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EURUSD Passes 1.30 On Early Rumor Greece, IIF Reach Agreement
When we predicted on Thursday that the most recent record number of EUR shorts would take the EURUSD over 1.30 on Friday following a spurious rumor that the IIF and Greece had reached a deal, it turns out we were one work day off. As it happens, the EURUSD has just taken out 1.3000 following an FT Deutschland report that Greece and the IIF have reached a broad agreement. It would be funny if only it wasn't so predictable. The source- unidentified government officials. Either way, it appears this will be the on again, off again rumor that drives risk today, since there are no fundamental economic news. Per Bloomberg, banks and EU, IMF, ECB still trying to agree on coupons, so it actually is not a deal but hey, who cares. Coupon for the new, long-term debt after the voluntary haircut should be somewhere above 4%. Troika still pushing for a 4% ceiling. Deal may be concluded in next few hours. Top level talks were interrupted Saturday, continued Sunday by “experts”. Troika experts want to calculate today if Greece can still meet the goal of cutting total debt to 120% of GDP by 2020. And so on. Of course, since just one hold out hoping for "legal arbitrage" and par recoveries, will force the retroactive implementation of CACs, which in turn will trigger CDS, which in turn will force a subordination of debt claims, all of this is moot.
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Neat.
In other news, here are awesome boobies :
http://www.youtube.com/watch?v=gWMIpnoxXJo&feature=related
And if you thought the scum in Washington DC would stop with SOPA, you were wrong.
http://investmentwatchblog.com/threatening-new-bill-worse-than-sopapipa-...
under language approved 19 to 10 by a House committee, the firm that sells you Internet access would be required to track all of your Internet activity and save it for 18 months, along with your name, the address where you live, your bank account numbers, your credit card numbers, and IP addresses you’ve been assigned.
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As written, The Protecting Children from Internet Pornographers Act of 2011 doesn’t require that someone be under investigation on child pornography charges in order for police to access their Internet history — being suspected of any crime is enough. (It may even be made available in civil matters like divorce trials or child custody battles.) Nor do police need probable cause to search this information.
Yeah no doubt. "Think of the children!" Who have been enslaved under the yoke of lies and usury.
Following examples: hypocrisy of our global malformed misanthropic sycophantic pharisee masters:
http://torrentfreak.com/while-drafting-sopa-us-house-harbors-bittorrent-...
http://torrentfreak.com/busted-bittorrent-pirates-at-sony-universal-and-...
http://torrentfreak.com/riaa-someone-else-is-pirating-through-out-ip-add...
http://torrentfreak.com/riaa-and-homeland-security-caught-downloading-to...
http://torrentfreak.com/busted-canadian-parliament-hosts-bittorrent-pira...
http://torrentfreak.com/french-presidents-residence-busted-for-bittorren...
http://torrentfreak.com/zut-alors-french-government-deny-bittorrent-pira...
Yaaaaa.......we're freaking saved.......AGAIN!
well the Kids of America have got alot to look forward to from the protection of the US State.. student debt for 10 years, credit card debt, mortgage debt slavery for the other 30 years, taxing you throughout your life and soon, the US State will be robbing your pensions and savings too
Let's hear it for the benovolent 'on your side' human scum of Washington
Nobody can possibly think up more ways to rob you and how to spend your money
Even loan sharks seem more human by comparison.
Call me cynical, but i have in my mind a picture of TPTB holding guns to all the hedge funds' heads who were thinking of "holding out for legal arbitrage" and this will lead to all of them caving in and ...
NO retroactive implementation of Collective Action Clauses
NO CDS triggered
NO forced subordination of debt claims
-----> Stocks go to the moon
It's possible. The only thing I'm 100% sure on is that under no circumstances will CDS ever be allowed to trigger. They will never declare a credit event - they can't. You can't abandon ship on a deeply submerged submarine.
Only in the event that hedge funds sit on the overall exposure, will it be allowed to be declared a credit event.
It's amazing, isn't it? The big banks underwrite insurance against defaults, and then - despite all the paperwork being in order - are allowed not to pay out. And when THEIR paperwork isn't in order, there are no consequences either.
