Greek Debt Deal Rejected As S&P Begins European Bank Downgrades

Tyler Durden's picture

At least they were kind enough to wait until the close:


Translation: Greece demands that the coupon on its fresh start 30 Year bonds to be below 4%, or roughly in line with US 30 year paper. Good luck guys!

But, but, Marathon promised... And making things even worse, here come the long overdue European S&P bank downgrades


Sarc-o-bot (that's Sarcasm, not Sarakozy) screaming: "This is all priced in. Buy buy buy."

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redpill's picture

I wonder what Lucas "Nero with a gyro" Papademos will do now?

Jack Napier's picture

Quoted from:

"Greece has enough funds to continue until the March redemptions (€14.4bn redemption on 20 March 2012). However, without the PSI and further EU resources, there is not any room for the March redemption to be paid. As such, March Greek redemption is implicitly the hard deadline for Greece."

So they've still got two months. LTRO is in 1 month. Just another day of dream theater.

The Big Ching-aso's picture



Rejection of a deal originally based on hallucinogenic obfuscation.    The whole phuckin world needs smelling salts.

VanillAnalyst's picture

Below 4 percent? bwahahah


I mean... auto loans are at 4 percent. And I never bought a car that embezzled the shit out of me and refused to pay taxes. Pass.

JLee2027's picture

Loan rates may go negative before this is over.

walküre's picture

Are the Greeks actually calling out the and her debt financing? THIS could get really nasty when the Greeks start calling a spade a spade and go all in, all anti-american finance.

This is act 2 of the Drama. The introduction of the Antagonist.

zebra's picture

with thousand "fukushima" island dressing please

johngaltfla's picture

So the drop in the 1 year Greek yields to 428% isn't bullish? Sheesh, who would have ever guessed....

slaughterer's picture

Well, well, now we can start the move downward to 1173.    

Buck Johnson's picture

And I will say again what has been played down to the masses but the banks and insurance companies know.  If as MICHELLE CARUSO-CABRERA  said today and other days that the CDS's aren't a factor since Greece only have 13.5 or 14 billion in bonds that if a credit even happened it would be ony for that amount of bonds.  Then why bargain at all this hard and allow more lies to go out saying a deal when there isn't a deal.  I think Michelle is wrong, truly wrong.  If a credit event happens (which will, I can't see it not happening).  Then not just 100 billion in bonds but all of Greece's bonds (over 315 billion and possibly more) will be in doubt.  You can't say that they aren't able to pay these bonds but they are able to pay those bonds, trust us.  And so what would happen is that holders of the 1/3 or more trillion in debt will have the CDS's activated and they will be able to get 100% on the dollar from the insurance companies that they bought CDS's from. 

The insurance companies and banks don't have the money, if they did then why the push for a deal.  Also after Greece, other countries in the PIIGS and outside would come into focus because if Greece with it's debt load to GDP couldn't afford the debt, that means the other can't also so it starts another run on bonds in other countries etc. etc..  So Michelle is telling a partial truth, yea 13 to 14 billion will be effected but hundreds more if not trillions will be also.

And so the reason is they are afraid of the CDS issuers not having the money and a cascade effect that will go to other countries once it happens.

StychoKiller's picture

Other than that, Mrs. Lincoln, how did you like the play?

StychoKiller's picture

Other than that, Mrs. Lincoln, how did you like the play?

[Edit:]  (Dopey Droids...)

Gubbmint Cheese's picture

Robo crapping his pants, bitchez

ihedgemyhedges's picture

But, but, but Texas Instruments is up 2.1% after hours and the CEO says "we're at the bottom of the downturn".  Surely, surely, surely he wouldn't say that if it weren't true........come on Robo, tell us he ain't lyin'.................

txsilverbug's picture

I think he has a broken calculator.  I wonder if there is a company that makes calculators that would be willing to shed some light on this?

hyper-critical's picture


(Buy The Fucking Drachma...)

bob_dabolina's picture

Deutsche Mark

(sell the Drachma)

DoChenRollingBearing's picture

Definitely the DM vs. the Drachma.  Looks like, just maybe, the SJGR!

Cheesy Bastard's picture

Drachma queens and deutsche bags.  USD.

ucsbcanuck's picture

/sarc on

Bullish. Priced in.

/sarc off

Spooky Polish's picture

/ sarc off 


Bullish , bulled in


/ sarc on 

WonderDawg's picture

What a surprise. I'm stunned. Never would have seen this coming.

DoChenRollingBearing's picture

Me either.  In fact, I almost can't believe it.

Joeman34's picture

Just default already and get it over with!

kurzdump's picture

Indeed, I'd prefer watching a few seaons of "The Bold and the Beautiful" non-stop instead of this crap.

DoChenRollingBearing's picture

Maybe this is it!  Can we now say: "And they're off!"?

Fips_OnTheSpot's picture

the can is still alive and kickin'..

cbxer55's picture

But there ain't no road left to kick it down.

littleguy's picture

Cheap holidays in the beautiful mediterranean are coming!! Yippeee!!


Obviously wait for the war to finish first.

littleguy's picture

Maybe, just maybe... it was an Iranian torpedo...

just saying guys!!

just saying


Blank Reg's picture

Are you wearing a tin foil hat? You are, aren't you.

The Fonz...before shark jump's picture

Cheap holidays in other people's miseries

Holidays in the sun
The sex pistols

Isherwood's picture

World War III is already priced in...

youngman's picture

And so the story goes...on and on and on....the guy on CNBC about had a fit..."why can´t they get them all in a room and make a deal"  boo hoo hoo....


It still is no deal even with the deal...can´t they see that...its all for the next 8 billion or whatever they get in the next payment....then its off to a swiss bank account for TPTB..and then default....but its only other peoples money...

DoChenRollingBearing's picture

+ 1

LOL CNBS guy throwing a fit...

walküre's picture

Must be frustrating for Wall Street shysters and shills to see that their tactics don't work outside of the controlled boardrooms.

"make a deal" with whom? the devil? no thank you.

Good to see that the whole world doesn't operate "The American Way". US Congress rolling over and sending unlimited tax payers cash to the banks. It just doesn't work the same way in Europe. Gosh, darn it.

Ropingdown's picture

Why didn't I think of that?  Let CNBC commentators buy the PIIGS bonds.  It sounds like they volunteered.

Blank Reg's picture

YES, YES! And while were're at it, why don't we get a bunch of doctors in a room and don't let them out until the find a cure for cancer! I think he's on to something!

Sandmann's picture

Timeo Danaos et dona ferentes

Peter Pan's picture

Think it's time we changed it to beware of Greeks seeking gifts.

falak pema's picture

greek theatre until tomorrow...the lady keeps crossing her legs, now you see it now you don't. Play on.

The_Emperor's picture

Oufff just default for god's sake :)

distopiandreamboy's picture

Greece's new national motto: Caveat emptor