Last night, G-Pap capitulated and accepted the jointly proposed EU-IMF aid package.
LONDON (MarketWatch) -- The Greek government surrendered to the credit markets Friday, formally requesting the activation of a joint European Union-International Monetary Fund rescue plan after soaring borrowing costs were seen making it virtually impossible for the debt-strapped nation to meet its funding needs on the open market.
In a televised address, Greek Prime Minister George Papandreou said the "time has come" to activate the plan," news reports said.
The Euro stabilized and actually rallied after this news to the 1.33 area. It had gotten hammered down to 1.321 in post U.S. close trading yesterday.We can only hope these Wonder Twins are ready to save the rest of the PIGS cueing up in line.
This just in: Bets are being placed that contagion is spreading:
Via ZeroHedge
Forget Greece: the European "subprime" contagion is spreading. The biggest daily movers in CDS land are now not some irrelevant Greek banks which the world has now given up on, but Portuguese Caixa Geral de Depositos, S.A. (+32 bps, 12%), Belgian Fortis NV (+8 bps, 11%) and Spanish Banco de Sabadell SA (+20 bps,8%) and Banco Pastor SA (+23 bps, 7%). But. But. GDP is only 2% of GDP? (more like -5% when EuroStat is done with them). But it's all good - the IMF's Strauss-Kahn, who is always on top of stuff, sees no threat of contagion. Buy the pre-bankruptcy dips. Or is that DIPs?
~FMXConnect
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