Friday, April 23, 2010

Greece Gun: FAIL

I guess the markets weren't intimidated by Greece's loaded gun...

From Bloomberg:

"Greece called for activation of a financial lifeline of as much as 45 billion euros ($60 billion) in an unprecedented test of the euro’s stability and European political cohesion."

If you recall, as I wrote about 11 days ago, Greece attempted to used the "bazooka" defense to lower their borrowing costs, hoping that the THREAT of a bailout would be enough to placate their lenders into accepting lower yields.  Just like Hank Paulson's 2008 bazooka attempt with FNM and FRE, this one failed miserably.

EDIT: RELATED:  from the Reformed Broker on stocktwits, via Howard Lindzon:

"Dear China, can you please just buy Greece already so we can move on?  Thanks, Rest Of World"


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