European Sovereign CDS Blowing Out Again

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Mon, 10/24/2011 - 07:54 | 1803731 Cassandra Syndrome
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Mon, 10/24/2011 - 07:57 | 1803745 Cheeky Bastard
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points up front, not spread 

Wed, 12/28/2011 - 05:47 | 2015540 glenn17
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breast enlargement Melbourne

Mon, 10/24/2011 - 08:45 | 1803842 slaughterer
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You have to remember you are seeing Euro sovereign CDS up during a naked short ban on CDS. 

Mon, 10/24/2011 - 07:55 | 1803734 choorles
choorles's picture

bye bye euro

buy buy silver

Mon, 10/24/2011 - 07:55 | 1803735 Irish66
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Who was it that took a big position in Ireland's bank IRE?

Mon, 10/24/2011 - 10:14 | 1804130 slewie the pi-rat
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when in doubt, just assume it was Robo_T

Mon, 10/24/2011 - 07:55 | 1803736 HelluvaEngineer
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Mon, 10/24/2011 - 07:56 | 1803737 Tense INDIAN
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is this GUY talking about the NOVEMBER 1-2 meeting of the FED...m not sure plz..

Mon, 10/24/2011 - 07:56 | 1803739 spiral_eyes
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I have to say watching the interconnected hyperfragile mesh of debt, this stupid fucking house of cards and leverage come tumbling down...

It's a beautiful experience. 

Mon, 10/24/2011 - 08:05 | 1803762 PaperBear
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Brilliant quote in that article: 'Keynesian economics is regarded by the naive as true, by the wise as false, and by rulers as useful.'

Mon, 10/24/2011 - 08:12 | 1803780 shansnv
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This is first time i visit this post. I collected so many interesting things from your site especially its discussion. From the tons of comments on your posts, I guess I am not the only one having all the enjoyment here. Keep up the good work.

masters in accounting

Mon, 10/24/2011 - 10:06 | 1804109 Carlyle Groupie
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  1. China desperately needs to raise dollars to bail out its real estate market and paper over the cracks of its credit bubbles, and so goes into full-on liquidation mode.
  2. China retaliates to an increasingly-hostile American trade policy and — alongside other hostile foreign creditors (Russia in particular) — organise a mass bond liquidation to “teach America a lesson”
  3. Both of the above.

It'll never happen bro.

Mon, 10/24/2011 - 07:58 | 1803748 Pretorian
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Watch out UK story developing! Referendum underway to exit EU.


Mon, 10/24/2011 - 08:05 | 1803761 GeneMarchbanks
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It won't help them(uk). They're not even worth capitalizing... Barclay's is so derivative entrenched that the unwind will be epic. Get yourself ready for some more larson. Petty and otherwise.

Mon, 10/24/2011 - 08:48 | 1803849 criticaster
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Oh yea!!!! Quick... BUY GOLD! But No. There is no referendum. Tonight MPs in the house of commons are voting on whether or not to hold a referendum. This motion will not be passed because Labour and Lib Dems will not support it and the Tory party have imposed a three-line-whip on their MPs (i.e. there will be severe career-harming injunctions against rebels). It is expected that there will be around 70 yes votes, which will not carry the motion.

Hence it is more of a symbolic attack on Cameron by the euro-sceptics. Also, IMO it would be kind of a bad time for the UK to exit the EU (this is why they are imposing such a strict voting directive).


Mon, 10/24/2011 - 07:58 | 1803751 jdelano
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I'm just gonna go ahead and put this out there.  CAT is practicing inventory and accounting fraud.     

Mon, 10/24/2011 - 07:59 | 1803752 TradingJoe
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I agree, but not just CAT!

Mon, 10/24/2011 - 08:02 | 1803755 jdelano
jdelano's picture

Guess American companies have learned a few new tricks from the Chinese these past few years...

Mon, 10/24/2011 - 08:06 | 1803766 GeneMarchbanks
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Actually, the opposite but thanks for playing.

Mon, 10/24/2011 - 08:14 | 1803783 jdelano
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<----Back to the dugout, scowling.    



