Friday, June 17, 2011

The Daily Snark 6/17

Greece's two year bonds are now issued at 30% interest.

30 freaking percent on debt. My credit card is significantly lower than that. There is no situation that does not involve a Greek default save for the rest of Europe to take on nearly a half trillion dollars of debt into their own not so pretty balance sheets. And if they did that, they would have to do the same for Portugal (another half trillion dollars), Ireland, and likely Spain. That's not possible. Greece will go under, it will take the Euro with it, it will devastate the credit markets again, and it will happen soon, as in within the next two years but more likely the next six months.

It will be fun to see how this is spun to attack capitalism like the housing market was. Link

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