Latest European Headlines

Tyler Durden's picture

Over the next 24 hours expect many post of this nature:


Liesman spin on how 60% losses is not a CDS trigger event coming in 10 minutes.

In the meantime it gets worse:

There was no also sign of a deal in negotiations to reduce Greece's debt to private sector bondholders, and uncertainties remained over the size of a planned bank recapitalization and the scope of leveraging of the rescue fund.

And here comes the early damage control from Reuters:

Euro zone summit likely to give few numbers on crisis response


Euro zone leaders are unlikely to provide many hard numbers to flesh out their debt crisis response at a summit on Wednesday because the size of banks' losses on Greek bonds is still under negotiation and the bigger firepower of the bailout fund is tough to quantify, euro zone officials said.


Euro zone leaders may not be ready to name the exact size of the "haircut" for investors on Greek debt, but may indicate the desired level -- thought to be between 50 and 60 percent -- by announcing the intended size of public sector help and the target for Greece's debt-to-GDP ratio in 2020, officials said.


Leaders of the 17 countries using the euro meet on Wednesday evening to try to agree on a comprehensive response to the escalating sovereign debt crisis. The response is expected to include a plan to recapitalise banks, boost the firepower of the EFSF bailout fund and a new financing package for Greece.


But there are already doubts that concrete steps, including clear and hard numbers on the level of bank recapitalisation and the leverage of the EFSF, will be agreed.


Talks with private investors holding Greek paper on what losses they would be prepared to accept on a voluntary basis to make Greek debt sustainable are still under way.

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Buck Fartz's picture

It's painful when the Placebo Effect wears off... ... and the medicine available isn't really available. Psychologically, I think the market is just about there. The encouraging comments, in other words, are no longer propping up the patient. Heading back to the bottom of this trading range. (fartz)

Buck Fartz's picture

Oh, and bear flag patterns setting up on hourly charts everywhere you look. Soon to be actualized... (fartz)

Cone of Uncertainty's picture

Liesman, ha, is there a bigger douche on television right now?

This guy is so fucking full of himself, he thinks he is so fucking smart, but just listen to him--a complete fool.


Yamaha's picture

Fully agree Cone - sick of him and the CNBC "rock and role" again -anyone for another station called Zero Hedge?

SheepDog-One's picture

He got a mens room key from TPTB for the circle jerks so he thinks he's hot shit.

Die Weiße Rose's picture

all Greek Bond holders should have their Heads cut off

anyone holding CDS should be shot like Gadaffi

especially if they are called Goldman Sachs

falak pema's picture

Goldman shacks up in a sewer conduit in Athens...lets hope they get him.

slewie the pi-rat's picture



  • my word is my bond
  • i promise to pay you
  • give me the hamburger, today!
Kokulakai's picture



A credit event would expose the unthinkable.

It'll be smoke and mirrors untill the smoke kills us.


Augustus's picture

The additional joke as to what writedown level makes Greece "sustainable" is that sustainability for Greece requires that someone buy more debt to finance the Greek deficits of 10% of GDP.  And do that for years.

DutchR's picture

Today at the atm I got some brand new shiny €10 bills with the letter Y on them (Greece) so all is well...

falak pema's picture

A new two headed Borgia rules over the probable demise of Eurozone as did the original model over that of papal hegemony. 

Bad constructs lead to worse destructs. The 'miracle' will be the haircutted fate of Greece. Meager toast on which the Oligarchs will earn their additional downgraded gravy. Lets hope by at least 60%...let the banks burn in purgatory.

Squid-puppets a-go-go's picture

* i got da mooves like De Jager *