Credit Suisse The Sequel: "Probability Of The Largest Disorderly Default Loss...
A week ago we presented an excerpt from Credit Suisse's most excellent piece "The Flaw" - merely the latest in one of the best overviews of the neverending Greek soap opera by William Porter. Yet every...
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Greek 1 Year Bond = 1006%
Another day, another reminder that all those who listened to "pundit" calls for loading up on Greek 1 year bonds which hit 100% for the first time ever in September of last year, are now broke to quite...
View ArticleGreek "Fresh Start" Bonds Face Immediate 80% Loss, 98% Probability Of Redefault
As 'news' breaks of over 80% participation in the Greek PSI deal and the apparent optimism that this is somehow a good thing, we note that our analysis of what would happen from two months ago was...
View ArticleGray Market "Fresh Start" Greek Bond, Aka GGB2 Full Pricing Grid
And this is what the market is now seeing for Fresh Start Greek bond pricing (all 20 CUSIPs) via BNP. Comment: We added a few data in the bottom of the page....closing GDP warrant, average price of the...
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Reuters Reports That Hedge Funds Have Found Greek Default Trigger Loophole
While the general market mood is one of pre-default euphoria reminiscent of that in the pre-Lehman weekend, clouds may be brewing. As Reuters reports, "Some hedge funds have found a legal loophole they...
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Short Greek Bonds vs Long Apple: No Contest
One may be surprised to learn that in the past 6 months NASDApple is not the best performing "asset class." Sure, it has generated a respectable 43% return since last September when the Greek 1 Year...
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Is Central Planning About To Cost The Jobs Of Your Favorite CNBC Anchors?
Something funny happened when last August CNBC hired access journalist extraordinaire Andrew Sorkin to spiff up its 6-9 am block also known as Squawk Box: nothing. At least, nothing from a secular...
View ArticleEverything is Getting Gummed up in Greece
Wolf Richter www.testosteronepit.com Tourism, Greece’s second largest industry after the shipping industry, and already in a downdraft, is taking another hit as tour-bus drivers will go on strike...
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Germany Cries: "Europe Is Coming For Our Money", Greece Promptly Obliges
"Greece is an exception in the Euro Zone" - Angela Merkel, December 9, 2011 "Exception from ESM Seniority only applies to Spanish aid" - Angela Merkel, June 29, 2012 It took about a year, but finally...
View ArticleIn Shocking Development, ECB Demands Impairment For Senior Spanish...
In a landmark shift in its bank "impairment" stance, the WSJ reports that "in a sharp turnaround" the ECB has advocated the imposition of losses on senior bondholders at the most "damaged" Spanish...
View ArticleFrontrunning: August 3
U.S. nuclear bomb facility shut after security breach (Reuters) EU Commission Welcomes Greek Reform Pledge, Wants Implementation (Reuters) -> less talkee, more tickee China Cuts Stock Trading Costs...
View ArticleFrom Knight To Schrödinger Cat: Brokerage Scrambles Half-Alive, Half-Dead
Update via CNBC: CITADEL, KRR SAID NO LONGER TO BE LOOKING AT KNIGHT KNIGHT CAPITAL CLOSE TO FUNDING DEAL, CNBC'S KATE KELLY SAYS KNIGHT MAY GENERATE ABOUT $400 MLN FROM INVESTORS, KELLY SAYS GETCO, TD...
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ATP Oil And Gas Files For Bankruptcy, CEO Blames Obama
Now that the "alternative energy" industry is in shambles following one after another solar company bankruptcy, as the realization that at current prices, alternative energy business models are still...
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Guest Post: If You Want to Help the Poor and the Middle Class, Encourage...
Submitted by Charles Hugh Smith from Of Two Minds If You Want to Help the Poor and the Middle Class, Encourage Deflation If we step out of the conventional brainwashing about how bad deflation is, we...
View ArticleOnce "Jollying The Markets" With "Faith, Hope And Charity" Fails, What Comes...
Back in January, Zero Hedge proposed a pair trade, which to date has returned well over 100% on a blended basis, namely the shorting of local law peripheral European bonds, while going long English law...
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Greece Kills Bond Buyback Proposal
One of the zanier proposals floated in the past few weeks, yet sufficient to send Greek bonds soaring to post-restructuring highs on hopes of a take out, was the suggestion that Greece would repurchase...
View ArticleTim Geithner: Next Steps
Tim Geithner's public "servant" tenure has not been without its blemishes: from his deplorable run as the (figure)head of the New York Fed (from 2003 until 2009), when the entire financial system...
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Hostess Mediation Fails, Liquidation To Proceed; Furious Laid Off Workers Now...
Last week, when discussing the next steps for the company, and specifically the hope that mediation may resolve the epic animosity between management and workers, we stated that "What makes a mediation...
View ArticleThe Latest Greek "Bailout" In A Nutshell: AAA-Rated Euro Countries To Fund...
With constantly changing variables in what will be the fourth and not final Greek bailout, it has been relatively difficult to pinpoint just what the "fulcrum security" is in the ongoing restructuring...
View Article“The Euro Will Blow Up Europe Instead Of Bringing It Together”
Wolf Richter www.testosteronepit.com www.amazon.com/author/wolfrichter“I cannot be disillusioned because I no longer have any illusions about Europe,” muttered Euro Group President Jean-Claude...
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