Friday, March 9, 2012


It's midnight in fly-over country.

Reuters just reported that Greece will achieve an acceptance rate of slightly over 95% in the bond swap but only after the CDCs are activated and imposed.  In addition, it was reported that Greece had obtained a 90% acceptance rate in relation to bonds goverened by Greek law.  Now follow the bouncing ball:  of the entire stock of debt, 85% is goverened by Greek law.  90% of 85% is of course just a tad above the 75% needed to activate the CDCs.  Isn't it wonderful how things just work out in the end.

Sweet dreams...which will be a certainty if you are one who believes in fairies and tales such as the above. 

Later in the afternoon.


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