Greece updated – The siege goes on

Posted: June 4, 2015 in Uncategorized

The negotiation are really tight.

The bigger issue is that the market is starting not believing the words.

The USD/Euro chart does not lie, nor bond

The 5 year Greek CDS imply an 86% chance of default.

It is not that I turned negative on a solution – but this is a critical moment.

Greece does not have 306 million pay (5 June) as the latest payment done in May was borrowed from the emergency cash fund that every nation has as a reserve at the IMF (and have to be returned within a month).

Also there is an Euro 918 million by the end of June and a similar amount in July.

I still think that the strategic need will prevail…..but we are down to the wire and Graccident can happen

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