21 September 2011 – Greek debt crisis update

When the resolution of the debt crisis comes, whether as a “Grand Bailout” or “Unparalleled Default”, I anticipate the markets will likely make a big-time move.

The FTSE 100 was up 1.98% while the DJIA went up 0.07% on news of “good progress” in Greek bailout talks. Nonetheless, via credit default swaps, market traders are pricing in 100% probability of Greek default.

That’s an amazingly wide disparity of opinions. We live in interesting financial times indeed.

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