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Greek Debt Deal Rejected As S&P Begins European Bank Downgrades
At least they were kind enough to wait until the close:
- EURO ZONE FINANCE MINISTERS REJECT OFFER OF GREEK PSI REACHED WITH PRIVATE BONDHOLDERS, ASK NEGOTIATORS TO CONSIDER COUPON ON NEW GREEK BONDS BELOW 4 PCT-EURO ZONE SOURCES - RTRS
- EURO FALLS VERSUS DOLLAR AFTER EURO ZONE FINANCE MINISTERS REJECT GREEEK PSI OFFER
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
- CREDIT LYONNAIS CUT TO A FROM A+ BY S&P
- BNP PARIBAS OUTLOOK NEGATIVE BY S&P; OFF WATCH NEGATIVE :BNP FP
Sarc-o-bot (that's Sarcasm, not Sarakozy) screaming: "This is all priced in. Buy buy buy."
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Greek salad anyone?
I wonder what Lucas "Nero with a gyro" Papademos will do now?
Quoted from: http://www.zerohedge.com/news/greek-debt-likely-unsustainable-even-hairc...
"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.
Nah, it got tossed.
Rejection of a deal originally based on hallucinogenic obfuscation. The whole phuckin world needs smelling salts.
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.
Loan rates may go negative before this is over.
If you buy a Volt.
Are the Greeks actually calling out the US.gov 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.
with thousand "fukushima" island dressing please
So the drop in the 1 year Greek yields to 428% isn't bullish? Sheesh, who would have ever guessed....
Well, well, now we can start the move downward to 1173.
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.
Other than that, Mrs. Lincoln, how did you like the play?
Other than that, Mrs. Lincoln, how did you like the play?
[Edit:] (Dopey Droids...)
Robo crapping his pants, bitchez
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'.................
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?
Oops I crapped my pants
http://www.youtube.com/watch?v=Nl27AZ3BzK0 (1:19)
(...with apologies)
Yamas!
BTFD!
(Buy The Fucking Drachma...)
Deutsche Mark
(sell the Drachma)
Definitely the DM vs. the Drachma. Looks like, just maybe, the SJGR!
Drachma queens and deutsche bags. USD.
/sarc on
Bullish. Priced in.
/sarc off
/ sarc off
Bullish , bulled in
/ sarc on
What a surprise. I'm stunned. Never would have seen this coming.
Me either. In fact, I almost can't believe it.
Just default already and get it over with!
Indeed, I'd prefer watching a few seaons of "The Bold and the Beautiful" non-stop instead of this crap.
Maybe this is it! Can we now say: "And they're off!"?
the can is still alive and kickin'..
But there ain't no road left to kick it down.
Cheap holidays in the beautiful mediterranean are coming!! Yippeee!!
Obviously wait for the war to finish first.
Avoid the cruises.
Maybe, just maybe... it was an Iranian torpedo...
just saying guys!!
just saying
Are you wearing a tin foil hat? You are, aren't you.
Cheap holidays in other people's miseries
Holidays in the sun
The sex pistols
World War III is already priced in...
How much for the women?
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...
+ 1
LOL CNBS guy throwing a fit...
Must be frustrating for Wall Street shysters and shills to see that their tactics don't work outside of the US.gov 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.
Why didn't I think of that? Let CNBC commentators buy the PIIGS bonds. It sounds like they volunteered.
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!
Timeo Danaos et dona ferentes
Think it's time we changed it to beware of Greeks seeking gifts.
greek theatre until tomorrow...the lady keeps crossing her legs, now you see it now you don't. Play on.
Oufff just default for god's sake :)
http://theimperatore.blogspot.com
Greece's new national motto: Caveat emptor
market chartist joe granville calling for a loss of 4,000 in the dow this year, starting now. says its based on low volume. correct me if im wrong, but wasnt 2011 based entirely on low volume trading?
http://www.bloomberg.com/news/2012-01-23/granville-says-dow-industrial-may-drop-toward-8-000-this-year.html
Really? Well then, I'm root'n for Joe. Joe! Joe! Joe!
Hey keep your eyes over there on that tiny little nation. Don't pay attention to anything you see over here. When it all melts down we are going to blame them.
Euro holding up well. Hmmmmmmmmmmmm.
Still above $1.30 right now.
And boom goes the dynamite.
This will make US market decouple even more. S&P to the moon.
USD/EUR still failing to break 1.30...gonna be a long week.........