Some pigs are more equal than others. Oink, Mr Dimon.
hey lol,
my first gut reaction is to not use the ...internets..and use the post office...which brings me to this... is this a post office back door bailout...
There are already widely accessible methods to bypass this type of surveillance. The boomerang effect though for this type of legislation will be that in an ever increasing network connected world they are annoying and provoking probably the most creative and well rested minds out there and then you'll see what major disruptions really mean. With ~ 90% of pc market dominated by windows os latent zombies it wouldn't be too difficult to see major websites and networks down for days or even weeks. Imho any kind of patriot act type of legislation will just ignite an already volatile situation. You just don't chase criminals by suspecting the whole population.
I think it was on the IMF chief comment that ESM must double, no she claims misunderstanding
Darn, I was shorting down to 1.20 per Goldman's advice.
Does anyone know what mortgage rates or down payment requirements are in Greece? Or where to find this information?
Bah, I am out of cash to buy the rumor. </sarc>
No worries.....I'm thinking you're gonna have plenty of chances.
SURPRISE!!!!
Who would have think it?!
There are too many shorts, did anyone read the COT report? It was at a record. When you have these kind of extremes it is bound to reverse. I do not think these rumors have that much impact. Plus there is a massive candle configuration that is showing a possible bullish momentum for this week.
http://razorsforex.blogspot.com/2012/01/euro-weekly-bullish-engulfing.html
Candlestick on EUR/USD indicates at least a good week or two of bullish break-out. The upper range of the downward channel was broken to the upside already last week.
Bears will have it tough for the next 3 days, between the FinMin pow-wow rumors and the FOMC QE3 pump.
The ban on oil begins July 1st. What does this say about the Greek deal?
Logical follow up to the superb article here on ZH; the Oligarchs call the shots.
Lulz! Anyone that went short EUR sub-1.29 should have seen this one coming. Mark it a zero!
http://www.youtube.com/watch?v=2Xz1i8cRPBg
"EURUSD Passes 1.30 On Early Rumor Greece, IIF Reach Agreement"
So then. Greece appears to default - euro rises. Repeat: EURO RISES. No Epic Crisis, "Total Collapse Of The Fiatmoney System" or Total Everything. Kyle Bass is definitely wrong. Jim Rogers is right: if Greece would get kicked out of the euro, the currency will rise versus the dollar, because stronger nations will be left. Defaults are the solution, as ever on a free market, not the problem. The more troubles with euronations, the clearer the solution will and is gonna be. Things will only get better, not worse. Bye bye crisis.
The people of Greece disagree.
"Things will only get better, not worse. Bye bye crisis."
Hurry up and go invest in Greek bonds then.
Troika experts want to calculate today if Greece can still meet the goal of cutting total debt to 120% of GDP by 2020. And so on. Of course, since just one hold out hoping for "legal arbitrage" and par recoveries, will force the retroactive implementation of CACs, which in turn will trigger CDS, which in turn will force a subordination of debt claims, all of this is moot.
Talking about things being moot...
Anyone heard from Portugal, Spain and Italy recently or is the consensus that is we sort Greece out everything will be fine and dandy!?
Oh and should we forget about the US rapidly approaching debt ceiling..?
Or the fact that Europe is entering in to a deep recession..?
Oh well.. stocks are cheap apparently... 5,900 FTSE, 13,000 DJ to follow!
Ok. Assume all is ok for Greece RIGHT NOW. How's that ok for Euro?
Weak eurusd short positions burnt up to 1.34. THEN we'll see 1.20
selling eur/usd
selling CHF/usd
Good luck
One way or the other this will eventually bring the whole derivatives market down. Assuming that a credit event will be triggered we'll probably see a chain reaction following Greece's default. On the other hand a "non event" will raise serious questions about the legitimacy of any "credit protection" provider and what moron will ever want to buy such a worthless pos 'protection' ?!
lol, the shorts will be squeezed to death. And we havn't had the real short covering yet!!!
Just wait till those large traders start to cover their shorts what a monster rally we will get then? No matter what the news is :-) News suck! trade technical.