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Home Our Perspective Economics The Banks Have Volunteered (at Gunpoint) To Get 50% of Their Money Taken - No Credit Event???
The Banks Have Volunteered (at Gunpoint) To Get 50% of Their Money Taken - No Credit Event??? PDF Print E-mail
Written by Steve Meyers   
Thursday, 27 October 2011 13:45

 

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So,
the European joke has come full circle. Indebted nations borrow more
money to bail out other indebted nations who ask insolvent banks to cut a
50% off deal on the loans that were given to them, but the insolvent
banks will then have to raise capital which the will of course borrow
from the over-indebted nations whom they just gave money to. Get it?
Problem solved -

The rally is
based off of bs and an inability to count. After the voluntary
haircut (volunteered at gunpoint, may I add), Greece will still have
roughly 120% debt to GDP ratio with a declining economy. Unsustainable still. I would fade this rally with careful stops.

I
have went over the Greek debt tragedy in detail with subscribers and
things are unfolding exactly as I had anticipated. Before we get to the
Greek default rehash, let's peruse an email I received from one of my
many astute BoomBustBloggers.

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Last Updated on Thursday, 27 October 2011 13:46
 

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