¿debo entender que pagar más de un 5% de interés y estar con mas de 300 puntos sobre la deuda alemana es soportable para la economía española?

So, About That Insurance You Bought on Greek Debt…

Yeah, that insurance. You know, those more than 4,000 contracts outstanding with a net notional value of $3.7 billion. ($75 billion in gross notional values.)

Well, we know that it’s supposed to pay off in the event of default and all. But you see, despite the fact that the 50% haircut on Greek debt might look like a default, well the group that makes the call on this tends to think that it really just probably won’t qualify. Here’s what the International Swaps and Derivatives Association says this morning:

The determination of whether the Eurozone deal with regard to Greece is a credit event under CDS documentation will be made by ISDA’s EMEA Determinations Committee when the proposal is formally signed, and if a market participant requests a ruling from the DC. Based on what we know it appears from preliminary news reports that the bond restructuring is voluntary and not binding on all bondholders. As such, it does not appear to be likely that the restructuring will trigger payments under existing CDS contracts. In addition, it is important to note that the restructuring proposal is not yet at the stage at which the ISDA Determinations Committee would be likely to accept a request to determine whether a credit event has occurred.

Don’t know about you. But to us that sounds like you’re not getting paid.

Now, you might logically ask: “What’s the value of buying insurance on sovereign debt when you won’t even get paid on the most high profile sovereign restructuring in the last 10 years?” That’s a question participants in the market seem to have been asking themselves a lot over the last year. The net notional value of contracts outstanding on the Hellenic Republic is down about 47% from a year ago.

After all, it’s long been clear that politicians would prefer not to have traders betting on countries like the seven horse at Belmont. And if the “voluntary” restructuring that the Eurozone officials have managed to cobble together over the last few days manages to undermine the CDS market in the minds of investors, yeah, they’re totally fine with that.

Iniciado por ser superior

ahora mismo y para mi sorpresa:

Italia: 6,008%!!!

Iniciado por Arcano

6,023% ahora mismo.

Iniciado por MateAmargo

Uh, oh, todos los que apostaron contra Grecia via cds van a cobrar exactamente... nada, nothing, nichts,τίποτα. La autoridades que regulan los CDS sacaron un comunicado expresando que como la quita es voluntaria, realmente no sería un "evento de deuda"....

Por extensión, todas las posiciones que se están realizando con los mismos instrumentos para España, Portugal, Italia y demás, no valen una mierda, por lo que es esperable que bajen o se desplomen. De paso, le salvan el culo a los que emiten los cds. Todos contentos. Menos los que compraron cds.

So, About That Insurance You Bought on Greek Debt... - MarketBeat - WSJ

Iniciado por Caronte el barquero

Jo,jo, me parto y me troncho ....ya sabía yo que alguna argucia se sacarían para no pagar los CDS .....ya lo dije yoooooo jo,jo

Iniciado por melchor rodriguez

Ha durado poco la aspirina

España ni baja tanto

Reinosa, Primavera de 1987 - YouTube!

5,51%.