretend.....is no longer an option. Mount up cowboys.
The error is in the headline "Europe Awakes..."
Europe has been asleep for a long time...
Am not bullish! actually i was short last week!
Robo Trader decided to help the people by going bearish
Perspective:
http://www.youtube.com/watch?feature=player_detailpage&v=6ZtcBhyhGWM
Muddle through :D
There appears to be a tipping point in media coverage. The last few weeks, I have noticed the absence of words like "hope," "save," "solution."
Good catch.. that and all the references to Greek end game (pun intended) is avoiding disordery default.. implying orderly default is now the desired outcome.
http://theinternationalforecaster.com/International_Forecaster_Weekly/Dr...
Dreams Fading In American And Europe
"After French elections and later German elections we believe you will find that there will be cooperation on phasing out the euro among many things. The LTRO will allow for that transition phase. Greece has become a cat and mouse game and if the elitists and their appointed president think they are going to win they are mistaken. They lost 2-1/2 years ago. Once a new government is in place they’ll just reverse it all, default and go their own way, which they should have done 2-1/2 years ago, unfortunately Pasak sold them out. Greek creditors want a voluntary debt exchange, but they will take what they can get. In the end the creditors will sue and get nothing. Since when could you get blood from a stone: then there is the money owed via CDS, which is in the billions. Do you really believe credit default underwriters have any cash behind their promises to pay? It is all a scam. The backup funds do not exist. It should be noted no progress.
..While Greece is headed to the dustbin the European one-worlders are fighting for an ESM, European Exchange Mechanism, which they plan to pass on January 30th in Mexico City. This would put the ESM online in July with a treasure chest of $650 billion, which may be increased. Where all the funds will come from remains to be seen and wait until the voters in each country discover they have been sold out again, and that their sovereignty is gone and with it their freedom and liberty. The banks do not have any transparency on the issue, so the public is essentially in the dark. That is the way the elitists like to work, secretly behind the scenes because you do not have a need to know.
Due to the LTRO at the ECB many investors are buying European bank debt again.
The downgrades of many sovereigns and banks recently cost the EFSF, its AAA rating. It fell from AAA to AA+. This is the pathway toward the implementation of the ESM, which has to be approved by all 27 EU members’ not just 17-euro zone members, as it was an amendment to the Lisbon Treaty. As of last week Germany refused to increase the size of the EFSF.
At the same time the ECB’s balance sheet has grown to $3.5 trillion dollars, which is larger than that of the Federal Reserve. This is a record and puts pressure on the euro, low interest rates and very high liquidity. The pledged collateral is in part financial garbage, and that means the euro will find it hard to stage a strong permanent rally.
Finland says the proposed new treaty is unnecessary and harmful. Their foreign minister says that Finland should not sign the treaty. The majority of the parliament has the same view.
During Sarkozy’s presidency almost $800 bullion was added to the national debt.
If we have a Greek default and more defaults to follow, will Germany leave the euro? It would give them the perfect opportunity to do so.
Bob Chapman on the Alex Jones show - 20 January 2012" ....
http://www.youtube.com/watch?v=h4fXPHFfeKE&feature=email
....
Silver following EURUSD down in lock step almost.
Does EURUSD 1.20 = silver $20?
When Silver was $20 gasoline was $2.64 a gallon, lets see if that happens first.
Dumb. The dollar is back up on Euro exit. Inverse correlation on days like today.
Are you fucking Crazy!?
There will be blood Tyler ....
What's insane is that the UK is so low.
the infinitely prescient market has reacted postively to public unveiling of "the glass shard" iconic project for London.
Its symbolism and consequent collateral rectal pain for EUrozone, inflicted by ongoing-bound to increase mega shardingly through future City shenanigans, has not escaped the ebullient market.
Buy manufactures of riot gear/rubber bullets/tear gas makers. Should see some upside there.....hello Drachma.
Crazy that the UK can still borrow so cheap. We're all bust guys - stop lending to our dear BOE!!!
pheww thank god we de coupled, at least the US won't be effected now.
It's true that Greece is just a sideshow but then, so is Europe. After a "resolution" all eyes will then turn to Japan and the US - the REAL debt "experts". The FED'S greatest fear is a rise in interest rates and that rolling avalanche of treasury sales. They could, I suppose, simply accelerate the borrowing until it was physcially impractical.
Nothing a little tetracycline can't fix!
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