Wednesday, September 8, 2010

"EU banking concerns ease"

"ease"?

C'mon
Portugal's bond auction, as with most bond sales, are being snapped up by yield hungry (even crappy US 10yr bills are being bought with crap yield) sovereign funds and/or other governments. With over 50+% bidding coming in via government funded bidders. As we all know the WORST fund managers in the world work for the government/sovereign funds.

It is business as usual has interbank/CDS spreads maintain a widening spread.

EU is still FUBAR...

Default predication order (with in 2yrs...or less):

Greece, Portugal then the rest of the PIIGS

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