Thursday, April 22, 2010

Europe Cannot Guarantee Greek Debt: Nobody Would Vuy German Lower-Yielding Bonds

This is an excellent point, from the Big Picture:

"Greece seems to be headed to a debt restructuring where haircuts are going to have to be taken as it seems the only way out for them as it’s impossible for their economy to grow out of their debt obligations. The Euro zone cannot guarantee Greek debt as who would buy a German bund yielding 3.05"

In the meantime, the Euro takes yet another beating, dropping almost 1% today. Our straddes from April 15 are as follows now, with an ROI of +9%:

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