Mark my words… Read the rest of this entry »
Posts Tagged ‘Greece’
Short list this week; same churn about 2013 forecasts and Congressional wrangling over spending cuts… Go Pats!
I’ll say it until I’m blue in the face: Europe’s policymakers have only two options. They can assign whatever acronyms they want to their solutions (EFSF, ELA, LTRO, SMP, ESM). They can arrive at liquidity provisions by whatever Chutes & Ladders they want. They’ll ultimately be forced to choose between these binary options:
Just a quick note on the topic as I sort thought the rubble. This all feels a bit ominous. First, I received an email and a call around 1:44pm est:
‘ISDA says Greek CDS triggered, credit event. No confirmation or announcement yet.’ Read the rest of this entry »
I’m currently reading Margaret MacMillan’s Paris 1919, a book that chronicles the six month summit in Paris, where world leaders met in the wake of the Great War (World War I) to “shape the peace.” Among the delegates were moguls from our childrens’ history books such as Woodrow Wilson, David Lloyd George, Winston Churchill, John Maynard Keynes, George Clemenceau, Vittorio Orlando, T.E. Lawrence, Mohandas Gandhi, and Ho Chi Minh. They discussed a League of Nations; they redrew boarders; they played God. It was one of those events that was so magnanimous as to resemble more of a Hollywood movie than real-life–especially when considering the resonance of their decisions:
Greece has reached yet another arbitrary deadline, which means she has yet another deadline to defer. Parliament has finally started discussing the existential consequences of their coming action. Back in October, I suggested the existential questions would be the final, tallest hurdles in this process:
I’ve been sitting here with everyone else wondering what’s taking so long with the private creditor negotiations in Greek sovereign bonds. After marinating in it a bit, I’m not sure everyone understands the Catch-22 there.
I’ve been quiet lately because I’m a bit tired of pounding the table. Everything is panning out as I suggested for the past year, so there’s not much more else for me to say without gloating or repeating myself. I have to record some thoughts about this Greek referendum though, because I’m starting to get infuriated.
I guess the rumor-mongering in Europe has irritated most investors/traders. I, for one, acknowledge it and deal with it. Yes, it’s a frustrating facet of the noisy, undulating marketplace. Yes, these a-fundamental factors are occurring with greater frequency these days. Yet, read any prospectus/Qs/Ks of any singlename security and you’ll notice these kinds of things mentioned in the “Risk Factors.”