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Looks like Sept. 20 may be D-Day for Greece and the major banks. Two big bonds, the 4.5% of 2037 and the 4.6% of 2040 both have coupon payments due that day, totalling 769 Million Euro. So if the IMF wanted to avoid letting another billion euro go down the drain, September 20th would be a good day to do it. The IMF seems to have delayed approving another tranche for now, so Greece must already have the money for this payment?

The Fed Scheduled their meeting for 2 days. It now starts on September 20th. Maybe a co-incidence, but what better way to be prepared for new emergency policies?

CDS "rolls" on the 20th. On the 21st, all Sept 2011 CDS will have expired. My guess is that banks own more protection than they sold to the September 20th date, so defaulting while those contracts are still valid would be a net benefit to the banking system.

1 posted on 09/17/2011 8:12:20 PM PDT by RobertClark
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To: RobertClark

A Greek co-worker of mine is going there on the 19th. He may find it difficult to get back....


2 posted on 09/17/2011 8:23:18 PM PDT by Red Badger ("Treason doth never prosper.... What's the reason? Why if it prosper, none dare call it treason.")
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To: RobertClark

Have Geithner’s bosses at Goldman Sachs begun to worry yet?
He is such a weasel.


5 posted on 09/17/2011 9:15:55 PM PDT by silverleaf (Common sense is not so common - Voltaire)
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To: RobertClark

Double not-so-secret probation for Greece?


6 posted on 09/17/2011 9:16:56 PM PDT by tumblindice ("No border fence." Rick Perry.)
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To: RobertClark

So, I guess that’s it then.......


8 posted on 09/18/2011 2:50:39 AM PDT by vanilla swirl (We are the Patrick Henry we have been waiting for!)
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