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For Purely Comedic Value, Here Is The Greek 1 Year Yield...
No, Greece will not be allowed to default. Pinky swear.
No, you are reading that right. The 1 Year yield is 143%, and it hit 148% a few hours ago.
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Where can you buy that. The dollar store?
Two places: Goodwill and Salvation Army.
Those Greek gods are turning to god-damn Greeks
I am so shocked. According to Rogoff, Greeks have defaulted something like 20 times. Who could have ever imagined they would do it again? (headslap)
Reminds me of New Orleans, been inundated by the sea 12 times since 1733. Didn't know there were that many Greeks in NO.
Sidney Crosby called. He wants his stick back.
Rogoff and his co-author Carmen Reinhart, in their This Time is Different, pp. 284-87, also highlight Greece as one of the countries "with the potential for graduation" from a history of serial defaults, based on the improvement shown in its 2008 Institutional Investor ranking versus 1979. I guess that was before it became more widely known that Greece cheated on its Euro entrance exam. Back to school.
We are the Greeks. We are have all of your euros.
it does make you wonder how on Earth anybody can pretend that Greece is anything other than what it is... a country in default.
Didn't you read what Tyler wrote? It dropped 5% in the span of a few hours - from 148% to 143%. That's a huge move, and a real vote of confidence.
</sarc>
Yep, that's the light at the end of the tunnel. /s
Just a speed bump.
Transitory...
if they really have defaulted 20 times, it would appear to be Tradition. ;-P
But this time is different...
"differently abled"
like a whacked out crack head asking Tony Soprano for cash to buy a rock
You are more likely to get paid back from a whacked out crack head.
What a fantastic investment opportunity to all euro believers. 143 percent a year!
Gentlemen, count me out.
Ha! You beat me to it. 143% return on my investment. You can't lose! Lol!
Weekend at Bernie's comes to mind.
are they redeemable in drachmas?
Yes, but please don't tell anyone.
Can I use them to buy that pretty little waterfront villa on Paxos?
El-Greco is no longer traded. But there are shorter term bonds yielding over 200% yesterday =) (A0T6US)
If I were to get the bond in paper I would buy a few. Just to frame and pin it on my wall, to always remind me to stay away from bonds!
Same reason I bought some $100 trillion notes from Zimbabwe at a coin show.
Bright blue ink makes good wallpaper & stocking stuffers.
I have some nice Weimar coupon bonds passed down from my great grandfather.
We all should keep in mind to never lend any government money. Then a lot of things will be fine.
transitory!
And markets take off with that wonderfully bad news
Yup. I've sure lost a lot of money on my FAZ hedge during a week when the global financial institutions are supposedly imploding.
This is only half of the comedy act, the other half are the equity averages. they are up accross the board. I guess default is good for business??
ES Shorts: You're going to need some more moola to cary your position. The time is not right for the market to crumble.
Cash SP needs to see 1230 before the pattern will be complete.
Shorts, just get out of the way till then and save your bankroll.
Trade on news and die on news. Stick to the fundamentals. Good luck
Oh, I see what you did there. You picked the recent pin high from 9/1. Whatever.
It's called the 50 DMA death kiss pattern. This occurs a few days-weeks after the 50 drops below the 200 DMA. Sellers take the market down hard(spx to 1080 earliy Aug.). Sellers come out in droves. Market grinds its way back to the 50DMA. Sellers come out in force.
After the 50 DMA kiss, if market drops below 1080, look for further lows.
Gold down on this news, people want US Confetti! lol! This whole world is nuts.
Hello, Greece? Why aren't you returning my calls? When am I going to get my money?
well euuuhhh... our accounting department moved to Germany and they forgot to ship the pallets with invoices to Germany....
Just post it to the new address and euuuhhh... damn I could have sworn I had it here somewhere....
euuuuhhh.... just put "Germany" on the enveloppe and it will turn out right.
OH YEAH! Before I forget, do you have a few my euro's for a Greek brother?
So, 2 weeks ago you could have shorted Greek 1 years w/ a yield of 98% and made money? Nice.
You can still short it and make money. There is no limit.
Beat this, HFT bots !!!!
Anyone who doesn't invest all their money in this (and all they can borrow from banks and relatives) isn't a loyal subject of the EU.
my big fat greek default
43% APR!?! It would be cheaper to put that on an American Express card, or the Euro Union Express card.
Hmmm.... 43% interest on a 1 year investment....
let's see what my savings account brought in this year....
No, not 43 % but 143 % a year. SD: time to sell your silver and invest in these.
