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I find it quite curious that stories that aim to discredit the SEC and generally portray it in an unflattering light suddenly intensify now, right when the SEC is going after Goldies... Could be, and probably is, a coincidence, but makes you think, doesn't it? Next thing you know, papers...

I know what he said... However, and it's up to you whether you want to trust me on this, there is NO way they will stop funding paper issued by a sovereign member of the EMU. It doesn't matter what they say; they will find a way to do what has to be done.

If there's one thing that I am ABSOLUTELY certain about, it's that the ECB will continue to fund Greek guvvies, no matter what the rating is. They will change their collateral rules, like they have done already, if necessary, but they will NEVER withdraw their funding. That's exactly why they...

Calm today, after yesterday's storm... Basis is stable and is, in fact, coming off a little bit in EUR. So, knock on wood, things seem to have stabilized. Not sure for how long, 'cause it's all about Greece and that can change in an instant.

Well, Moody's, for one, states openly that the rating outlook for Greece is dependent on aid. In fact, one of the reasons they cited for their most recent downgrade was the uncertainty about the aid package. As to getting all of the money from the IMF, I think that only happens as a last...

Yes, interbank, from what I've heard...

It's not a bargain... I wouldn't touch that sh1t with a 10ft pole. I know you're not a fan of risk/reward, but this one is a real good example. In a month's time, you can either make 0.76 of a point or lose 40 points. Would you take those odds? Reason, btw, I say 40 pts is because...

Yep, it's all looking pretty tense here... A German politician (Schaeffler of the FDP) came out and said earlier that Greece should contemplate euro exit, if it can't ensure sufficient austerity measures are implemented. So things are, quite clearly, getting worse... GGB May10 was offered...

1bp is a big move this days, dude... EUR front FRA/OIS is wider by 3bps, which is massive. All I am saying is that LIBOR fixings are, in my view, now driven by the convergence to the Jun IMM date's fixing. When basis gets lifted, fixing goes up. Basis is getting lifted, OIS is stable.

A lot of contagion going on... Portugal, Ireland, Spain, even Italy offered now.

Nah, this is most certainly not an OIS issue... This is a mini-blowout in LIBOR. I think it's wrong and shouldn't happen, but you know what they say about insurance.

Question is moot, Daal... LIBOR/OIS basis is being lifted on the back of the Greek panic. Fixing is gonna move.

Nah... I just think the Western world is going to resemble Japan.

I am sort of the same way :)...

I think there are banks out there that now offer equity gap options. Unfortunately, all OTC.

The Landesbanken, all together, have a big balance sheet. If they all pull Goldie's lines, it might actually have an effect.

I'll get a wee bit more color for you tomorrow, Daal... I haven't got anything in USD at the moment, so I haven't been following it that closely.

I don't know about "we". I ain't exactly missing them... It's just because the Fed owns all the mtges and doesn't give a rat's ass about hedging convexity.

Daal, there's so many different ideas floating out there, I am having a hard time filtering the signal out... Personally, I'd say it's more of a reaction to a bid in the FF mkt. I keep hearing that there are all sorts of people on the bid and they're getting more aggressive, if anything. Or...

Oh no, here we go again...