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Greek Debt Costs Spike As Protests Escalate

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http://www.telegraph.co.uk/finance/economics/8577115/Greek-debt-costs-spike-as-protests-escalate.html

The yield on 10-year governement bond rose to a fresh high of 17.9pc and the cost of insuring Greek debt against default hit a new record high on Wednesday. Five-year credit default swaps (CDS) on Greek government debt rose to 1,651 basis points, according to Markit. This means it costs €1.65m to protect €10m exposure to Greek bonds.

The euro also weakened on the failure of eurozone ministers failed to reach agreement on how private holders of Greek debt should share the costs of a new bailout.

Finally in credit card territory.

http://www.zerohedge.com/article/livestreaming-greek-general-strike-and-parliament-blockade

Live streams at Zerohedge.

And still the farce continues.

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Yep, not receiving much coverage in the MSM, but this sh1t is getting ready to boil over. The attached graph shows bond yields in the PIIGS, not looking pretty is it?

Also here is the link to a money week article on bond yields from which I got the graph, the graphs on the article are updated daily, so if you want to know the score with regards to bond yields, bookmark it for easy reference:

Bond market meltdown watcher

Bond Market Meltdown.gif

post-20010-0-20884200-1308141292_thumb.gif

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I suspect it is the fighting, tear gas, etc, that Newsnight's Paul Mason has been twittering about all morning... but which, unsurprisingly, has not ben reported on the BBC news bulletins... that has put them up higher.

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Yep, not receiving much coverage in the MSM, but this sh1t is getting ready to boil over. The attached graph shows bond yields in the PIIGS, not looking pretty is it?

As the govt had a hand in this lack of coverage? I heard recently they pulled quite a few protest videos off youtube.

Best to pretend everything is OK on Treasure Island and that we have houses people can actually afford.

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As the govt had a hand in this lack of coverage? I heard recently they pulled quite a few protest videos off youtube.

Best to pretend everything is OK on Treasure Island and that we have houses people can actually afford.

Providing you can get a 10x salary loan we do have affordable housing....

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This is going to go one of (many) ways:

Bloodshed, the populous appear to already be growing in number willing to stage real protest.

Or

********, the merry-go-round continues forever. Maybe dodgy hedge funded blt’d up to the eyeballs IMF/FED/BoE Members are piling their cash into Greece, waiting for 50%+ falls in their current investments only to get a 200% payout on their newfound Greek bonds. Why not if you’re the one with the password to the printer.

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Providing you can get a 10x salary loan we do have affordable housing....

Which is why those evil banks must start lending again ;) The housing ponzi scheme is flagging :rolleyes:

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Yep, not receiving much coverage in the MSM, but this sh1t is getting ready to boil over. The attached graph shows bond yields in the PIIGS, not looking pretty is it?

Also here is the link to a money week article on bond yields from which I got the graph, the graphs on the article are updated daily, so if you want to know the score with regards to bond yields, bookmark it for easy reference:

Bond market meltdown watcher

Italy doesn't seem to be doing too badly as it happens. So thats one of the PIIGS that seems ok.

I wonder where UK would sit in this chart?

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Italy doesn't seem to be doing too badly as it happens. So thats one of the PIIGS that seems ok.

I wonder where UK would sit in this chart?

Check the link from my first post, you will see UK, Japan, USA. Not doing too badly, but when you can QE and buy your own debt to force down yields that's to be expected, just like the inflationary side-effects.

Yes, Italy isn't doing so bad, there is a definite hierarchy. But then Ireland and Portugal weren't doing so bad, but one by one their problems came into full view and they are now chasing Greece up. Also the widening spreads between Germany and everyone else at the bottom of the chart are obvious.

Meanwhile on the back of today's troubles in Greece and in the bond markets, KERPOOOOOOOWWWWWWW!!!

EUR_Line_1day_300x150.gif

post-20010-0-62352100-1308146086_thumb.gif

Edited by General Congreve

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Greek%20bonds%206.15_0.jpg

3yr yield now over 28%

How much longer can this farce go on?! Reading a lot of stuff today from the likes of Eric Sprott, James Turk, John Embry et al saying that in the next 2 to 3 months we are going to see carnage in the markets B)

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Five-year credit default swaps (CDS) on Greek government debt rose to 1,651 basis points, according to Markit. This means it costs €1.65m to protect €10m exposure to Greek bonds.

Whe the f**k is offering these CDSs... Steve f**king Wonder?

You would have to be insane to offer a 5 year CDS.

Edit to add: Actually, I know who it is, it's pension fund managers. €1.65m income now, €10 outgoing after bonus day.

Edited by RufflesTheGuineaPig

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Latest news...

Greek police have fired teargas at protesters outside parliament as MPs prepare to debate new austerity measures required for the EU and IMF bail-out package.

Demonstrators around Syntagma Square in Athens responded by throwing yoghurt and stones. :lol:

Thousands are taking part in a general strike, the third in Greece this year.

http://www.bbc.co.uk/news/world-europe-13773148

It certainly is escalating!

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Whe the f**k is offering these CDSs... Steve f**king Wonder?

You would have to be insane to offer a 5 year CDS.

Edit to add: Actually, I know who it is, it's pension fund managers. €1.65m income now, €10 outgoing after bonus day.

It is a wonder indeed. How does one take out a CDS of Greek debt? Trouble is, if I had a punt, I would probably end up finding myself insuring the debt rather than getting it insured.

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How much longer can this farce go on?! Reading a lot of stuff today from the likes of Eric Sprott, James Turk, John Embry et al saying that in the next 2 to 3 months we are going to see carnage in the markets B)

It is overdue, this whole Greece thing is not a minor event by any measure.

The lid is going to come flying off Pandora's Box before much longer...

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It is a wonder indeed. How does one take out a CDS of Greek debt? Trouble is, if I had a punt, I would probably end up finding myself insuring the debt rather than getting it insured.

CDSs are great. If your fund has £100m capital, you can use it as collateral to offers CDSs. You can offer, say 10 CDSs of £100m each, at £10m a pop. £10m x 10 = £100m instant profit, and you haven't even spent your capital! Free money! £10m Bonuses all round. :P

The worlds debt, has been insured, apparently, several times over. If all the debts default, everyone gets to claim off their insurance, and there will suddenly be 2-10x as much money to go around as there was before. :unsure: Because all the debt is insured, it's a zero sum game.. there is no real risk. :rolleyes:

Edited by RufflesTheGuineaPig

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It is overdue, this whole Greece thing is not a minor event by any measure.

The lid is going to come flying off Pandora's Box before much longer...

Indeed some strong forex movements today, just on the rumour. When she does blow :blink:

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Indeed some strong forex movements today, just on the rumour. When she does blow :blink:

Rumour? Isnt there a revolution going on in a country that owes the world Billions? Havent all the banks that are owed the money been downgraded by S&P? Havent the Irish said that they are going to default on Anglo Irish Senior Bonds?

Isnt there a funding problem now for banks outside of the PIGS? http://www.zerohedge.com/article/lehman-deja-vu-there-goes-market-liquidity

Who made that call last week about mid-week being somewhat dark?

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paulmasonnews Tweet: Source: HMT, BoE and ECB all fear non negligible chance that Greek "credit event" triggers second credit crunch. Trichet position explained

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



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