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Re: Greece: ‘We don’t need no stinkin’ restructuring’

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  • Thu, May 06, 2010 - 12:53pm

    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: Greece: ‘We don’t need no stinkin’ restructuring’

Thursday — the crisis deepens:

The pledge of a 110 billion-euro ($142 billion) bailout for Greece from euro-area countries and the International Monetary Fund failed to assuage investors’ concerns.

Credit-default swaps on Spanish and Portuguese banks rose to records, according to CMA DataVision prices. Portugal’s Banco Comercial Portugues SA increased 37 basis points to 516 and Banco Espirito Santo SA climbed 26.5 to 537.5. Contracts on Spain’s Banco Santander SA rose 16.5 basis points to 223.5 and Banco Bilbao Vizcaya Argentaria SA jumped 17.5 to 239.

Swaps on Greece, Portugal, Spain and Italy rose to or near all-time high levels. Swaps on Greece surged 15 basis points to 859, Portugal climbed 18.5 to 434, Spain increased 11 to 241 and Italy rose 10 to 197, CMA prices show.

Only one place to hide, as European shares and bonds tank:

May 6 (Bloomberg) — The price of gold in euros jumped to a record today as a slump in the currency prompted investors to buy bullion to preserve their wealth. Holdings in the biggest exchange-traded fund backed by bullion reached an all-time high.

Gold denominated in euro has advanced 20 percent this year as the 16-nation currency tumbled about 11 percent on concern that the region’s debt crisis may spread even as the European Union and International Monetary Fund agreed on a 110 billion euro ($143 billion) bailout package for Greece. It reached a record 921.2842 euros today and was last at 919.75.

Thousand-euro gold is becoming more probable, as the dying EU dinosaur thrashes in its tar pit.