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Yes, that's my understanding...

Greece is irrelevant. It's not about Greece, so EUR keeps going, IMO. Bundesrat approved now, btw...

Bundestag approved, Bundesrat - not yet... The lawsuit by academics that went to the Constitutional Court to block the payments is unlikely to succeed.

Well, there was a rumor yest that the Greek govt hired Lazard to explore restructuring options... Obv, it was denied and the Greek MoF said that Lazard's involvement has nothing whatsoever to do with restructuring. Lazard, of course, is the bank that advised Argentina, Ecuador, etc. during...

There have been runs... Moreover, it's been acknowledged by the IMF/EU, given that bank recapitalization is part of the program (arnd EUR 10bn allocated to it).

There are rumors circulating of SNB and ECB re-instating x-ccy swap lines with the Fed.

E 1 billion plus? You sure it's not a couple of dollars?

Big difference... The UK has a printing press and a central bank guv'nor, who's not afraid to turn it on.

At this point, these issues are nothing compared to normal straightforward nominal debt exposure. That's why there's nobody talking about it.

It's likely to go to 40+ tomorrow... Last I checked 3m USD depo out of tomorrow was 40 bid, no offer. We be having a scramble for funding here, right and proper.

Yep, that's my view, as well... Moreover, the deleveraging has just started, judging by what's happening in the Eurozone.

http://www.ritholtz.com/blog/2010/05/us-greek-bailout-costs-tiny/

Economic and Monetary Union

You don't quite get it, amico... Suppose I tell you that the US of A has broken up and each of the states has decided to go its own way? Do you think it's good or bad for the global economy?

Greece is irrelevant. It's the EMU.

No, I don't know what the legal basis for these lines is. Given the questioning Benny B got from Alan Grayson, I think there's a danger the Fed might not be able to open these lines in the current environment.

Two things affect the rollup: 1) What is priced-in, in terms of the FOMC 2) The expectations for the spread between LIBOR and the FedFunds rate. 3) Simple risk premium Based on the three considerations above, you have to treat each case on its own merits.

No...

You're right... The risk of a naked put is limited, assuming the price of the underlying cannot be negative.

Ah, OK... Would you buy it if the paper yielded next to nothing? I see the low in 2y notes was arnd 60bps. We're making a new low in 2y schatz, arnd 70bps. Would you lift them all the way down to 0?