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Greek Reports Peg PSI Participation At "Over 75%"
With less than 4 hours until the Greek PSI deadline (8pm GMT), the time to start spreading rumors has arrived. Sure enough, courtesy of Reuters:
- SENIOR GREEK GOVT OFFICIAL SAYS TAKE-UP IN DEBT SWAP EXCEEDED 75 PCT LATE LAST NIGHT
Needless to say this conflicts with what all other media reports on the topic in this latest headline frenzy. Then again, in the game of the Schrodinger PSI, where the quantum participation state is 0% or 100% depending on whether one collapses the Lie function, the only sure thing is that there will be a Dead Schrodinger Cat bounce before the CAC is triggered shortly and the market tests just how firewalled it is to a Greek CDS trigger.
More from Reuters:
Greece's bond swap is going well, the country's finance minister told a cabinet meeting on Thursday ahead of a 2000 GMT deadline, one cabinet member told reporters.
"Venizelos informed the cabinet that the PSI (debt swap) is going well, there are no surprises," said a minister who took part in the meeting and declined to be named.
Athens must secure the deal as part of a financial bailout that will allow it to redeem debt coming due in less than two weeks. Missing that repayment would potentially destabilize the euro zone's financial system and undermine the euro
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Credit event, bitchez!
They'll just change the rules again. Nobody said they were playinjg for keep-sees...
Let them change the rules. If the CDS are not triggered, a lot of small investors will be wiped out resulting in the dominoes toppling. SHTF moment is on the way no matter what!
When I first started wholesaling insurance in the wirehouses and knew nothing about investing a wise broker once said to me: When "everyone" is cheering and "everyone" is excited...get the fuck out. And when they all exclaim "stop I cant take it anymore" buy like it's prom night at an Asian whorehouse and there are half price specials everywhere.
I'm out.
Anybody know what kinda weed they smoke in Greece? Is it like PCP laden hash cut with heroin?
I know, they keep lying and changing the rules and doing anything and everything to make sure they don't call a Credit event. It's almost a sick joke.
Woot!
Oh, o.k. tks. I feel so much better now.
All lies are truth until (successfully) challenged.
Who (meaning what author-ity) wants to step up to the plate and declare the Emperor naked as the day he was born?
"What's the use of getting sober, when you're just gonna get drunk again?"
L-Oil-L! When is the Fed going to issue a negitive statement to counter this so the "speculators" leave oil alone?
I'll pull out the line from dearly-departed Mother Bates once more:
"It's lies. It's all lies!"
Phew, I was really worried because EVERY OTHER DATA POINT IN THIS 2 YR SLOW MOTION TRAIN WRECK LED ME TO BELEIVE THAT THIS IS REALLY A FREE, OPEN and UNMANIPULATED PROCESS where Greece could really not get whatever frikken % participation it needed to avoid armageddon...
Thank goodness. All is well. Time to sell the precious metals and go all in on the ponzi scheme.
Over 75% - mission accomplished. No CDS trigger, no credit event. Friday relief rally. Told you so. Boring world we live in.
and a multi trillion dollar market for CDS contracts just became worthless. Good-bye bank earnings.
Hell no. Banks voluntarily write off debt. No CDS troubles.
The act of observation collapses the wave function. So, if one doesn't observe a default, it never happened (or is always happening, I can't quite seem to get it straight).
Of course the PSI was going to be met. It was about as voluntary as a Russian soldier going up against the Germans at Stalingrad. Sure the city held but millions died and there was nothing left of it.
Are all Greece problems solved now, what is next ?
Why are the banks happy ? What's in fact meant by 'CDS'
cds, core distraction scenario....
"unnamed" minister, very credible.
but .....but.... that CNBC girl with large breasts and homely face said it's a done deal and all is well. She is going to do some ouzo and screw the greek navy
do they have 75% or not? I am getting dizzy....
Last night ... LOL
Tomorrow we get the truth about "today" !
We won´t know until 1 am EST...
