Greece - Sandy Beaches and Distressed Debt

Ahhh Greece, founder of democracy, philosophical masters, land of nice beaches good food and pretty women. Oh yeah, lets not forget fiscal austerity that stands no chance, land of the tax dodger and possibly debt restructurer.  Just wait for this one.  Its not like the country has no experience being in default, problem now is that its banks as well as European banks are gonna get whacked.


Greek 10 Year-Bund spreads just passed 1,000 for the first time ever and were last trading north. Following this statement from Germany's Hoyer, it seems all hell is about to break loose for peripheral spreads.

• *GERMANY WOULD BACK VOLUNTARY GREEK RESTRUCTURING, HOYER SAYS
• *GREEK DEFICIT CUTTING MAY NOT BE ENOUGH, HOYER SAYS
• *GERMANY ‘WORRIED’ ABOUT GREEK FISCAL DEVELOPMENTS, HOYER SAYS
• *GREEK DEBT RESTRUCTURING `WOULD NOT BE A DISASTER,' HOYER SAYS
• *GERMAN EUROPE MINISTER HOYER SPEAKS IN INTERVIEW IN BERLIN

Rising Greek yields reflected disappointment that the government only presented the outline of fresh fiscal plans but left the details to be spelled out after Easter.

Don't think the Easter bunny is going to leave an egg the size of Wisconsin full of money folks.


It also outlined how it intends to raise 50 billion euros from privatisations by 2015, a target which many analysts and Greek politicians see as optimistic. It said it planned to promote real estate asset sales from October 2011.


How much for Rhodes?