Sunday, May 23, 2010

Most Impressive Sovereign Funding Official 2009 Award Went To Spyros Papanicolaou ( Greece )

You cannot make this up......Very hard to hide a big deal of SCHADENFREUDE when you keep in mind that the awards were determined by a poll of bankers and borrowers .... On the other side it´s too bad that exact these same so called "sophisticated" investors ( not speculators! ) got once again bailed out for their ( ongoing ) very poor judgement.....The following quote from John "Anti Spin" Hussman "Prostituting the fiscal stability of an entire nation for the benefit of bondholders who made bad loans ?"( Hussman is really "upset"..... ) & this must see clip :-)! are unfortunately spot on... Go and read the entire link !

Kein Aprilscherz......Wenn man bedenkt das dieser Preis in einer Abstimmung von Bänkern und Investoren vegeben worden ist kann man sich eine gewisse Portion SCHADENFREUDE einfach nicht verkneifen...... Gleichzeitig wird die Wut darüber, das genau diese Investoren ( nicht Spekulanten! ) trotz Ihres offensichtlich zum wiederholten Male vernebeltem Urteilsvermögen erneut über immer größer werdende Bailouts rausgehauen werden, tagtäglich größer ......Leider handelt es sich beim nachfolgenden Zitat von John "Anti Spin" Hussman "Prostituting the fiscal stability of an entire nation for the benefit of bondholders who made bad loans?" ( Wer den ansonsten sehr besonnenen Hussman kennt kann erahnen das hier einer ziemlich "aufgebracht" ist ...) sowie diesem wunderbar humoristischen Clip :-)! um eine treffende Bestandsaufnahme und um keine Übertreibung......Empfehlen allen den kompletten Link zu lesen !


WSJ

Beware the lessons of history—especially when they involve Greece. The winner of Euroweek's 2010 award for most impressive sovereign funding official richly deserved it: Robert Stheeman, head of the U.K. Debt Management Office, steered through a whopping £185 billion ($268 billion) of gilt sales in the last fiscal year.

But Mr. Stheeman might not want to look too closely at the award's history: Last year's winner was one Spyros Papanicolaou, the former head of Greece's Public Debt Management Agency.

Rough times for GILTS & the POUND ahead.....

Sieht ganz so aus als wenn es für GILTS und das britische Pfund demnächst ruppig werden könnte......

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5 Comments:

Blogger jmf said...

Seized: CajaSur, or, 0.6 per cent of Spanish banking assets FT Alphaville

2:15 AM  
Blogger jmf said...

Speaking of bailouts.....

I urge you to read the entire link....

PONZI is alive & kicking.....

Burden of Irish debt could yet eclipse that of Greece Irish Times


Instead, our Government has already committed itself to spend €70 billion (€40 billion on the National Asset Management Agency – Nama – and €30 billion on recapitalising banks), or half of the national income. That is 10 times per head of population the amount the US spent to rescue itself from its worst banking crisis since the Great Depression.

Having received such a staggering transfusion of taxpayer funds, you might expect that the Irish banks would now be as fit as fleas. Instead, they are still in intensive care, and will require even larger transfusions before they can fend for themselves again.

7:18 AM  
Blogger jmf said...

A Japanese casa for Spain FT Alphaville

The boom in Japanese house prices from 1981 to 1991 was 225% compared with 178% in Spain from 1998 to 2008. Then prices fell by 65% over the next 14 years. So far Spanish house prices have fallen 10%, based on official data.


Against that context, the Spanish banking industry is only provisioning for an average 13 per cent of the value of total loans to developers, says Goodfellow.

But the current inventory of homes for sale, meanwhile, is some three times annual demand

7:39 AM  
Blogger John M said...

Hi Jan-Martin!

Been wondering what you were making of all the excitement. Have you visited our "Doom Transcripts" recently? I especially recommend Sub VII Alfa, which covers a March 22nd AEI seminar on the European situation. Desmond Lachman was just going crazy on this stuff a couple of months ago.

6:12 PM  
Blogger jmf said...

Moin John,

you cannot believe the stupitidy from the politicicians & experts since the "surprising" Greece problem popped up......

Almost on a daily basis there are major talk shows / penals on TV on this topic.

Probobly 5 percent of the guests got it right....

The rest is still pointing fingers to the evil "speculators"....

Peolpe here have totally lost confidence....

You cannot get physical GOLD without waiting for weeks and real estate ( investment / renting ) is soaring.....

The incompetence among the "elite" & the media is still running high & is depressing....

8:20 AM  

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