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  1. #26
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    Quote Originally Posted by Butterfly View Post
    [

    CDS are privately issued, and you need a CDO for that,
    A CDO is not necessary. I myself have dealt with ISDA documentation on credit default swaps which were not connected in any way with CDOs.

    You're simply trying to bamboozle and impress members (like Socal) in order to look like 'Mr Finance' ...and possibly entice them into having anal sex with you.

  2. #27
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    ^

    and who needs to impress Socal anyway,

    an ISDA model document for issuing CDS must at least refer to an underlying structure to pay in case of default, or a collection of funds/investors (which basically means tranching).

  3. #28
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    Greek 2yr bond just reached over 100%....................

  4. #29
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    and as predicted, Greece PM might not finish the week

    Greek PM Loses Majority - WSJ.com

    ATHENS—Greek Prime Minister George Papandreou called an emergency cabinet meeting Thursday after more defections by his socialist party's lawmakers over his surprise plan for a euro referendum erased his majority in Parliament.

  5. #30
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    and now for the coup de grace,

    BBC News - Greek crisis: Papandreou 'to offer to resign'

    Greek Prime Minister George Papandreou is expected to offer his resignation within the next half-hour, sources in Athens have told the BBC.

  6. #31
    Thailand Expat OhOh's Avatar
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    Quote Originally Posted by Butterfly
    after more defections by his socialist party's lawmakers
    Quote Originally Posted by Butterfly
    sources in Athens have told the BBC
    There we have it then two alleged "sources" of the news by the MSM who have a good track record of lying.

    Wait for the official report before the announcement.

    You missed another $30 upwards jump in the price of gold this morning.

  7. #32
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    looks like he survived the vote, but there might be a new election

    Greece is surely rocking the financial world these days,

    BBC News - Greece PM Papandreou wins confidence vote

  8. #33
    Thailand Expat HermantheGerman's Avatar
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    Quote Originally Posted by socal View Post
    Quote Originally Posted by Butterfly View Post
    what seemed impossible last week is now becoming possible, Greece out of the EURO

    legally and financially not sure how they can do it though, Greece have Germany and France by the balls and they know it
    I am willing to bet a fair sum of money that Greece stays in the Eurozone, no matter what.
    I'am afraid....you're right.

  9. #34
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    this is certainly going to be an interesting week, as expected the PM didn't survive and will step down after his "faux" referendum coup

    Houston, we are going for a full default

    BBC News - Greeks agree coalition government without Papandreou

  10. #35
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    greeks know how to stretch out a drama.
    they vote to keep him in charge
    and now a future coalition don't wanna know him.
    maybe democracy has come full circle and now the end game
    is being played out.
    i think they will leave the eurozone.

  11. #36
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    Leaving the Euro zone would mean instant default. With a drachme that would greatly devalue the debt that is in Euro denomination would increase massively.

    It is still the best option.

  12. #37
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    Italy's debt is approaching 2 trillion euro
    they're saying that there is no more bail-out funds available
    if it falls over the edge.
    think it's all over bar the screams.
    we'll have a northern eurozone
    and a southern zone that will retreat to the bronze age.
    to start again.

  13. #38
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    Quote Originally Posted by billy the kid
    we'll have a northern eurozone and a southern zone that will retreat to the bronze age. to start again.
    One question remains. Will France go to the southern zone or will it be able to join the northern?

  14. #39
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    Quote Originally Posted by Takeovers View Post
    Leaving the Euro zone would mean instant default. With a drachme that would greatly devalue the debt that is in Euro denomination would increase massively.

    It is still the best option.
    Its the worst option for Greece. Nothing is gained by having a totally devalued currency. Right now the Euro is worth more then a USD. The Dracma wouldnt be worth half of what a USD is worth. Think about how expensive gas would be if their currency was worth half..

  15. #40
    Thailand Expat OhOh's Avatar
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    ^Tell that to the Icelanders. They defaulted, took the pain and are now on the road to recovery.

  16. #41
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    Quote Originally Posted by socal
    Its the worst option for Greece.
    Only if you assume that the Euro countries and banks keep pouring further multi-billions of Euro into Greece.

    Greece was bankrupt a year ago.
    Last edited by Takeovers; 07-11-2011 at 10:25 PM.

  17. #42
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    Quote Originally Posted by Takeovers
    Greece was bankrupt a year ago
    Greece was advised by it's bankers, Goldman Sachs, that what they did was a legitimate financial route.

    Goldman Sachs took a bunch of cash for their "advice". The Eurozone regulators accepted the "route". The fingers should be pointed at them, the so called experts, not the ignorant lying politicians.

