Grease

Monday, May 03, 2010

It's a bank holiday in the UK today, and you know what that means. With apologies to Frankie Valli....

I solve my problems and I see the light
A thirty hour week, you know it just ain't right
There ain't no danger we can go too far
We must start hoping now that we can change who they are

Greece is the word

They think our tough love's just a bleedin' pain
Why don't they understand, it's just a crying shame
They think we're lying that the danger's real
We start to find it's tough to make a credible deal

Greece is the word
Greece is the word, is the word that you heard
Their budget has no meaning
Greece got no time, it's the place that's in motion
Greece gives me a dodgy feeling...

We take the pressure and we throw away
A chance to sack civil servants, chuck 'em all away
There is our chance and if we make it that far
I do believe that they will stick a bomb in my car

Greece is the word
Greece is the word, is the word that you heard
Their budget has no meaning
Greece got no time, it's the place that's in motion
Greece gives me a dodgy feeling...
This whole thing's one big illusion
They'll get the dough, but all's in confusion
What are we doing here?

They'll take our money and we'll go away
And then their policy goes back to yesterday
Their tax collecting only makes it so far
Then the brown bags come back; they just can't change who they are.

Greece is the word
Greece is the word, is the word that you heard
Their budget has no meaning
Greece got no time, it's the place that's in motion
Greece gives me a dodgy feeling...

Greece is the word, is the word that you heard
Their budget has no meaning
Greece got no time, it's the place that's in motion
Greece gives me a dodgy feeling...

Greece is a turd
is a turd
is a turd
is a turd
is a turd
is a turd
is a turd

Posted by Macro Man at 8:12 AM  

7 comments:

Man, MM you bring tears of laughter and joy!!

Greece may be a small fry in the EU and need over 100b. Collectivelly the PIIGS accounts for a third of the EU. As the situation gets complicated, so will the maths of an prolonged, enlarged bailout for all. Watch out for more brown bags.

Andrew said...
1:06 PM  

yesterday's Euromeeting in pictures:

http://www.themorrisring.org/tb/images/Abram.gif

Gus said...
2:10 PM  

Two Way Trade…Risk is More Downside

Bullish: From an analogue standpoint, the last six starts to a month have been positive and today only adds to it due to the index contribution trend on Mondays. The lack of follow through from Greece is being explained away due to the UK holiday, point being 80% of risk takers in that region are not in the office and greater spread compression and FX follow through will take place tomorrow.

Bearish: Between recent refining (TSO US), mining (MEE US) and oil (BP LN) incidents it is clear that safety and maintenance are going to take greater share of managements time as opposed to business opportunities. Point being, there have been deaths in all three instances and this outweighs Sub-Crime issues. The latest event is helpful to Financials in that it removes regulatory reform as the top story, GS is bid pre-market arguing some sector stabilization but still a positive catalyst is missing. The RRR hike in China and the Super Mining Tax in Australia hurts the Basic Resources trade, noted equities (BHP/RIO) are lower in price and sovereigns (China/South Korea) are wider in CDS today. Brazil hiked 75 bps last week and Australia is expected to raise again tomorrow, Copper is again week and looks to continue its multi-week downtrend. It will be interesting to see if higher oil prices due to supply disruption are supportive of Energy equities, one has to respect the idea of a turn in media report. The game has changed to negative sentiment where higher prices will hurt retail and profits on pain of death will receive strong outcry. Finally, the lack of EUR strength or spread compression from Greece announcement, highlights that the sheer size of the deal (tripled in last 2-weeks) raises fresh concerns about the significant expansion of EU debt obligations. Point being, Trichet’s and the ECB’s monetary plans have been removed and this dynamic will be a secular negative factor for the currency for the foreseeable future. Credit damage has been done…

Right Field said...
2:11 PM  

Nice. A definite improvement over LB's first attempt. Quality!!

Now, I have another musical cracker to offer you in a few months when this all falls to bits...

Leftback said...
4:52 PM  

anyone thinking about investing in greece should have read just one document....
http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/COM_2010_REPORT_GREEK/EN/COM_2010_REPORT_GREEK-EN.PDF

ed said...
5:48 PM  

Australian "super profits tax" on mining. This kind of thing was inevitable once the idea of new bank taxes set the precedent. We are back in the 1970s and any government can change the rules at any time, tax any person, company or industry at any rate.

Richard said...
12:10 AM  

"Super profits" by the way is any profit in excess of the risk-free rate of return that could be obtained from the bond market. Greedy capitalist pigs - how dare they!

Richard said...
3:59 AM  

Post a Comment