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we promise, no default.
This is G Pap's way : "gimme my money or I default". Well... it works... so far.
What a coincidence. I'm going for a haircut this morning.
And hoping PM's go down another 10%.
Backin up that truck boss!
"reality is it the haircut severity probably won't have much of an impact - most French and German banks have long since wound down their Greek exposure."
Pffft, not so sure on that one Tyler.
"most French and German banks have long since wound down their Greek exposure."
The French and German banks must have sold it to the Fed... Who else would buy it?
Agree - Offloaded to who? Or is it whom? And what about the CDSs - are those gone too? Who would be dumb enough to take over those exposures? And if the deal is done, but not yet consummated, what of the solvency of the counterparty? Sounds like more "we're hedged/collateralized" nonsense to me.
PM's bidding the johnny-come-latelys... "Adieu!"
Beware Greeks bearing rumors of no defaut.
Beware of banks holding Greek debt.
Beware of dead Athenian philosphers.
Beware of Spartans offering to raise your children.
Beware of olive oil.
Beware of fiat.
C'mon everyone knows that BIG BAD BEARDED BEN stands ready with his monopoly money. He just needs a crisis to start the printing presses again.
Don't worry, taxpayers will make sure that bank bonuses keep flowing no matter what happens.
If only the taxpayers had the wherewithall to pay their taxes... or the inclination... or both
Why has there been a wipeout in gold and silver this morning? Has there been another margin hike or are traders liquidating gold to pay for their losses elsewhere?
'Weak hands' being shaken out... Gold/PMs flowing West to East...
Western Central Banks have decided to go all in to keep their fiats afloat... So they are shoveling gold into the markets to suppress price...
SE Asians are saying thank you for selling us this real money for so few fiatscos.
Thanks Snidely, I think I'll take this golden opportunity to swap a few of my worthless GBPs this afternoon for some more precious.
"Greece Denies Rumors Of An Orderly Default With 50% Debt Haircut"
Of course not. and Anonymous isn't still occupying Wall Street.
Greece : Oligarchical bunga binge gone bad...now everybody is on the run.
Update:Here is Greeces orderly default:
these are those interesting times they refer to back east.
across this line you DO NOT!!!/
also, dude, chinaman is not the preferred nomenclature, asian-american, please,
yeah, the haircut is 50.1% so the rumor of 50% is wrong
Well, Ok we can have a default but only if it's orderly. I don't want any of that chaotic disorderly default stuff OK?!
EURUSD price action is breaking down again. Expecting another drop soon. EURUSD Market Report is available here http://bit.ly/n8SsO6
Great band name..."disorderly default".....anyone got a song or two....anna one..anna two
"Greece denied on Friday newspaper reports that one option in the debt crisis would be an orderly default with a 50 percent haircut for bondholders"
Tyler hit this one on the head. The official is telling the truth in the above statement precisely because the default won't be a 50 percent haircut. Nevermind that there WILL be a haircut, it just won't be 50 percent.
After listening to people in power (company, government, doesn't matter), you'll notice the word choices are deliberate. The qualifier I like best is "at this time", which means at this very instant, which, when used with any lie, makes it a truth. Qualifiers are the dead give-away that there's a nugget of truth in there somewhere, just wrapped in deceit.
+Someone should tell Greece.
It's not a rumour, it's a hint.
Why stop at 50%? The tsunami will be just as high at 99%....
O.O.D.A. rule is in effect. Observe, overreact, deny, accuse.
50% just means there will have to be more than one default.
If there is a default, I guarantee the Greek government will make sure it is done in such a way that the common people bear the cost. People outside of Greece don't seem to know how they are squeezing every last euro (I wish it was drachma. How could people have agreed to exchange their drachma, which was good enough for Plato, for the very lame euro?) from people who can't afford it, and not touching the very rich or those whom the ruling party needs for support, or even their creditors.
This article says the the key question is how the default is done-- in other words, for whose benefit.
Don't worry about that. The Greek people will take matters in their own hands. It is simply too late for the two major political parties that have governed Greece the past 35 years...
And for the plutocrats in Greece anticipating that a "generous" haircut will result in writting off their debts to (soon expected to be nationalized) Greek banks, sorry dudes! You will lucky if you manage to leave the country unharmed.
To all zerohedgers out there: the Syntagma Square riot cam will be back on line on Sunday evening (greek time).
@drider: Don't worry about that. The Greek people will take matters in their own hands.
THIS IS SPARTA!!!
Better late then never!
Tyler, what makes a default orderly? If it were, would that exceed very bearish expectations and result in a rally? Thanks
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