@KK - Calif politicians now want to split this 51st state. 13 counties in the south to break away from the other debt toxic counties. And they mean it?!
http://www.sfgate.com/cg...s/detail?entry_id=92900
Meanwhile can someone please tell madam IMF MD to stop hinting at a Greece credit event likelihood?! A credit event is a political lingo for default au bankruptcy. From the overnight emergency meeting & G Pap's (Greek PM) angry letter to IMF, the euro masters seem to fancy some credit event on some bonds. Since Italia's short selling ban didn't help much yesterday, Consob should suspend trading today...
With all the credit market volatility since March 2011 after Jap's nasty quake, it is interesting to note that global equities have held their ground i.e. the panic selling didn't arise like in March 2008.
The only question is, if Greece defaults on some bonds, what happens to the other PIIGS nations? This will soon make the Quanto trade & the CDS market to be a fireworks central...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!