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How did you compute the "financing costs"?

Well, yes, capital contributions to the ECB are spelled out here and now, in "fair weather", so to speak. However, I completely disagree that risk sharing is adequately defined in various contingencies that may arise. In fact, if the ECB's very own legal counsel (Phoebus Athanassiou)...

Erm, I ain't talking abt what goes on now and the stats etc. I am talking abt what happens if, for instance, one of the Eurosystem NCBs needs to be recapitalised or if exit actually takes place. Regardless of your claims to the contrary, you actually have no clue what occurs when/if this...

If you want similar, why don't you just find whatever 15-wide call spread that's worth arnd $2.20 or thereabouts and buy that? Hard to tell whether you're getting a better or worse deal than before w/o the details, but I would think that's similar enough...

Aye, you sure did... Obv, pls don't forget that this is a rough estimate.

What's the delta on the call spread? Take the difference between the curr price and 14+, divide by the delta, et voila, there's your rough estimate...

Ha, that's kind of a bazillion dollar question. In theory, and I stress that this is just theory, the majority is probably apportioned according to ECB's capital key, which is roughly based on countries' respective shares of Eurozone population and GDP. Obviously, nobody has a clue abt what...

Well, trading a pegged spot exchange rate is rather pointless, innit? You're going to have to use too much leverage, given the jump risk, IMHO (same reason options are such a pain in the butt). The best thing to do, if you could, would be to trade the forwards, since that's where all the action...

The European taxpayers collectively own a lot of the original debt (through the EFSF, ECB etc). In fact, only 10% of the €300bn or so owed by Greece is in private hands. Some is owed to the IMF, so the US taxpayer is on the hook for a wee bit as well.

Well, I ain't the Almighty... I have no way of knowing what happens, regardless of what everyone wants.

To paraphrase... Strategies don't kill people; people (and leverage) kill people.

You're gonna have a real issue trading EURDKK options. There's very little liquidity, since this trade is mostly abt reasonably unhedgeable jump risk. So you might be able to get some ATM liquidity, but it's going to be tricky even there, given the recent volatility in fwds.

IMHO, you're thinking abt it somewhat wrong, folks... Even if Greece cannot pay off the debt, the key point is that Greek debt provides leverage. Specifically, everyone in Greece (including Syriza) would love to have their cake and eat it. In other words, they want to default on the debt and...

Yes, your logic is mostly and roughly correct...

You shouldn't be asking this question on a forum, but really should speak to your broker. Reading the instructions given in the link above carefully, for serial options such as yours it should be last 30 sec VWAP. I urge you to confirm this w/your broker or the exchange, however.

If your option is an American ES ticker, it's not a weekly. It's a Feb15 expiry serial (ESG15). Switch the type at the top of the page and you'll find the instructions, which state that it's SOQ...

Seek and Ye shall find: http://www.cmegroup.com/trading/equity-index/us-index/e-mini-sandp500_contractSpecs_options.html?optionProductId=2916#optionProductId=2915 http://www.cmegroup.com/trading/fixing-price.html?tabs=20

ATM deltas are very close to 50, but are normally not 50. It's a feature of the lognormal distribution, innit?

Yeah, it could be Drachma, but any normal government also has sufficient cash to deal with t-bill redemptions. Furthermore, the government can always force the banks to roll t-bills and this is precisely the loophole that the ECB is trying to close.

Suit yourself. Myself, I would much rather own optionality on a reasonably well-diversified equity index that yields 2.5% than 10y government paper that yields 35 basis points. To me, Grexit is priced to perfection in bunds, whereas it's not in DAX. Just my personal judgement, so it's...