Posts Tagged ‘Greek debt’

Notes From Underground: The Europeans delivered on a bailout of the Peripherals (Maybe So, Maybe Not)

July 21, 2011

After reading through the vast amount of news on the Brussels “emergency” meeting, I am not sure I truly understand what the final outcome of the European resolutions for financial stability entail. There are bond swaps on Greek debt, which will mean a soft default, and then there is an increase in the size of the EFSF funding and a move to allow the  buying of secondary sovereign bonds. Again, it is not so easily to understand at this juncture as so much contradictory information is being provided that the final agreement doesn’t appear at this time.

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Notes From Underground: The auctions had action … what am I? Bid?

January 12, 2011

The Portuguese DEBT AUCTION today went as well as could be contrived. While the EURO initially stuttered, by days end it had rallied and ended the day up 1 percent. Tomorrow, the Spanish raise cash through a DEBT AUCTION and the market there has been well set up to take what the Spanish government offers. Interestingly, it was the GREEK DEBT markets that had the largest rally as the GREEK TWO-YEAR NOTE dropped to 10.09 percent from 11.44 percent. The BUNDS were sold off as the safe haven status of German debt eased.

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