Tuesday, November 8, 2011

Bank Transfer Day in Greece

Make that "Bank Transfer YEAR"
as Greeks offshore their savings [above].
[courtesy ZeroHedge]

Meanwhile, how about capital flight from Italy?
Lenders are demanding higher yields to cover default risk.
Or dumping the debt altogether.

Yield on 10-year BTP

As money leaves, Minyanville's Fil Zucchi worries
about what the government will do to stem the tide.
Confiscation, anyone?

From Barclays Capital:
"The higher yields are not compatible with debt sustainability
and therefor require an upward adjustment
of perceived default probabilities,
which makes the debt less, not more attractive."
[Complete report here.]

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