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Greek Cds Hits 1,600 Bps Record High - Five Year

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The cost to insure Greek government debt against default rose on Monday, hitting a fresh record high of 1,600 basis points as uncertainty lingered over what form any debt restructuring may take.

Five-year credit default swaps (CDS) on Greek government debt rose 58 bps on the day to 1,600 bps, according to data monitor Markit. This means it costs 1.6 million euros to protect 10 million euros of exposure to Greek bonds.

I think we need talk of more bailouts to get the figure down.

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I think we need talk of more bailouts to get the figure down.

Well, Greeks at large aren't talking bailouts.

The demonstrations are still going strong and stronger . . . now 20,000 in the square. There's a strike planned for Wednesday.

The way the EU and EC Presidents handled last week’s meetings with the leader of the Greek opposition, Antonis Samaras, looks as they have no idea of what is going on in Greece.

The people in the “square,” the hundreds of thousands who protest, every evening in all the major Greek cities is growing in number and anger, and are ready to explode. Such an explosion may cost Greece many lives and bloodshed, followed by an uncontrolled spillover effect in other countries, i.e. Portugal, Ireland to be followed by other such as Spain and Italy.

So far, the Commission, which is the executive arm of the Council, seems that it gets its information exclusively from the EC information office in Athens, an office which, to the best of our knowledge transmits only information favorable to the current socialist government, thus misleading the European Commission.

Read more: From Greece, with Love - New Europe http://www.neurope.eu/articles/106922.php#ixzz1PA5u5HSz

Talk of bloodshed may be premature, but people are certainly distancing themselves from Government. Meanwhile, French and German banks are distancing themselves from Greece.

French banks lead exodus of lenders from hardest-hit EU economies

A Greek exit could be happening from both directions?

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S&P cuts Greece LT and FC ratings to CCC from B; off watch; outlook negative

Yawn, this is getting tedious now, can we just get on with it, please? :rolleyes:

Absolutely. They've only just noticed . . . as if.

Moreover, the downgrade reflects S&P’s view that implementation risks associated with the EU/IMF programme are rising, given the increasingly complicated political environment in Greece coupled with its current difficult economic climate.

Outlook negative indeed. :lol:

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  • 444 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% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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