Thread: Rumor Of Greek Default As Early As This Weekend Pushing Yen

Rumor Of Greek Default As Early As This Weekend Pushing Yen

Submitted by Tyler Durden
04/20/2011 09:45 -0400
48 comments.

The various Yen funding crosses have suddenly seen a bit of a hiccup (but fear not: it only means far greater USD shorting instead) following a rumor that Greece may default as early as this weekend. While we think there is absolutely no possibility of that happening, a far more interesting piece of news comes from Finland, where the recent electoral upstart Soini from the True Finns party has said that the May EcoFin meeting would discuss an "entirely different" solution to the debt crisis, than the previous one. Specifically, he was quoted by Reuters as saying the best solution would be one of bank recapitalization whereby banks, and not taxpayers, bear liability. Is Europe about to pull the plug on taxpayer funded bailout for good? And if so, does the European financial system have enough a buffer to absorb what will certainly be hundreds of billions in capital shortfall. Looks like May is shaping up to be another rescue Europe month... just like last year.

http://www.zerohedge.com/article/rumor- ... ses-higher

Greek 2 Year Bonds Now Yielding Record 22%, Price On 10 Year Bonds 59 Of Par

Submitted by Tyler Durden
04/20/2011 10:50 -0400
31 comments

Just a quick reminder that the world continues to burn: the yield on the Greek 2 Year bond has just climbed to 22%, an all time record. The actual price is 74.25%. And far more jarringly, the 10 Year is 59 cents on the euro. A 40% haircut is now effectively priced in by the market.



http://www.zerohedge.com/article/greek- ... nds-59-par