Greece

[wd9]

Thx for that explanation Cotton.

[rhoff]

It would have been pretty brutal in my mind if
they didn't call this a credit event. It would be like
your house burning down and the insurance
company being able to say "it's only 70% burnt so
it's not considered a house fire"
From what I've heard there was a relatively small
percentage of Greek debt that had CDS's written
against it though.

[BTO_farmall]

It Means, It Means......Yer ****ed, About as simple as I can put it to Ya...........

[VK58]

Cotton, what are your thoughts on this ruling in regards to other sovereign debt issues. Do you see the bond vigilantes moving on to the next country. If the cds make them whole again why would they not hasten the event forward before they are given a haircut as well.Looks like to me that there will be a lot of unpopular politicians going foward as austerity becomes the new political buzzword.
rhoff,I read the same amount as you, to me that looks like bs, probably need a few more zeros. Really 3.2 billion probably paid that in per diems to the lawyers and polticians to get to this point JMO

[parsley]

http://m.spiegel.de/international/europe/a-
820302.html

[parsley]

rhoff:

http://m.spiegel.de/international/europe/a-
820343.html

[cottonpicken]

Tough to say how this plays out.

The bond vigilantes seem to be neutered in the larger markets
with prices and yields defying gravity due to central bank
medalling.

They have probably have positions in the cds market.

Greece is very,very,very small potatoes...and look how much time
and energy everyone has put into it.

Wait till someone like spain or japan goes up in smoke.

This video always makes me laugh and then cry.

http://www.youtube.com/watch?v=LyePCRkq620

[TOM4CWB]

It comes back down to:

TOO BIG to FAIL.

Pushing the financial system over the brink... would prove what?

The 200B that Greece just got forgiven... and all the loans coming up just got extended... means we can all breathe easy for another 24 hours!

[rhoff]

Parsley I clicked on your link and it was some site
in German (I think). Where was I supposed to go?

[cottonpicken]

Zero hedge is saying greece's new and hidden debts
are at 279 billion.

Sinclair says cds's in the trillions.

Tonights market open maybe interesting.

And the ides of march coming up fast.