Thursday, June 10, 2010

A final update on the Greek 'bailout'

I'm closing the running commentary on the upper right corner of the blog regarding the Greek financial situation.  Below is a copy of the text and links. 

The Greek drama has moved from the front page back a few sections and is on a 'slow burn'  I don't expect the situation to be resolved with the monstrous bailout package and as you can see from the chart Greek 10 year yields have started to slowly creep upwards.   In my opinion this will hit the front pages again and it won't be good news.  When? That's the big question. . . .
Wondering how long the Greek drama will play out . . . Just because the EU promises some cash doesn't mean it is going to happen. The German constitutional court may have something to say about violating the Lisbon Treaty.
A Telegraph article lays out the details (13 April, 2010)

How much are the Irish and Italians going to contribute?

p. s. 10 year Greek bond spreads expanded on April 13th. I guess 40 billion euros is only good for one day.

April 20: Bond spreads hit new extremes last night again.

April 21: 8.11% -- spreads widened further.

April 22: 8.84

April 23: Greece pulls the rip cord and officially asks for aid. Want to guess how many days until this wears off?

April 26: 9.56% -- Aid request good for one day.

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