Mon, 10/24/2011 - 08:06 | 1803765 Everybodys All ...
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This admin has made this sort of thing passe. You actually think the banks are solvent? Why would another firm decide they have to play by the rules that no bankis are playing by?

Mon, 10/24/2011 - 08:07 | 1803768 iinthesky
iinthesky's picture

Just curious, how do you know that?

Mon, 10/24/2011 - 08:19 | 1803794 jdelano
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google earth.  

Mon, 10/24/2011 - 08:26 | 1803807 iinthesky
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Mon, 10/24/2011 - 08:31 | 1803817 jdelano
jdelano's picture

to "iinthesky"?  Hell no.  Visions of men in black piling out of suburbans and torching my condo.  Forget I said it.  

Mon, 10/24/2011 - 09:16 | 1803947 iinthesky
iinthesky's picture

Funny thing is.. based on things ive read and seen ie. Swat teams acting as student loan collection agents, Apple sending the corporate gestapo over leaked iphone data etc.. I dont blane you

Mon, 10/24/2011 - 08:01 | 1803753 jdelano
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also OT--anybody notice that the Ambrose piece over the weekend was definitely not written by Ambrose?  

Mon, 10/24/2011 - 08:09 | 1803771 lapedochild
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Greece CDS is the only one retreating, probably because it's being revealed as a useless tool. There is now talk of banks having to take a 50% "voluntary" haircut, thereby not triggering a credit event. They have offered 40% (up from 21%) but IMF won't go ahead if they do not at least take 50%, and they have to say it's voluntarty nonetheless!

This is making a complete mockery of the CDS market in my view. So yes, stress increases, CDS's go up, but when time comes to pay, we will change the rules.


Mon, 10/24/2011 - 09:16 | 1803943 ZeroPower
ZeroPower's picture

Meh, the CDS basically implies 100% p of default. So, a point less here or there really doesnt matter. Its just the dealers working their inventory which sometimes moves the spread a point +/-

Mon, 10/24/2011 - 08:09 | 1803772 msmith
msmith's picture

Although the EU continues to have problems, the USD is likely headed lower for the short term.  The EURUSD and the AUDUSD are both pointing to a weaker USD this morning, which should push equities higher.

Mon, 10/24/2011 - 08:10 | 1803773 TooBearish
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Fear mongering...project Mayhem.... BUY

Mon, 10/24/2011 - 08:12 | 1803777 mccoyspace
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My, My My.

Now Krugman is calling the Euro 'doomed'. Amazing.

Mon, 10/24/2011 - 10:38 | 1804208 HardlyZero
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Vatican calls for global authority on economy, raps “idolatry of the market”


Italian job ?

Mon, 10/24/2011 - 08:12 | 1803781 ivars
ivars's picture

This was a productive weekend!

I think I finally managed to match them! Of course, crash (mimicking recession in q1 2012 in the USA and probaly worldwide) is there for all to be seen:

Now I have a really superb forecasting /history study interest tool . Have a look at exercise behind matching GREAT DEPRESSION and GREAT RECESSION timelines for the first time ( once  I managed to patternalize ( ?) OUT FED's grip on USA stock market prices)  and, as usual, better visibility charts plus explanations here:

And here:

The supplement chart for rereading the history of GREAT DEPRESSION and rethinking the future as time line can be extended as well:

Mon, 10/24/2011 - 08:18 | 1803792 campag
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Fed up waiting for Stocks to follow and head down . Should happen but......

is BTFD back ?

Mon, 10/24/2011 - 08:48 | 1803853 mayhem_korner
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How many Euros are in the ECB's sovereign CDS bailout fund?  Prolly not 'nuff. :D

Mon, 10/24/2011 - 09:51 | 1804068 Watson
Watson's picture

Why is Italy 70bps over Spain?

Italy exports a wide range of manufactured goods (bought world-wide for style if not reliability).
They did not (to my knowledge) have a property bubble.

Spain has had the mother of all real-estate bubbles, well beyond the ability of the domestic banking system to write down, and exports mainly fruit.

Reflection on the Italian leader?


Mon, 10/24/2011 - 10:27 | 1804172 slewie the pi-rat
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we now have our zero-ween theme:  

Tyler & The Triangle Of Terror

the subplot?  who will be fornicated next, BiCheZ?

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