By George Kesarios: National Bank of Greece (NBG) was down over 12% in Athens yesterday, after the announcement that the bank will be proceeding with plans to raise 2.5 billion euros (~ $3.45 billion). This despite the original planShow More Summary
Even though major-market benchmarks climbed sharply today, these three stocks plunged. Is there a good explanation? Find out why here.
Is Ukraine the new Greece?
From an excellent column by Wolfgang Münchau: The reason Greece was able to attract so much interest in last week’s bond issue was a combination of the promise of a high yield and the maturity profile of existing Greek debt. Official loans – from eurozone member states and the International Monetary Fund – make up […]
@FOLLOWING HADRIAN Exhibition: “Hadrian and Greece” at Villa Adriana, from 9 April to 2 November 2014 http://ift.tt/1htmjcg
The HMMWV comes in countless guises, from up-armored urban war wagons, to Stinger missile packing air defense models, to stripped down no-frills pickup trucks. Considering the fact that the "Hummer" serves around the world with dozens...Show More Summary
In light of the recent "triumphant" return of Greece to the capital markets with its brand new 5 Year bond issuance (which much to the chagrin of the flippers is already trading below its breaking price), one of our Greek readers decided to provide his "on the ground" perspective on what is really happening in Greece. Show More Summary
(ATHENS, Greece) — Hundreds of protesters battled with riot police in one of the Greek capital’s main shopping districts. No injuries or damage have been reported. About 500 protesters, which included retail employees but also several anarchists, closed access to shops on a central Athens street and handed leaflets protesting the extension of Sunday shopping…
This past week, Greece made its triumphant return to global financial markets, with its successful floatation of a 5-year bond offering. In total Greece borrowed $4.16 billion at a rate of 4.95%. But Greece's success is just a smallShow More Summary
From a Gideon Rachman FT blog post, this is still my view as well: 1. As Kerin Hope, our Athens correspondent, makes clear in a fine post – the political situation in Greece is arguably deteriorating, rather than improving. What is true for Greece is true for Europe as a whole. The European parliamentary elections […]
In July 2012, Citi – the American bank – assigned a 90 per cent probability to Greece leaving the euro, having earlier coined the term "Grexit". Around the same time, together with my colleague Raoul Ruparel, I published a briefing which argued that – contrary to what was then the dominant Anglo-Saxon view – in [...]
Submitted by David Stockman via Contra Corner blog, The evil of modern central banking can nowhere better be seen than in this week’s mad stampede into $4 billion of Greek bonds. The fact is, Greece is not credit-worthy at nearly any coupon yield, but most certainly not at the 4.75% sticker that was attached to the offering. Show More Summary
By Felix Salmon: The biggest news in the sovereign debt world this week has come from Greece, which managed to sell some €3 billion in new 5-year bonds at a yield of just 4.95%. This is not what you might expect, given the macroeconomic situation: Greece's debt currently stands at about 320 billion euros, or 175 percent of GDP. Show More Summary
``"Debts above 130pc of GDP for Italy and 170pc for Greece are a recipe for disaster once we go into the next downturn," said Professor Charles Wyplosz, from Geneva University.''
German Chancellor impressed by reforms in nation whose economic woes threatened stability of Europe's single currency.
If you're a bond investor, there's a surprisingly large number of ways that you could end up making money after buying Greek debt at these yields.
Greece’s triumphant sale of five-year bonds to hedge funds (1/3) and global in investors – half based in London – tells us a great deal about the mental and emotional state of investors. It tells us very little about the state of the Greek economy or Greek society. It is certainly not evidence that Greece [...]
Talking heads were positively orgasmic at the fact that Greece managed to get a five-year bond deal off in the public markets... at a 4.75% coupon and was 8-times oversubscribed. That must be great news, right? So, kindly explain toShow More Summary
On Thursday, Greece held its first bond sale since 2010, raising $4.2 billion as investors flocked to secure bonds from the hard hit country. Greece, which stopped issuing bonds in 2010 amid their country’s economic crisis, has hailed this bond sale as a sign that the country is recovering and heading in the right direction. Show More Summary
Spring has finally arrived here on the North Plains and the snow piles are rapidly shrinking. Traditionally this is the end of the snow and the beginning of the “mud” season. I have my tickets to Greece and, by the end of the today, my tickets to Alamogordo. I have three manuscripts in some degree […]