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Greek 10 Year Bonds At Lifetimes High 13.2%.

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Mhttp://www.zerohedge.com/article/greek-10-year-yield-surges-over-132-euro-falls-against-gold-and-particularly-silver

Eurozone debt markets are under pressure again this morning with Greek 10 year bonds surging to a life time record high of 13.2%. Greece appears to be heading towards sovereign default despite the usual denials. Greece’s debt has become unsustainable, only a year after it was granted the biggest bailout in history. Debt levels in Ireland, Portugal and Spain also look increasingly unsustainable.

How much longer can Greece be propped up? Surely it can't limp on for another 2 years when the next European rescue policy comes online?

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http://www.guardian.co.uk/business/2011/apr/14/greece-debt-crisis-eurozone-george-papaconstantinou

It now costs 1.1 m Euros to ensure 10 million-worth of greek five year debt.

The article is suggesting that if you read between the lines both the Germans and the Greeks themselves are now publicly discussing a default.

How soon?

I mean, is it going to ruin my summer hols?

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How soon?

I mean, is it going to ruin my summer hols?

Don't worry. The islands will be the same but there will be German flags everywhere instead.

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I wanted to know if it'll be Mad Max style within the next 6 months or they'll just carry on as normal, whether we're using euros, drachmas, cigarettes or sea shells in the shops.

I have heard that gold sales are being restricted in Greece.

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http://www.guardian.co.uk/business/2011/apr/14/greece-debt-crisis-eurozone-george-papaconstantinou

It now costs 1.1 m Euros to ensure 10 million-worth of greek five year debt.

The article is suggesting that if you read between the lines both the Germans and the Greeks themselves are now publicly discussing a default.

And then it will start... Ireland will then want to renegotiate their debt and then Portugal. And maybe Spain after that.

The debt cannot and will not be paid back - even simple people can see that by doing some basic arithmetic on their fingers and toes. It's only the politicians who think otherwise but that is because their jobs and wealth are at stake not because it is possible to avoid.

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Debt spiral?

Greek unemployment was released today up again to 15.3%

http://www.iol.co.za/business/international/greek-unemployment-jumps-to-record-1.1056933

The number of people out of work has risen by 25% since January 2010

Also:

Deficit for last year was actually 10.6% rather than the 8.1% in the original plan from May 2010.

http://www.tradesignalonline.com/charts/news.aspx?id=783404&filter=&catid=0

Interest rates have been raised and the € has strengthened 25% since last summer. Tourism from outside the € zone will no doubt take a battering.

Could things get much worse?

Germany will pull the plug as they are not prepared to fund another bailout if Greece fails to return to the market in 2012.

€450bn of debt held by European banks including €55bn by the ECB. The haircut will be to Maastricht levels of 60% of GDP which would be 50-60%~! This will probably cause a giant banking European banking crisis.

No doubt Ireland and Portugal, then possibly Spain and Italy could all follow in to the abyss.

Can't think of any good solutions, Another bailout by Germany? QE from the ECB or default and bust.

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And then it will start... Ireland will then want to renegotiate their debt and then Portugal. And maybe Spain after that.

The debt cannot and will not be paid back - even simple people can see that by doing some basic arithmetic on their fingers and toes. It's only the politicians who think otherwise but that is because their jobs and wealth are at stake not because it is possible to avoid.

+1

How much longer can the Dog & Pony show go on for? The dog has lost all it's fur and the pony is missing two legs... The show however continues as if nothing is wrong.

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Must be tempting for the ones who had their money in the Icelandic banks. Trouble is, no Brown to bail them out.

Oh come now. You and I both know the minute BBC/ITV some other 'consumer champion' parades some spivs OAPs weeping on TV Camermoron will capitulate and unleash another bailout. Afterall, govt debt is the one safe haven, right?! :blink:

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Debt spiral?

Greek unemployment was released today up again to 15.3%

http://www.iol.co.za/business/international/greek-unemployment-jumps-to-record-1.1056933

The number of people out of work has risen by 25% since January 2010

Also:

Deficit for last year was actually 10.6% rather than the 8.1% in the original plan from May 2010.

http://www.tradesignalonline.com/charts/news.aspx?id=783404&filter=&catid=0

Interest rates have been raised and the € has strengthened 25% since last summer. Tourism from outside the € zone will no doubt take a battering.

Could things get much worse?

Germany will pull the plug as they are not prepared to fund another bailout if Greece fails to return to the market in 2012.

€450bn of debt held by European banks including €55bn by the ECB. The haircut will be to Maastricht levels of 60% of GDP which would be 50-60%~! This will probably cause a giant banking European banking crisis.

No doubt Ireland and Portugal, then possibly Spain and Italy could all follow in to the abyss.

Can't think of any good solutions, Another bailout by Germany? QE from the ECB or default and bust.

A Greek client said to me a couple of weeks ago that most public employees got a 25% pay cut, and public sector managers up to 40%.

You could argue they were overpaid before these cuts - and it's probably true.

However, this is what you get when the monetary policy implemented in Greece/Ireland/Portugal is dictated by Frankfurt.

When Germany needed low interest rates, the PIIGS were swamped with easy money that fueled huge bubbles.

Brutal readjustment inevitably follows, against a background higher rates, once again dictated by Germany.

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How soon?

I mean, is it going to ruin my summer hols?

Don't forget to pack your lederhosen.

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Mhttp://www.zerohedge.com/article/greek-10-year-yield-surges-over-132-euro-falls-against-gold-and-particularly-silver

How much longer can Greece be propped up? Surely it can't limp on for another 2 years when the next European rescue policy comes online?

I did lol when the Euro lot said that portugal would be the last of the bailouts. I guess they didn't include PIG having to be repeatedly bailed out. Although it does seem optimistic that other countries won't need a secret bailout (spain).

I'd rather live in a country with a devalued currency than have to have a bailout. Psychologically seems better.

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Can I get something straight - this is what Greece has to pay if it borrows more money now, right? How much money is Greece borrowing at the moment and how often? I mean new additional borrowing, not what they have already borrowed.

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http://uk.reuters.com/article/2011/04/14/uk-eurozone-idUKTRE73D2BO20110414

European policymakers scrambled to reassure investors that a restructuring for Greece was not on the agenda, saying such a step could have dire consequences for European banks and the fragile economy of the 17-nation euro zone.

The Greek government also ruled out a restructuring, promising to deliver on the ambitious fiscal goals set out for it by the EU and International Monetary Fund last year in exchange for a 110 billion euro ($160 billion) rescue.

But doubts have risen in recent weeks about whether Greece can achieve those targets and restore confidence in its finances in time to return to the capital markets for funding next year.

With a debt mountain that is expected to approach 160 percent of annual output by 2013 and EU/IMF money due to run out that same year, some move to reduce Greece's debt burden such as reducing or postponing repayments to its bond investors looks increasingly unavoidable.

Greece is screwed, there is no way back from this despite the official pointless denials about they won't restructure, they have no option.

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Pissing into the wind they're planning to make yet further cuts to reassure investors.

If you were an investor would you be reassured? I don't see the point, they've no credibility left so whatever they do no-one's going to believe it'll work. Might as well bite the bullet and get it over with. DEFAULT you idiots

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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