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Strategies & Market Trends : Heinz Blasnik- Views You Can Use
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From: Eva5/21/2012 11:29:34 AM
   of 4904
 
update -- trotsky, 10:48:46 05/21/12 Mon [1]
The G8 Pow-Wow: A Weekend at Bernie's
Last week's decline in 'risk assets' coupled with a wild rally in CDS on euro area sovereigns (the 'new' Greek CDS shot up by over 2,600 basis points in just four trading days for instance) gave our vaunted policymakers something to chew over. The result was a sotto voce declaration of undying interventionist support for both Greece and the banking system - even though it was as usual short on details. Apparently, a new tack is now going to be tried. 'Growth' is the new watchword. What does it mean?
Judging by what has been said thus far, 'growth' is apparently held to be the exact opposite of 'fiscal discipline'.
How exactly is Greece going to be helped? No-one quite knows, so we must assume they're going to kiss it better.
However, one thing is certain: just as the titular hero in the famous movie 'Weekend at Bernie's', the putrefying corpse of the defunct banking system is going to be propped up at all costs.
Includes a complete end-off week update of credit market charts (contagion continues to re-correlate CDS across the board, with Spain's of course at another new ATH), and a few remarks on speculative positions in euro futures and the soggy Facebook debut.
acting-man.com
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