For all of you degenerate gamblers who thought "I wish I had a better grasp of the Greek debt situation", I thought of an analogy for you.
There is a guy who owes a lot money to a bunch of different bookies. We’ll call him, Mike the Mush (Greece). He owes about 10 Gs to a heavy hitter (European Central Bank) and another 10 Gs spread around to another 20 or 30 smaller time guys (private bond holders). The heavy hitter knows they are going to get screwed unless they keep letting Mike gamble, but he has no money. So, his plan is to tell Mike he can call in some more 100 timers if he tells the rest of the small time guys he’ll pay them half of what he owes at half the vig. Unsurprisingly, the small time guys have collectively responded “Go F yourself.”
The ECB needs a Sharon Stone from Casino type to keep Greece alive and gambling before the chips on the blackjack tables are worthless. It is unclear whether Angela Merkel is a capo or underboss in this scenario.
Lock of the week:
Teaser (Giants money line and private bond holders getting 500 basis points)
-K