    The US has, and will remain, to put pressure on its minions, the UK and France, to ensure the collapse of the EURO. This will ensure that the US$ remains the only currency to be viewed as a "world" currency and the US will continue to collect a % of every transaction made between countries and international companies.

    Just my two penneth.
    A tray full of GOLD is not worth a moment in time.

  18. #43
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    Quote Originally Posted by Takeovers View Post
    Quote Originally Posted by OhOh
    Its the worst option for Greece.
    Only if you assume that the Euro countries and banks keep pouring further multi-billions of Euro into Greece.

    Greece was bankrupt a year ago.
    I cant see where the above quote of mine is from, care to show which post#.

    Edit. Found it. Should be attributed to socal. Not a very good one, I might add. Do you do this intentionally to look like a prick?

  19. #44
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    Quote Originally Posted by OhOh
    I cant see where the above quote of mine is from, care to show which post#.

    Edit. Found it. Should be attributed to socal.

    Not a very good one, I might add. Do you do this intentionally to look like a prick?
    I apologize. I clicked the wrong button.

    I marked socals post but accidentially clicked your "q-Quote" button. The forum software marks that as a quote from you. Happened to me before, really my fault.

    My post is changed now.

  20. #45
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    "(Reuters) - Lucas Papademos, a former deputy head of the European Central Bank, was on Monday tipped to emerge as Greek prime minister as political leaders bargained over who will lead a new coalition to push through a bailout before the country runs out of money in mid-December.

    But whoever leads the transitional government of national unity will have a monumental task in restoring order to a country whose chaotic economy and politics are shaking international confidence in the entire euro project.

    With the European Union demanding a quick resolution to the political crisis, Prime Minister George Papandreou sealed a deal on Sunday with the conservative opposition on the crisis coalition to approve the international financial aid package.

    Papandreou informed European leaders, including German Chancellor Angela Merkel and European Commission President Jose Manuel Barroso, by phone on Monday about efforts to form the coalition, his office said.

    The Greek leaders' job on Monday was to agree a new prime minister, possibly a technocrat who must exert authority over hardened party chiefs from the centre-left and centre-right, and made decisions which will affect Greeks for a decade.

    Papademos, who as Bank of Greece governor oversaw the nation's adoption of the euro in 2002 before moving to the European Central Bank, is a front runner as premier."


    Must be related to each other somehow, or are all Greek names preceded with "Papa".

    Seems he had his hand in at the adoption of the EURO by Greece so he ahould know where the blame is and will have been profiting over the last few years. heard he is also very US centric.

    Only Italy, Spain and Portugal to go for regime change.

  21. #46
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    Quote Originally Posted by Takeovers View Post
    Quote Originally Posted by OhOh
    I cant see where the above quote of mine is from, care to show which post#.

    Edit. Found it. Should be attributed to socal.

    Not a very good one, I might add. Do you do this intentionally to look like a prick?
    I apologize. I clicked the wrong button.

    I marked socals post but accidentially clicked your "q-Quote" button. The forum software marks that as a quote from you. Happened to me before, really my fault.

    My post is changed now.
    Accepted, now have you bought your gold today?

  22. #47
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    Quote Originally Posted by OhOh
    Accepted, now have you bought your gold today?


    At least I have not yet sold what little I have.

    But I do wonder. If the economy really comes tumbling down I may just be able to buy a few bags of potatoes with that. Maybe better to squander it now instead of delaying hunger for a few weeks later.

    I do hope it will last 4 more years. Otherwise I have a huge problem. In 4 years my house would be paid. However I did not pay down my mortgage but took out a life insurance instead. If the life insurer goes down before I can use the proceeds to pay my mortgage I sit with a mountain of debt.

    Once the house is paid I believe I can weather almost anything.

  23. #48
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    Quote Originally Posted by OhOh View Post
    ^Tell that to the Icelanders. They defaulted, took the pain and are now on the road to recovery.

    They do not deserve to recover. They were totally dishonest and stole money. Bollocks and volcanoes to them !

  24. #49
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    Quote Originally Posted by Takeovers
    In 4 years my house would be paid
    You need to save some more money to pay your rates/property taxes. If you don't they can sell your house from under you, to pay your defaults. It seems you never own any property you just rent from the government.

    Sounds a little like Thailand.

  25. #50
    Thailand Expat OhOh's Avatar
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    Quote Originally Posted by Takeovers
    but took out a life insurance instead
    I am presuming you mean an endowment policy. A life insurance only pays out if their is a death.

    Have you had a valuation of the policy recently?

    Gold at US$2,000 by Jan.
    Last edited by OhOh; 07-11-2011 at 11:24 PM.

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