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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (80335)	9/26/2011 4:19:02 AM
From: 2MAR$	1 Recommendation Read Replies (6) \| Respond to of 217764

Gold just finished a wild ride down to 1530 & Ag down to $26 then traded back up 10% here at $29.50 & Futs back to even ... there was the same mention of this "orderly default" out friday am which was ofcourse rigorously denied ...here it was : *Greece Denies Rumors Of An Orderly Default With 50% Debt Haircut* The onslaught of half fiction, half lies from Greece continues after the Greek government was forced to deny the latest set of truth leaks, in this case that Greece is preparing for an orderly default, which it obviously is: there is no way the country can hope to implement the terms of the July 21 bail out now, especially with a dead silence on the terms of the bond exchange offer which means it has failed miserably. What it is certainly right about is that there is no truth to a debt haircut being just 50%: it will be far more, and the reality is it the haircut severity probably won't have much of an impact - most French and German banks have long since wound down their Greek exposure. The key question is how long before the other PIIGS follow suit. Another important question is whether the orderly default will come before the next IMF capital injections is provided to the country or after, and if it will be too late for an orderly bankruptcy then, and instead we get a disorderly one. From Reuters: "Greece denied on Friday newspaper reports that one option in the debt crisis would be an orderly default with a 50 percent haircut for bondholders. "Greece denies the reports," a senior government official told Reuters on condition of anonymity." And we all know what official denials mean...