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Tuesday
Sep132011

HELLO DRACHMA - Greece Default Risk Jumps To 98%

Bloomberg

Greece’s chance of default in the next five years has soared to 98 percent as Prime Minister George Papandreou fails to reassure international investors that his country can survive the euro-region crisis.

“Everyone’s pricing in a pretty near-term default and I think it’ll be a hard event,” said Peter Tchir, founder of hedge fund TF Market Advisors in New York. “Clearly this austerity plan is not working.”

It now costs a record $5.8 million upfront and $100,000 annually to insure $10 million of Greek debt for five years using credit-default swaps, up from $5.5 million in advance Sept. 9, according to CMA.

Papandreou’s promises to adhere to deficit targets that are conditions of the European Union and International Monetary Fund’s bailout were undermined by data showing Greece’s budget gap widened 22 percent in the first eight months of the year.  The nation’s two-year note yield climbed toward 70 percent, while its stock market has plummeted by a third in the past seven weeks.

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Reader Comments (4)

(Reuters) - The European Union's insurance watchdog is closely checking risks to insurance companies as the euro zone's sovereign debt crisis rumbles on, a top official at the watchdog said on Tuesday.

http://www.reuters.com/article/2011/09/13/us-eu-insurers-regulation-idUSTRE78C2QA20110913
Sep 13, 2011 at 11:53 AM | Registered CommenterDailyBail
Sep 13, 2011 at 12:37 PM | Registered CommenterDailyBail
Conversation with a maverick investor

Investment legend William O’Neil shares his market wisdom

http://www.marketwatch.com/story/conversation-with-a-maverick-investor-2011-09-13?link=MW_home_latest_news
Sep 13, 2011 at 12:38 PM | Registered CommenterDailyBail
Max Keiser, a prominent financial journalist, says in an exclusive interview that the eurozone is definitely going to split due to the financial crisis in Europe, Press TV reports.

http://www.presstv.ir/detail/199000.html
Sep 14, 2011 at 12:55 AM | Registered CommenterDailyBail

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