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Right, but that's plain silly, achilles... If I lend myself 10 bucks at 10% daily interest and then pay myself 11 bucks back tomorrow, where have I suffered anything, apart from, potentially, what you call "debasement"? Furthermore, if you're unhappy about the government issuing treasuries...

I love BTPS! Super nice auction!

I see your point, GoC, but I guess it's all about how far you think it goes...

Italy is the no. 2 sovereign issuer in the world, after the US, in terms of the amount of debt outstandind (arnd $1.4trn). If Italy goes, I'd suggest the choice of which bank to entrust your money to would be the least of your worries.

Of course it does, just like most modern central banks. Whatever payments are made to the Fed on its outright holdings of securities are passed back to the US Treasury in full (apart from costs) at the end of each fiscal year. In terms of monetary operations, the Fed, like any other...

Firstly, it's not very polite to answer a question with another question, achilles. Secondly, whether or not I know the answer (and I do) is immaterial. You're making a certain claim, but in very general, vague terms. I would like to hear exactly how you think this lending is done by the Fed.

But, according to your logic and your definition of ownership, aren't the private banks in turn owned by their shareholders? So, by simple transitivity, the Fed is owned by the public (whether directly or intermediated by financial institutions). As to the lending in exchange for interest, I...

If you tell me how the Country pays interest on the money printed by the Fed, in specific detail, I'll be very happy to answer your queries...

Ha-ha, this really cracks me up... You guys are priceless, but then I've said it so many times already. It's getting tiresome.

Will all depend on the recovery, i.e. the actual PV haircut the investors are forced to take.

It's nice to have infinitely deep pockets, is all I can say...

Firstly, be careful what you wish for, 'cause you might just get it. There are a few cases you can draw upon. There's Lehman, as well as some sov defaults in EM that can be a somewhat useful benchmark. You can read more about the latter in the attached doc. Secondly, this has nothing to do...

*EU: DEBT RESTRUCTURING FOR GREECE `NOT AN OPTION'

I hope you're right, for both our sakes... BTW, I am told the SNB were parked on the bid in EURCHF this morning and apparently got filled in yards.

I am long CHF, but, according to some data, Swiss banking system is quite exposed to the Eurozone peripherals. The Eurozone is also their main trading partner, still. I think it's still hard for Switzerland to not catch a cold when the Eurozone sneezes.

Are you mad? Sovereign CDS has absolutely nothing at all to do with anything... Please do stop saying this nonsense.

What does it have to do with CDS? My guess would be that short-term JPY will strengthen as a result of repatriation flows, but I wouldn't be long JPY long-term. Ultimately, you wanna be long ccies, whose sovereigns are relatively self-sufficient. So I'd guess CAD, AUD, NOK, SEK, RUB and...

This one, maybe: http://www.euronext.com/trader/summarizedmarket/stocks-2783-EN-FR0010405431.html?selectedMep=1 I'm not really sure how one could be bullish companies that participate in an economy as screwed up as the Greek ones. Unless it's 'cause they don't pay any taxes :)

To paraphrase a famous dictum, everything in life is temporary, until one day we drop dead...

Daal, mate, what you're seeing is fecal matter coming in contact with a piece of air-moving equipment. And yes, they're still eligible for the ECB until Moody's goes. We're back in the end-of-the-world territory in Europe...