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Not sure where you get the blowjob bit, but otherwise you got a point... You can call me Lord Helmet, if you like. http://youtu.be/KhnIqgTEBS8

Have you seen the bund today, Daal?

Screw that... I am a SEXY BEAST!

I agree re Italy. Also, as I mentioned elsewhere, if Tremonti goes and Bunga Bunga Boy gets to be in charge, it's time to abandon all hope. I can only imagine who's gonna be the next finance minister in his cabinet. Ruby Rubacuore?

Hahaha, how very British of you! Yeah, that's me:

Thing is that it's not too far from business as usual in Italian politics. Problem, of course, is that these aren't usual times. Now is not the time for Bunga Bunga.

Well, Belgium's got the Italian disease today... 10y OLOs wider by smth like 20bps, following 'em BTPS.

270bps spread to bunds today; 10y yield at 5.44% It ain't pretty.

I need to think about that... However, this relentless Papua New Guinea bashing has to stop.

Founder, you know what? In total seriousness, as far as I'm concerned, you're the best thing on ET. Pls don't change... In the spirit of equal opportunity ('cause I still don't know what gender you are), I dedicate this to you: http://youtu.be/74e9yEy2oqI

I do spreads, all sorts of spreads... However, all rates, none of that agriculture funny stuff.

I am here, my paranoid friend... What would you like me to say to uphold and reinforce your delusions? As Lloyd Bernanke Blankfein, the Dark Lord of Monetary Policy, I can tell you that yes, everything you read on the Internet is 100% true. This location is classified, because that is...

This is completely uncalled for and rather silly...

Problem is that I don't think anyone has any sympathy for Bunga Bunga Boy. Still, I think the solution is just enlargement and empowerment of the EFSF. This is all very very worrying, as nobody can handle Italy going down the drain. Debaser, what's happening in Belgium? Looks like the...

Sorry, what country am I expected to leave due to revolt? How do you know where I live? Maybe I'm based in Papua New Guinea?

I think the latest Italian problems are entirely of their own creation. The whole Berlusconi/Tremonti saga is a total disgrace. If Tremonti goes, I think there's really not much hope for Italy, with Bunga-Bunga Boy fully in charge.

AFAIK, only two types of "protection" exist: a) Don't do it b) Have a very large amount of cash handy

10y BTPS are roughly 250bps over bunds or 5.25%.

Yes... Roughly it's deltaPxOpt = delta * UnderlyingPxChg + 0.5 * gamma * (UnderlyingPxChg ^ 2), if my memory doesn't fail me. Whether you want to ignore the gamma term is up to you.

Yes, assuming vol remains constant, it's just basic Black-Scholes... If my arithmetic is correct, option is likely to be worth smth like 0.20 or 0.21, roughly. I could be having a senior moment, obv.