Two big bonds, the 4.5% of 2037 and the 4.6% of 2040 both have coupon payments due that day, totalling 769 Million Euro. So if the IMF wanted to avoid letting another billion euro go down the drain, September 20th would be a good day to do it. The IMF seems to have delayed approving another tranche for now, so Greece must already have the money for this payment?
The Fed Scheduled their meeting for 2 days. It now starts on September 20th. Maybe a co-incidence, but what better way to be prepared for new emergency policies?
CDS "rolls" on the 20th. On the 21st, all Sept 2011 CDS will have expired. My guess is that banks own more protection than they sold to the September 20th date, so defaulting while those contracts are still valid would be a net benefit to the banking system. As a whole, triggering CDS will likely benefit banks as I can find banks that say they own protection against positions, but find more hedge funds are uninvolved or have sold protection to fund shorts in other sovereigns.
zerohedge
The Fed Scheduled their meeting for 2 days. It now starts on September 20th. Maybe a co-incidence, but what better way to be prepared for new emergency policies?
CDS "rolls" on the 20th. On the 21st, all Sept 2011 CDS will have expired. My guess is that banks own more protection than they sold to the September 20th date, so defaulting while those contracts are still valid would be a net benefit to the banking system. As a whole, triggering CDS will likely benefit banks as I can find banks that say they own protection against positions, but find more hedge funds are uninvolved or have sold protection to fund shorts in other sovereigns.
zerohedge
1 comment:
Απλά ένα σχόλιο, τα τελευταία τρία χρόνια τις μεγαλύτερες μαλακίες τις έχω ακούσει από insiders. Αυτοί που είναι in the know κυκλοφορούν κάτι τερατολογίες για μυστικούς τραπεζικούς πολέμους, κερδοσκοπικές επιδρομές και τέτοια απίθανα που αν δεις λίγο τις αγωνιώδεις προσπάθειες που γίνονται στην πραγματικότητα να μην καταρρεύσει το σύστημα είναι να γελάς. Έχω αποκτήσει την αίσθηση πως στους χρηματιστηριακούς κύκλους το ράδιο αρβύλα παίζει όπως ακριβώς και στον υπόλοιπο κόσμο (καθόλου περίεργο εδώ που τα λέμε).
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