Credit Suisse: “Probability Of The Largest Disorderly Default Loss In History On March 20 Has Increased”!
- It is a question of when Greece will default not whether. The Illuminist banksters know this and believe me they have a plan to pull the plug on Greece and the entire Eurozone. Do not buy into all the talk in the financial MSM about Greece reaching a bailout agreement. It is all BS, propaganda, psyop … for sheeple consumption. They will maintain the facade that everything will be A-OK to allow the insiders to prepare their escape and to prevent things from getting out of hand. Once the sheeple gets a wind of this, they will all panic and run for the exit door and the whole system can come down overnight!
Credit Suisse The Sequel: “Probability Of The Largest Disorderly Default Loss In History On March 20 Has Increased”!!
by Tyler Durden, http://www.zerohedge.com/
A week ago we presented an excerpt from Credit Suisse’s most excellent piece “The Flaw” - … In the case of Greece, it will be anything but. Yet listening to the daily cacafony of din from Europe’s leaders, who are likely more clueless than the average reader as to what is really going on, one may be left with the impression that there is a simple solution to the problem, and Greece may be “saved… in hours.” It can’t. In fact, as of today, Porter’s s conclusion is: “we are left with a sense that the probability of delivering the largest default loss in history in a disorderly way on or before 20 March has increased relative to doing so in an orderly way.“
As a reminder, Credit Suisse was the one smart enough bank which chose to completely ignore day to day newsflow out of Greece as it is literally noise with absolutely no signal. Wish we could say the same for FX traders. As such, CS’ “view remains that, in any case, the chance of a disorderly outcome after 20 March is high, so to that extent the immediate events are not really central to our view, but of course are fascinating.” Quite fascinating indeed, because they show to what extent an unravelling financial system will go to pretend that the number one unfixable problem in Europe – the lack of money good assets, available to either be sold, repoed, pledged, equitized, or otherwise monetized.
As we have observed previously, at this point it doesn’t matter for Greece- even if the country gets the second bailout, which will be used almost exclusively to recycle cash into the banking system, Europe will have a first lien on nearly 150% of its GDP. At that point the country is both a de facto and de jure colony of the Troika. The longer the bang, or whimper, is delayed, the fewer assets will remain in Greek possession, and the poorer the population will be for the inevitable fresh start, with or without the Euro.
So meandering regurgitations aside, because all this has been said one hundred times already, here is Credit Suisse’s latest attempt at a fresh take on events.
… for more click here!
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