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A Sampling Of This Morning's Eurosis Schizophrenia
While the world patiently awaits, not even sure why because it is now absolutely guaranteed that it will be a huge disappointment, the G7 headlines which now appears to be merely an update session, and not one where any decisions will be taken, here is a sampling of this morning's schizophrenia out of Europe:
- FINNISH FOREIGN MINISTER URGES ORDERLY GREEK DEFAULT: ZEIT
- FINNISH FOREIGN MINISTER SAYS GREECE NEEDS 2ND DEBT DEAL: ZEIT
Yet...
- FINLAND'S TUOMIOJA SAYS NOBODY WANTS TO OUST GREECE FROM EURO
But... he just said... Sigh. And the US trading day has not even started.
Hint: when unsure what is going on check: if XO < 1000 bps, then nothing. If XO > 1000 bps, then something will happen. Repeat until results.
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Why is it schizophrenia?
They can default and stay within the EZ.
Eugene, you know that the Megabanks don't want that. London's would HATE that. And how do you keep the EUR from appreciating vs the USD if you separate the issues and the realms?
Trust the bloody Scandinavian to utter unnecessary truths and unwelcome proposals...
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It's really comic how the FX crowd reacts to european political utterances. Say what you want, the US political system is more media savy...
GuMBee's just being Candid(a)
+1 to you good sir. First one to grasp my true identity.
Keep it to yourself.
Apparently you can no longer expunge debt other than destroying a currency and everyone holding it. T.I.N.A taken to its logical conclusion basically. Thatcherism has succeeded where all other economists failed: mind-washing the populace into thinking there is such a thing as economic necessity.
The FX crowd is full of tweakers. Media savvy? I think the word you were looking for is apathetic.
Please identify the political mechanism by which the EU could allow Greece to default on all of its debt, thumbing its collective nose at the ECB and the IMF, without negative consequences vis-a-vie the EU treaty, AND where all the other heavily indebted nations don't ask for the same ability.
Political mechanism? It doesn't really work that way. Other heavily indebted countries? What you mean is the entire West which is already in default the only question being what kind of default.
I read a book chapter by chapter until I finish it, my only suggestion is that you do the same.
In others "God is a woman."
Nice of them to want to strap a parachute on their fellow eurocountry before pushing them out of the plane. Of course the plane has run out of fuel and the first ones out the door may be in the best position, parachute or no parachute.
Good comment.
Have to wonder if people are really confused or just pretending confusion to confuse others such that there is justification for any confusing move later.
Both. And there are legions of 30y old "experts" that can't even place countries like Finland on a map. And think that europe is centralized and tightly managed.
Keeping track of 200 political parties roughly grouped in 5 ideological stances is too much if you are used to 2 similar parties and a well-oiled lobbying machine.
I'm showing my finest ignoramous qualities here; which XO?
Slang for Euro Cross Dressing.
When 10% of Europeans walk the streets in drag, the governments in the region will realise something's amiss and promise decisive action? Right. Got it.
Some iTraxx XO from the archives...
http://ftalphaville.ft.com/blog/2008/12/03/19026/cds-update-itraxx-cross...
Many thanks!
Ignore Finnish foreign minister, he has no power, he is a worst class of a socialist, he has carried and still does the "peace sign" since late 1960's...he has been known as the student revolutionist since the 60's.
Well, he might speak true words, but forget about him.
Erkki never salutes his underlings when he goes to work.
Don't you think ZH might be better employed asking why Draghi is so close to the EU Commission ? Just where did that INDEPENDENT Central Bank go ? How did it become so political that Draghi is involved in re-desogning the structure of the European Union ?
Damn it Sandmann! You and your lucid english not to mention flawlessly accurate suggestions.
These people must be impervious to irony.
Grinding down headline trading algos
National schizophrenia day in Suomi.
(Didn't you get the memo?)
(I think I did...
....no, wait...)
please help me out ladies, whats XO?