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 Msg. #  Subject Posted by    Board    Date   
35868 Re: Here Is How The 50% Greek Haircut Is Actually Just 28%
   PIIGS is now just PIIS DE LOL. What a joke............. 		capt_nemo   ROUND   27 Oct 2011
 5:56 PM
35867 Re: Here Is How The 50% Greek Haircut Is Actually Just 28%
   Zero Hedge's Tyler Durden says: "The Greek haircut will be 50%, which... 		Decomposed   ROUND   27 Oct 2011
 4:35 PM

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Re: Here Is How The 50% Greek Haircut Is Actually Just 28%

By: Decomposed in ROUND
Thu, 27 Oct 11 3:55 PM
Msg. 35865 of 45651
(This msg. is a reply to 35862 by capt_nemo)
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"Haircut," of course, is a euphemism for DEFAULT - a term jounalists are being kind enough to avoid. But that's what this is - a default.

So, we're now seeing that the FIRST step the EU takes to solve its debt problem is to default on debt. That's actually smart. It's what we will eventually do with our debt. (Versus the alternative, to print the money and pay it.)

Guess what SHOULD happen to interest rates now in the PIIGS countries? (Portugal, Italy, Ireland, Greece and Spain)

They should jump, doing further damage to home prices and business outlooks throughout the EU. Everyone who bought Greek bonds just got the shaft, so investors should be TRIPLY cautious about buying more from any of these nations. The EU has shown its hand.

Surprisingly, here at home, the pundit predictions for Market Open are that there will be an entry "stampede" - a term usually reserved for panics. Oh well. My 401(k) money exited the markets on Friday. If the Nasdaq climbs 50 points and remains there for two days, then the "strong resistance" I called at 2700 will be breached.

So, let's see if that happens.


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