Daily Archives: 08/03/2012

3.8.12 AEP: Legal skull-duggery in Greece may doom Portugal

AEP_BIO

by John Galt March 8, 2012 22:15 ET The problem with a Ponzi scheme is that eventually someone gets angry enough to see the con for what it is and asks where the money really is. Welcome to the PECB, the Ponzi European Central Bank. Ambrose Evans-Pritchard has addressed this issue in his column tonight in the U.K. Telegraph: Legal skull-duggery in Greece may doom Portugal (click on the title above to access article in full) As the Greece insolvency crisis continues despite the bond…

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The Truth about the Greek Bond Swap in One Chart

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by John Galt March 8, 2012 05:30 ET The myth that the great shell game known as the Greek bond swap where worthless paper is exchanged for lower quality even more worthless paper so Greece can default on those bonds at a later date has been exposed in one chart showing the market’s faith in the viability of the Greek nation: (chart from Bloomberg.com) The yield on the one year Greek Government bond has topped 1,135%. This means that no matter what commitments are made…

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