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Greek 2Y Yield Breaks 200% For First Time
Presented with little comment except to note that the initial ebullient spurt in US futures (which as we noted is being ignored by credit markets in US and Europe so far) this afternoon was started with the Samaras comments and yet 2Y GGBs just broke 200% yield for the first time...is the market starting to get that perhaps Europe wants them out?
Chart: Bloomberg
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Wow, what a great investment!
Yep, investment banking beats working for a living
..even the downside is covered (by taxpayers)
You can buy it much cheaper here then what the ATM charges you:
http://www.find-me-a-gift.co.uk/images/product_images/thu136_euro_toilet_paper_300wall.jpg
And! if you have to take a 50% haircut then you still make 100%. That's a win-win!
If you buy Greek bonds, you definitely "invest", you don't "speculate".
According to your local central planning bureaucrats who knows what's best for you, and are here to protect you.
Speaking of central planning bureaucrats...here is a Public Service Announcement. If you haven't heard what Google is going to do come Mar 1...you might want to check this out.
http://www.change.org/petitions/google-ask-fairly-about-our-privacy
"In the first half of 2011, the US government requested information on over 11,000 Google accounts. Google complied with a full 93% of those requests. Your account might have been one of them, and you would never know."
From see something say something, to hand over whatch'a got.
Can we assume the 7% non-compliance rate was for Google employees or government/SEC employees surfing for porn?
How reassuring ;-)
So the bonds are now effectively toilet paper.
used, not the new stuff still on the roll
Nah, I can't wipe shit off my arse with some bits set on mainframe servers.
you have to be blind and deaf not to hear that. but no stocks need to see it written down in all capital letters, on a piece of paper, pref letterhead from european commission and ECB.
China! China! China! China!
you beat the Financial Times to tomorrows headline
Nothing to see here. It's already priced in.
no we're still waiting for 1,200% for the full valuation
Thats why the politicians are playing coy....after the IMF and ECB loan Greece another 150 billion euros, they know in two years the Greeks will grant them a 200% ROI. Bloody brilliant.
More proof that austerity is helping Greece reduce its deficit and thereby avoid default.
/sarc.
I love the work ZH did on showing the American exposure to French banks. The system is totally broken if a Greek default can lead to a default cascade and bring down the global financial system. It's just totally fucked.
The bottom line is that we need another system... one that doesn't lead to bubbles based on money printing, credit expansion, securitisation... Like oh... I don't know... THE GOLD STANDARD. Or MAYBE even full reserve banking.
http://azizonomics.com/2012/02/14/the-system-is-the-problem/
Sadly, it won't be the West that imposes such a system upon ourselves... it shall be our creditors.
That would involve government cutting its spending, no pork for pet projects and special interest groups, keeping an eye on the cost of services and expenses etc, etc. What is the point of getting into politics if you are going to run things like that.
No way this will happen without a complete collapse, and a (violent)flushing of the present system down the drain.
Dam, too late... I was just about to go all in at 199.998.
BTW the 5 year still looks reasonable. Do they do 30 years?
Some headlines from China:
*PBOC: CHINA ECONOMY POTENTIAL GROWTH RATE IS EASING :PBCZ CH
*PBOC: CHINA TO INCREASE MONITORING OF LOCAL GOVT. FINANCING
*PBOC: CHINA TO INCREASE MONITORING OF PRIVATE LENDING, PROPERTY
*PBOC: PRICES IN CHINA FACE UPWARD PRESSURE :PBCZ CH
*PBOC: CHINA'S ECONOMY FACES DOWNWARD PRESSURE :PBCZ CH
*PBOC: EURO DEBT CRISIS CAN'T BE SOLVED IN SHORT TERM :PBCZ CH
But it's good they will save zEurope. Again.
China's Sun Tzu tactics are in full gear. I just love China's VP "friendly visit" yesterday too...classic.
edit: double post (my first!)
The spurt for US in the afternoon was followed by a spurt in the evening that is holding.
RUMOUR HAS IT:-
GREECE TO DEFAULT SOON FOLLOWED LATER IN THE YEAR BY PORTUGAL AND IRELAND...2013 WILL ALSO BE A BUMPY RIDE WITH BANKING ISSUES LEAD BY ITALIAN AND SPANISH INSTITUTIONS.
DRAGHI WILL LAUNCH A +1.0 TRILLION EUROS ON THE 29TH FEB..
EURO WILL SINK TO 1.12 VS. USD IN APRIL THIS YEAR.
FEB WILL LAUNCH A NEW ROUND OF QE WORTH 0.6-1.0 TRILLIONS USD ON JUNE-JULY THIS YEAR..
IRAN WILL MAKE A FORMAL ANNOUNCEMENT ABOUT ITS NUCLEAR PROGRAM PRETTY SOON AND COMMODITIES LIKE OIL AND GOLD WILL SPIKE..
EXPECT GOLD TO REACH 2,010 USD AN OUNCE OVER THE NEXT FEW WEEKS AND OIL PRICE TARGET TO REACH 130 USD A BARREL...
EM CURRENCIES THAT WILL DO EXTREMELLY WELL ARE MXN AND BRL
BEST FIXED INCOME THIS YEAR:- BRASIL, MEXICO, VENEZUELA AND COLOMBIA
BEST G10 CURRENCY: CANADIAN DOLLAR
WORST PERFORMERS:- FINACIAL INSTITUTIONS
BEST PERFORMER:- APPLE FOLLOWED BY IPO OF FACEBOOK..
Try bold caps to excite the ignorati like Dick.
cue EC-EU-ECB (IOU?) retards shutting down the market
Obama to blame Bush for US bond default caused by Greek default.
Bingo!
There are still buyers after all, so long as there is a long the market lives.
If you like it at 200%, you'll love it at 400%.
Hmmmm, Vegas bookies say the same thing (as they pet the jar of fingers on their desk).
Wasn't Greece fixed?
Yes, the "fix" is in.
Why are we still looking at the Greece bond yield? 200%, 100%, who cares? 100% or 200% doesn't make any difference since with those rates, everyone knows they have effectively been frozen from getting funding from the market.
They currently can only rely on the bailout fund if they wanna stay in the Euro Zone. Bond yield is not gonna tell us whether Greece will stay in Euro or not.
Headline from CNBC or Bloomberg: "Greek Yields Rise in Sign of Inflationary Pressures from Growing Economy"
So then, French banks are screwed.
I believe the state of the French banks is "doubleplusgood".
HAHAHAHA!
+1 for making me spit coffee
I'd look into these if I were some retirement fund manager.
and why are the futures green? Still on the rumor from the Chinese or the article in the FT that "rightwing newspaper depicts Merkel in Nazi uniform"?
Or is it because Papandreou sent his letter of assurance and Samaras is still drafting a letter? This is crazy....a thing used to be known as a market is working off of news headlines...