Courtesy of Tyler Durden
Update: 392 now
As we expected yesterday, the Greek rebellion over having the IMF on boad of the bailout package is about to give the GGB curve some prolapse issues: GGBs are tumbling, and no – not from CDS buying – this is all cash sellers baby. Oh, and good luck Greece with selling your bonds to US investors - they may be dumb, but they are not that dumb (unless of course you make your Bond covenant lite, add a 6 month Call, and use at least half the proceeds for dividends to Greek dictatorshipholders). Also, bankingnews.gr says the spread is about to hit 400 bps imminently. Prepare to have a deja vu freak out over Greece all over again – maybe 3rd time is the charm.