Yes, 143%. Have to admit, I was seriously questioning my entire financial education there for a minute.
:) It's just so surreal that my brain couldn't compute :)
I made the same mistake, forgot it does not include the principle that you get back.
Uhm, actually its 143%..
What was your savings rate again?
143%.... or nothing. Wanna CDS? Today only 4600 per 10000 ;-))
GET THIS MUPPET'S SHOW OVER - NOW. KTHXBAI. :)
Tyler...pull the tape of Larry Fink on the BlowHorn [CNBC] today...at about 8:10 est. For those who continue to believe that the calls that the US is now a fascist nation are hyperbolic...behold...Larry Fink's solution for the markets:
"Make it so expesive to hold cash that people HAVE TO invest." Yep, right as the world is about to tip over the cliff, MAKE PEOPLE BUY STOCKS AND BONDS.
That clip sure would make a nice post.
Once again, the Greater American Depression will roll on and on as long as this same syndicate of criminal Wall Street bankers are in their current positions.
CAPITAL WILL NOT FORM IN BANKS AS OBVIOUSLY CORRUPT AND BROKEN AS OURS!
Larry Fink must go.
Hell, if that doesn't work, bust down their door, take their cash, and buy NFLX with it. Friggin' duh!
Time to think like Big Sis y'all.
I heard that too...and I about puked.....but then again its Fink....I think he has 7 trillion invested somewhere and somehow....and a nice big donation to Obama...no more savers in the USA...its all Government spending and jobs....he is telling us ..don´t save...spend...float my stock price up so I can make more paper money...buy gold folks...buy buy buy..these guys will take us down
Larry Finks says, "MAKE THEM Eat Equities"
Admittedly, I just caught the comment...and not all the context. Someone correct me if I am wrong. Someone tell me that Larry Fink did not say that or mean that...and maybe I'll suddenly get super bullish and use all of my capital to buy Netflix and Chipotle. Anyone?
I'll buy $1 worth. You make sure you pay me back, ok?
Ok, who farted? Fess up!
Ok, I'll use this morning's coffee and croissant money to retire half of Greece's short-term debt instead.
So, is anyone actually buying/selling at this price?
thanks.. I THOUGHT YOU WERE TALKING IN BPS INSTEAD OF % TYLER....HOLY SHIT ON A SHINGLE!
hundreds of billions if not trillions of dollars are positioned short for a crash now.
the imbalance is that yes there will be default but the herd thinks it can profit off it.
Even the mafia coulden't get that kind of juice
Quiet! Tim is speaking with the CNBC and is adding alpha. All is well and I feel better.
Goldman must be so proud........
There is good possibility that you'll get your money back from these bonds.
The only downside is that in that case the smallest banknote will be one trillion euros.
Okay, so if you take the percentage delta between may and now and divide that into 12 months in a year, you get an estimate of the ceiling on how long the greek hindenberg can remain aloft...about two months max.
Wonder if they'd hit a 141% bid for a million. /sarc
And they will not talk much about Greece on MSM, cnbc or even Bloomberg. Ahhh, not important. Lets talk about subsidizing solar power companies that go broke. Can you imagine, we are last in line for 1/2 billion dollars. Solyndra!
The time of fabulous yields is here at last...
For someone sat in a TBTF bank right now - losses fully-guaranteed by the taxpayer - this must be looking really tempting.
Unexpectedly transitory! At least the chart has some header space remaining.
The Hellenic Isles are sinking the entie Eu continent, truly historic.!
Quick, somebody wheel out Olli Rehn so he can tell us all over again about that "durable declining path".
If there is light at the end of the tunnel, it just means that someone
has set fire to the f%^&*ng tunnel
Who could have known Uncle Warren could father Becky.s child at his advanced age? May it have his looks and her IQ.
The vix is sticky.. run little vix'run. A bull mkt in fear , off hopium.
"Pinky swear" ahaahahahahaahhhaahhahahahaahahahh!
Sorry, exposing my innocence again.
Assuming these are not nekkid shorts, who on earth would want to hang on to these poisoned articles so long that can they rent them out for pennies to some short-changer who make big bucks on the fall. Why don't they do their own analysis and sell em / buy back later?
Or is it just the entire pensions industry who don't like to do anything and want to hold any old garbage for the long haul?
Hmmm sounds like its time to sell some of my physical silver and get some yummy Greek Debt. At least the silver plated stuff. On another note I tried to make a greek salad last night it didnt work out to well.
Bullish. Nothing eases the fiscal situation of a country more than paying 1.5 times face on loans.
Whats the word our government loves to use .......... ah yes .............unexpected.