Me thinks that the lady (Venizelos) doth protest too much.
"Needless to say this conflicts with what all other media reports on the topic in this latest headline frenzy. Then again, in the game of the Schrodinger PSI, where the quantum participation state is 0% or 100% depending on whether one collapse the Lie function, the only sure thing is that there will be a Dead Schrodinger Cat bounce before the CAC is triggered shortly and the market tests just how firewalled it is to a Greek CDS trigger."
This paragraph merits consideration for a Pulitzer Prize under the category of "Explanatory Reporting".
Good stuff!
http://en.wikipedia.org/wiki/Schr%C3%B6dinger%27s_cat
According to objective collapse theories, superpositions are destroyed spontaneously (irrespective of external observation) when some objective physical threshold (of time, mass, temperature, irreversibility, etc.) is reached. Thus, the cat would be expected to have settled into a definite state long before the box is opened. This could loosely be phrased as "the cat observes itself," or "the environment observes the cat."
Objective collapse theories require a modification of standard quantum mechanics to allow superpositions to be destroyed by the process of time evolution.
Loosly translated, if the experiment was started in 1935, we can be pretty sure the cat is dead. Even the many worlds interpretation does not have room for an 75 year old cat. I believe we have reached the objective collapse theory based on length of time. Even though the box in still closed regarding Greek default, the "its alive" rumors are no longer possible.
So the only for thing TPTB have left is to never open the Greek default box, let the captured media record victory, mark it down in the history books and lay the groundwork for the legend of the great Greek/Euro save, print alot of money for creditors and hope everyone plays along.
TYLER with respect .. greek authorities wouldnt put these statements out if it wasnt true .. it makes no sense. Think you called this one wrong mate.
RUPESH PATEL (CSC)
I'm sure they're going to show you the documents with full detail, showing the particpiation rate to be "over 75%", rupeshpatel.
I mean, we're shown everything in detail by our leaders, no matter where we live - Greece, the USA, Spain, Japan. Never are we lied to.
They can say what they want - we will have to believe them. What other choice do we have?
Agreed. And now it is being reported as exceeding 80%. Seems like a lot of people here didn't get their wish and were completely wrong.
Oh, doomsday has been cancelled yet again! What are you going to do if in a few hours they announce a participation rate of 90 percent? Hang yourself?
same thing I always do...buy more gold and silver.....lets see if you owned one of these bonds..you just lost 50% or more.....time will tell if it is more..like total.....now if you bought CDS´s on these bonds and that is not exercised...then you lost 100%......not seeing much upside here in the old soverign debt bond game..
well i personally would like the market to sell off as im short but i dont think it will happen with the news coming out of Athens.
i take on board that politicians misleed where they can .. but there would be no use in lying about this 2 hours before the result which is a black and white situation.
investors in the 90% greek law bonds will give the green light. why? well simple .. why would you want to be left to sue a sovereign state which is bust anyway through courts at huge financial expense with lawyers / financial experts raping you for the next 10 + years. most hedge fund managers will have blown themselves up and moved on to another fund (or a nice pile in surrey) in that time frame.
guys, there isnt going to be a blow up anytime soon, 75+ % participation is enough to initiate CACs. CDS will pay out .. and thats that.
RUPESH PATEL (CSC)
the markets will rally like a MOFO on friday for SURE.
RUPESH PATEL (CSC)
Probably the first time ever when I see ZH discussing Lie algebra and quantum physics (pretty funny, about the cat) instead of mocking all those math PhD's writing algos and their pimples. Times change or what.
So if you own Greek bonds and the PSI scheme works you keep 30% of your money... but if it doesn't work you lose 70% of your money... is that how it works?
"lets see if you owned one of these bonds.."
LOL, no. And since it's now kinda official that the 90 percent have been achieved, it's no loss for the ordinary person. Those who gamble with uncovered CDS, too bad :D
The only ones suffering are the vultures. Well, whenever you're gambling eventually you'll lose my friends XD