From today's Accutic Plus Blog.
However some of the worst “fears” have been temporarily taken out of the market after some milestones were agreed to yesterday – namely getting the private lenders to agree to a 50% haircut vs. a 21% hair cut for one thing.
One thing interesting to note about the EU situation in terms of the players: The incoming president of the ECB (Nov. 1) Mario Draghi made a significant statement at yesterday’s summit. The reason it is being interpreted as significant is because it was his “own” remark and did not seem to be the result of any political pressure – nor was it followed by any complaints from Merkel – at least not yet.
He indicated that the Soveriegn buying by the ECB was allowable under certain contexts. Very interesting reading - came from today's FT.
Meantime we have seen some of the "fear" taken out of front month eurodollar futures contract.
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Posted by: Noah Brick | 10/27/2011 at 03:19 PM