Wednesday, March 21, 2012

WSJ: Insurance Pays Off in Greece

March 20, 2012 Wall Street Journal p. C3

Greek credit default swaps will be payed 78.5 cents on the dollar.

I believe that this is possible only because European and US Central Banks will be the ultimate sources of most of the funds used to pay off these credit default swaps.

No doubt, more back door bailouts are in the works...

Keep in mind that holders of Greek credit default swaps need not even own Greek bonds...

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