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Complete Greek Default Imminent – 1 Year Bond Soars To 1006%
Greek Credit Default Swaps surged to a new all time high as hit a new all time high of 77 points yields on 1 year sovereign Greek debt soars above a record 1006%
For some reason, Wall Street has developed a sudden case of selective case of amnesia about their previous threats that the entire global financial system would collapse in the event that Greece defaulted.
Such odd behavior may leave one to believe that their claims were nothing more than psychological terrorism meant to force the public into accepting a permanently implanted razor edged anal catheter.
But are we to believe they resorted to using such tactics just to satisfy global banking cartel’s sadistic urge for a blood and feces?
While the psychopaths on Wall Street are entirely ignoring major credit rating agencies declaring Greece debt to be in the status of “selective default”, it would be highly erroneous to conclude that the sudden case of acute schizophrenia is not being faked.
Yes, after repeated warnings month after month that a Greek debt default would cause global financial Armageddon, Wall street hasn’t suddenly slipped into a ‘it doesn’t matter anymore’ mind-frame’.
To the contrary, their state of mind has wandered into a state of disassociated cognition more commonly referred to as denial.
Their rationalization for the outright ignorance of such a cataclysmic event is justified using the logic that the currently debt restructuring plan is only a “technical” default.
Unable to engage in critical thinking, the media succumbs to classic herd mentality, and plays along with the notion “technical default” applies to restructurings which require private investors to lose a ONLY a little more than 70% of their money.
Clearly among us who are blessed enough to have cerebral cortex with grey matter with neurons that operate anywhere near the realm of reality clearly understands that this “technical” default is analogous to Fukushima only having a partial meltdown and the BP oil spill only leaking a few hundred gallons of oil.
Let us for the moment indulge ourselves in the fantasy of the global banking cartel and blindly accept their ruling that the restructuring will not trigger Credit Default Swaps insuring the debt.
Block out the fact private investors who purchased the bond are getting fleeced for 70% of the money they invested into Greek debt.
Forget about the fact they are getting shafted of on the insurance they purchased to them against such a restructuring because the cartel says this doesn’t qualify as a default.
Try not to think about that fact that the cartel, aka the ECB and the IMF, will receive no haircut. While private investors lose 70% Greece will be required to repay the cartel’s obligations in full.
As the chart below shows above, Greek bond yields have just soared above the astronomical rate of 1000% percent interest on Greece’s 1 year sovereign debt instruments, which means the planeswalkers traveling on their astral projection through the nether voids of the fourth dimension the will soon be abruptly awoken from their perverted fantasy as their journey ends in a violent collision with reality.
Greek 1 Year Bond Soars above 1000 Percent
As Zero Hedge reports:
Greek 1 Year = 1006%
Another day, another reminder that all those who listened to “pundit” calls for loading up on Greek 1 year bonds which hit 100% for the first time ever in September of last year, are now broke to quite broke. As of this morning the Greek 1 Year Bond has just passed 1000% and was down to just 20.5 in cash terms, further making the case for a Greek redefault in just over a year, as pre-petition bondholders make it abundanatly clear they don’t expect to collect much more than one cash coupon in the “fresh start” country. In other news, Greek CDS just hit a new all time high of 77 pts, and the basis package is at a record of 98.5. It appears that the IIF fearmongering has not stopped all those who wish to have a basis package going into Thursday from doing just that (because for the cheap seats, CDS prices go up when there are more buyers than sellers).Source: Zero Hedge
Greece has already been forced to borrowing astronomical amounts of money every few months as it is.
Even in Wall Street’s twisted denial of the truth Greece debt run way above 100% GDP for many, many years.
Clearly, back in reality the decision not to declare the current restructuring is an outright fraud designed to protect the banking cartel at the expense of the taxpayer and the private investor.
With Greek yields now soaring above 1000%, every dollar Greece borrows today to keep the government running comes at the cost of having to pay back 10 times that amount in 1 years time.
Of course the cost falls square on the backs of the taxpayers who are desperately trying to escape their plight by frequently try to invoke the dark one to come to their aid in rituals that use an assortment of petrol-based Molotov cocktails to offer the flesh of police as a burnt offerings.
If the government doesn’t fall to a bloody revolution first, the bankers will soon be wakened from their fantasy because as the pretty chart clearly shows that Greece’s default will inevitably shift from a “technical” to an “actual” undeniable default
The bankers can play extend and pretend all they want, and perhaps even force their debt slaves to borrow even more money to pay back the 10 times yield on the bonds, but of course that will only increase the rate of acceleration in the downward spiral.
Everyone knows the emperor has no clothes.
The longer they pretend, the fast the runaway train goes and the harder collapse when the spiral hits rock bottom.
Greek Credit Default Swaps surged to a new all time high as hit a new all time high of 77 points yields on 1 year sovereign Greek debt soars above a record 1006%
Source: Complete Greek Default Imminent – 1 Year Bond Soars To 1006% ©
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