Posted by Unknown
Analysis from Wolf on Wall Street
In Friday's "Bonds In the News" post here's an excerpt of what I saw as the ramifications of the ECB bond swap:
"The ECB has swapped their Greek bonds for the new bonds, no write down, no CAC clauses. In essence, the 50 year old concept of eqaul treatment for creditors was just thrown out the window as PSI (Private Sector Involvement) will (if Greece gets the
Posted by Unknown
Analysis by: Wolf on Wall StreetForget about March 20th, Greece could be in default as soon as next week.Today the ECB completed their bond transfer with Greece, brand new shiny bonds and they get to say they were the first kids on the block with them and this came somewhat out of the blue. This seems to put an end to the IMF's idea that the ECB should take a loss on their Greek GBG bond
Posted by Unknown
Just as the Euro led the market today by gapping up on the passage of the Greek vote, as I suspected, it's now leading the way down and for more then 1 reason.
First the market HATES uncertainty and the lack of comments or at least constructive comments from Greece's task masters today, caused the initial uncertainty in the FX market which effected the stock market (by killing momentum and
