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by Ashraf Laidi
Posted: Feb 20, 2010 5:00
Comments: 30765
Forum Topic:

EUR

Discuss EUR in this thread
 
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macrosam
United States
Posts: 190
14 years ago
Apr 9, 2010 16:20
They have to come up with something, however. A downgrade by Moody's is inevitable now and too many Greek banks hold Greek bonds. Too many banks in the EU itself hold Greek bonds.
djellal
LAUSANNE, Switzerland
Posts: 531
14 years ago
Apr 9, 2010 16:16
But don't expect bailout !
djellal
LAUSANNE, Switzerland
Posts: 531
14 years ago
Apr 9, 2010 16:09

The ECB and the EU and IMF on the Greek case possible gap this weekend.
macrosam
United States
Posts: 190
14 years ago
Apr 9, 2010 15:52
I don't see a package being finalized this weekend. It could happen but I doubt it. IMF involvement is still currently unlikely.

A broader financial issue on the precipice that is related to Greece's downgrades and expected further downgrades could require addressing, which may be what the meeting is more about.
catnip
Frankfurt, Germany
Posted Anonymously
14 years ago
Apr 9, 2010 15:47
Ok it is almost official: quantitative easing. EU banks are now supposed to buy Gr bonds with 4% premium to German bunds ( 10 y ) and dump the stuff at ECB's assets. Thereby EU banks get rid off
supposedly non perfoming GR bonds which they already hold.
Next logical step were to bring workload outsourced to China and Eastern Europe to Greece...but that won't happen. So wait for the next shoe to drop it won't be long.
macrosam
United States
Posts: 190
14 years ago
Apr 9, 2010 15:43
Puts pressure on Moody's to downgrade now as well. This BBB- doesn't impact the collateral posting issue yet but it may soon. ECB references the highest rating across ratings agencies and Moody's still has Greece rated as A.

This forces a decision to be made this weekend. It will be interesting to see if there is a rush to cover by the close.
Ashraf Laidi
London, UK
Posts: 0
14 years ago
Apr 9, 2010 15:38
Despite FITCH downgrades GRK-GERMN spread is BELOW 4% and $EURUSD above $1.3433 some officials say possible deal has been reached

Ashraf
macrosam
United States
Posts: 190
14 years ago
Apr 9, 2010 15:38
Probably forces something to be done over the weekend, may aid short covering if no sell off continues further. Medley report is that 3M euribor + 275 bps financing.
macrosam
United States
Posts: 190
14 years ago
Apr 9, 2010 15:34
outlook negative, BBB-
djellal
LAUSANNE, Switzerland
Posts: 531
14 years ago
Apr 9, 2010 15:34
bye bye eurozone ! next target portugal...lol
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