Market Chatter Of Greek Default Over The Weekend

Tyler Durden's picture

This email is making the rounds and catching most traders' attention:

From colleague: trader friend just hit me with the following: There is “Chatter” in the market of a Greek Default this Weekend - and their CDS is over 400 wider…  Soc Gen is off 7% on exposure - German CDS more expensive than UK;s - despite the ballooning in the CDS prices for Lloyds and RBS.

In other news, Reuters is reporting that Stark is about to retire; with announcement to come after the German market close according to sources. His potential departure is due to a conflict over ECB bond buying according to sources.

Total chaos.

Update: ES reaction

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spiral_eyes's picture

bullish for stocks, etfs and corporate debt.

spiral_eyes's picture

Nassim Taleb came out with this gem today:

"The triplet. Three bankruptcies that would save the world from fragility: 1) Goldman Sachs, 2) Harvard University, 3) the New York Times."

LoneStarHog's picture

4) Warren Buffett 5) George Soros 6) Karl Denninger

GeneMarchbanks's picture

OOOO! OOOO! I wanna play

7) JP Morgan

8) BNP Paribas

9) John Paulson

Red Herring's picture

More like government, banking and MIC


LoneStarHog's picture

And finally number ten:  RobotTrader !!!!!

nathan1234's picture

IMHO you cannot club crooks with Karl.



Bananamerican's picture

how bout baby seals?


bankruptcylawyer's picture

you know what's not priced in, hertz is not going to buy dollar thrifty. that's not priced in.

midtowng's picture

They are going to default some time, the market has already priced it in, so it might as well be this weekend.

And the beginning of the end of the Euro (as we know it) starts.

traderjoe's picture

Nothing has priced in these eventualities.

Ye Ye's picture

Ok, maybe it's a dumb question but ... if all the PIIGS default, won't that save the Euro?  No need to print, no funny buying of bonds, just a big f-u to the bond buyers.

So this seems Euro bullish to me.  They are finally facing reality.

Debugas's picture

it is more likely Euro becomes stronger (as in real euro of Germany) when Greece and other PIIGS leave the euro-zone

SeverinSlade's picture

Everyone should invest in equities.  Haven't you heard?  They're cheap!  There's no downside risk either.  If the economy improves, STOCKS GO UP!  If the economy collapses, Bernanke will shoot it up with a huge dose of funny money and STOCKS GO UP! 

What?  Buy gold?  Buy silver? Conspiracy theorist! 

SheepDog-One's picture

Right, buy semi auto firearms and lots of ammo.

HelluvaEngineer's picture

IMO, everyone's first purchase should probably be a pump shotgun or (any) .22.

SheepDog-One's picture

Lots of semi auto shotguns and .22's out there.

UpAndComing's picture

there a way to buy "lots" without flagging hard on the radar?

Citxmech's picture

Depends on where you live. Check your local laws and begin stacking accordingly.

LasVegasDave's picture  lots of AKs for sale there for under $600.  no bill of sale, background check, registration or tax for private sales.

Reptil's picture


I have a used Norinco MAK 90 in pretty good condition. I acquired it through a trade, but I don't really use it much. I'm more into pistol shooting. I could use the cash, so I'd rather just sell this to a fellow AZ shooter.
Item comes with:
Two 30-round magazines
200 rounds of military surplus ammo (7.62 x 39)

Selling for $700 cash.
I'm not interested in trades, unless for gold and/or silver.


Silver Dreamer's picture

Lead is a soft metal.  I prefer steel.  It penetrates body armor, vehicles, and walls.  Why have an assault rifle and not have steel core ammunition?  ;-)

WakeUpPeeeeeople's picture

A 165 soft point coming out of a 30-06 or 308,  there is no body armor I am aware of that can stop it. Same with engine blocks and walls.

Now if your talking AK or AR, need to leave those for the women and children and get yourself a real weapon.

maxmad's picture

Opa, bitchez!

oogs66's picture

this makes sense...the g-7 can announce plans to support the market in the aftermath of the default

eigenvalue's picture

Maybe this is why PMs are being pummelled now. Just like the Swiss government, G7 wants to keep PMs in check when Greece defaults. However, I don't believe Greece will default so quickly...

IBelieveInMagic's picture

Agreed. Rumors are to panic the herd...

Oh regional Indian's picture

Rumor has it the herd is panicked.


kilters's picture

Can all this chaos not wait until the Rugby world cup is over?

101 years and counting's picture

perfect timing.  america will be pre-occupied with 9/11 anniversary and start of NFL season. 

SheepDog-One's picture

America MIGHT be pre-occupied with a NEW 9-11! You hear all the news chatter about 'credible terror threats'....'3 guys in a non-descript van'...and all that?

Herman Strandschnecke's picture

The scaremongering is mainly aimed at our children I think.

SheepDog-One's picture

Why? Because american grown ups are all too retarded to get it?

Herman Strandschnecke's picture

Children are smart and if not checked early can ask awkward, intelliegnt questions later.

ReactionToClosedMinds's picture

here here ...

came very close to going to New Zealand for a week of games ...... obviously we face high volatility ... so many cross-currents ... dangerous to walk away day-by-day.

eigenvalue's picture

Over the weekend? G7 has decided to let Greece down? I feel difficult to believe this rumour

Minoan's picture

You are right.It's impossible a default this weekend,because Greek PM is visiting Thessaloniki for ???.These rumours are for traders...

Minoan's picture

Great.ZH does not support greek alphabet.Fear of the greek bears.

buzzsaw99's picture

the bernank will buy them in like 15 minutes.

alien-IQ's picture

I love the smell of Chaos in the morning....