You know I just dropped a carton of eggs....some of them cracked....so I am having scrambled eggs for dinner...but some didn´t....and I thought...its the same as the EU....some eggs are broken and will be eaten..some eggs are good...but in the end..you will all die of a heart attack for eating them....Refrigerator Economics 101
That was deep.
either people did not get the news or it's non-news.
Market is calm and euro is moving up... wtf.
0pa!
Greece should get the same rate as the U.S. We are about the same.
Yes ... 15% plus
Greek will offer all investors who bot their debt with free gyro family meals.
is that bullish enough?
Hedge funds lawyering up. Let the comedy turn to a tragedy!!!
Lawyer up bitchez.
This shiz is about to get reelz
Why are they talking to Greece? It's the CDS writers that should be cutting deals here. Unless Greece underwrote themselves. Greece has no option but to go all in at this point and shake the pillars of the house of cards of international finance.
I have a feeling that this is what's going on. Greece telling creditors, go talk to the insurance guy otherwise take a cut. Creditors saying, we need you to default first then we'll talk future tranches.
CDS market is going to get crushed. Buffet, I hate to admit, was right that CDSs are financial WMD.
Stalin, paraphrased: How many divisions do these hedge funds command?
What will happen to greek military bought tanks and planes?
Will they sell them back for 1/3 of value, or go take money from neighbours?
You know times is bad when taking stuff from Albania is a step up...
are people really this stupid...what is euro doing for christ sake..it should be back to mid 1.29s by now..at least..
not really.
Greek debt is not backstopped by anything but Greek's own ability to repay. ECB is backstopping the Euro banks. Who has the biggest losses outside Europe?? I don't know (yet). Could be JP, could be BAC.
Greek defaulting amounts to Greece leaving the Euro which will likely strengthen the Euro further. That is the strategy imo.
you mean DM when everyone leaves....are you really for real::)))you o mighty, can you please explain why the market has ben making new highs due to the PSI agreement::)))
Greece will not leave the Euro even if it defaults. That makes no sense.
well they said yesterday that maybe under 4%, so this is not unexpected that if the EU doesn't get what it wants, it will counter, here, w/ 3.5% or something, depending on how "gamey" they are
remember when they laughed @ timmah?
big mistake? maybe timmah "left the euro" Hahahahaha!
this is probably getting pretty well scripted at this point
if i were writing it, i'd script in a greek petition to join the USA pretty soon. fuk the eu!
give us your bankrupt, your angry, your onassis
maybe monaco would be nice, too? when they're ready, of course...
It sure works out nicely for Germany with the Euro falling; no surprise the Greek deal was rejected. And enuff with the downgrades already: let's start shutting some doors over there. Too many damn banks perpetuate this mess.
I think under 4% is just the excuse..this thing was never gonna pass...
Patience fellow shorters . . . there is often an eery pause in the brave new HFT era, I don't know why . . . the worm will turn and right soon.
95% default? Not a credit event!
I fully believe that European leaders will solve the crisis and a return to prosperity is just around the corner. They keep telling me so-- therefore it must be true !! After all, these are talented people with a full grasp of the facts, right ?
Prosperity is just around the corner !
Ok boys and girls. The real talks have just began. No more foreplay!
I think this is the foreplay. We will see when we get the hard numbers.
Uhhh.. Duh!
By the time all is said and done, Greece will have defaulted on 120 per cent of the outstanding debt it had not so long ago, great investment by the Eurozone governments.
But on the other hand if the supposed mineral and oil wealth is proven to exist, you can be sure that bankers and their masters will then get 240 per cent of what Eurozone governments lost.
This will be another twist on public private partnership or as they say, "socialising losses and privatising gains,'
Have to go to the Acropolis (diner) this week, to celebrate thier coming independence.
What does the new interest rate matter? They are going to default on the new bonds anyway.
It seems like the EU is confident that Greece doesn't matter anymore, so they're throwing it under the bus. The fact that markets are not responding to Greece would only reinforce the Germans to let Greece default.
No, NO, NOOO it cant be, somthing will be worked out its only foreplay....right?
I thought no one was willing to blow up the Euro. It as in everyone intrest and 60 years of contract would be down the drain.
This is what is important : ASK NEGOTIATORS TO CONSIDER COUPON ON NEW GREEK BONDS BELOW 4 PCT.
Its not over till its over.
Despair!
We Fail!
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