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09/04/2010

. . 2744

. . 2744/09-04-2010 *

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, . 591418/1994 ...,
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, . 006501/1993 ...,

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2009,
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Standard & Poors Fitch Ratings )


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Morgan Stanley, Citigroup, Merill Lynch, Bank of

America, Goldman Sachs, JP Morgan, Barclays Bank, Royal Bank of Scotland, HSBC,
HVB, ING Bank,

Credit Suisse, UBS, Deutsche Bank, Hypo Real Estate,

Commertzbank, LBBW, BayernLB,

BNP Paribas, Societe Generale,

Banca IMI,

Nomura, E (), Eurobank, Alhpa Bank,


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2010,

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. . 2744/09-04-2010 *

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2001 2010, , ,
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, 2001-2010,
,
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112,60% 2009 , ,
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179% , .. 175,00%

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...

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(234,00%),

(222,00%),

(219,00%),

(207,00%), (197,00%) (194,00%) , ,


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414,00% 130%,
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89,50% (. 77 & 78).
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. . 2744/09-04-2010 *


, :


2 (Moodys), BBB+ (Standard & Poors) BBB+ (Fitch Ratings)
)
,
,

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,
,

, ,
CDS - credit default swaps,

,
,
.

,
CDS ,
342,00% 2010 291,00%
2010,
, ,
,
2.097.000.000,00 ,


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, 2009,

. . 2744/09-04-2010 *

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. . 2744/09-04-2010 *

, , ,
.

(10) ,

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,
,
, (country
risk).

(. 1),
,
23/3/2010 :
10-

3,164%

10-

6,187%

3,023 %

,
, 2010,
, ,

spreads.
,

2010,
,
,

.... (. 2), :

. . 2744/09-04-2010 *

. 5- 26/01/2010

: 8.000.000.000,00

: 20 2015

: 6,10%

: 99,339

: +350 vs mid-swaps, 381


vs DBR 3.25% July 2015

. : 2 2010

: CREDIT SUISSE, DEUTSCHE BANK, EUROBANK EFG, GOLDMAN


SACHS , MORGAN STANLEY, NATIONAL BANK OF GREECE.

: A2 (Moodys), + (S&P), + (Fitch), +(R&I)


: 1.000

: 0,15%

. 10- 04/03/2010

: 5.000.000.000,00

: 19 2020

: 6,25%

: 98,942

: +300 vs mid-swaps, 325,7


vs DBR 3.25% 2020

. : 11 2010

: BARCLAYS CAPITAL, HSBC, NATIONAL BANK OF GREECE,


NOMURA, PIRAEUS BANK.

: A2 (Moodys), + (S&P), + (Fitch), +(R&I)


: 1.000

. . 2744/09-04-2010 *

: 0,20%

. 7- 29/03/2010

: 5.000.000.000,00

: 20 2017

: 5,90%

: 99,428

: +310 vs mid-swaps, 334,3


vs DBR 3.75% 2017

. : 7 2010

: ALPHA BANK, EMPORIKI, ING, BofA-ML, SG CIB

: A2 (Moodys), + (S&P), + (Fitch), -(R&I)


: 1.000

: 0,17%


, :

(),

,
*

. . 2744/09-04-2010 *



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Reuters.
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10

. . 2744/09-04-2010 *

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.... , ,
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22

, : Alpha Bank, Banca IMI, Barclays


plc., BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, ,
Eurobank, Goldman Sachs, HSBC, HVB, ING Bank, JP Morgan, Merill Lynch,
Morgan Stanley, (), Nomura, ,
Royal Bank of Scotland, Societe Generale UBS.
....,
(. 5 & 6),

, :
(2005-2009)

11

. . 2744/09-04-2010 *

(2005-2009)

,
....,
, (. 3) :


2109-03Y-
20A10-05Y-
19MA10-10Y-

()

3.40%
3.10%
6.00%
3.80%

6.700.000.000,00
8.200.000.000,00
8.500.000.000,00

18MA11-10Y-
20A11-05Y-
2012-03-

5.35%
3.90%

6.600.000.000,00
6.800.000.000,00

4.30%

14.500.000.000,00

18MA12-10Y-
2012-05-
20MA13-10Y-
2013-05-

5.25%
4.10%
4.60%

8.100.000.000,00
7.800.000.000,00
9.100.000.000,00

4.00%

5.800.000.000,00

1114-15-

6,50%

4.600.000.000,00

20MA14-10Y-
2014-05-

4.50%

8.500.000.000,00

5.50%

12.500.000.000,00

2015-10Y-
2015-05-

3.70%
6.10%

9.100.000.000,00

20MA11-03Y-

8.600.000.000,00

8.000.000.000,00
12

. . 2744/09-04-2010 *

()

2016-10Y-
2017-10-

3.60%
4.30%

7.700.000.000,00
11.400.000.000,00

2018-10-

4.60%

7.700.000.000,00

1919-10-

6.00%

15.500.000.000,00

22O19-20Y-
1920-10-

6.50%

8.200.000.000,00

6.25%

5.000.000.000,00

22OT22-20Y-
2024-15-

5.90%
4.70%

8.500.000.000,00
10.400.000.000,00

2525-20Y-
2026-15-

2.90%
5.30%

8.200.000.000,00
7.000.000.000,00

2030-20-

2.30%

7.900.000.000,00

20E37-30Y-
2040-30-

4.50%
4.60%

9.000.000.000,00
7.900.000.000,00

Credit Default Swaps (CDS)



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O.T.C. (ver The Counter),
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1990

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13

. . 2744/09-04-2010 *

() ,
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, CDS credit default swaps

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CDS - credit default swaps,


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.. 73/239/,
78/473/,

87/344/,

88/357/,

92/49/,

98/78/,

2001/17/, 2002/83/ 2005/68/,

25/11/2009 2009/138/,


.. (. 1, 2009/138/)
(. 10, 11 & 12).
CDS credit default swaps, 2009/138/
,



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14

. . 2744/09-04-2010 *



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15

. . 2744/09-04-2010 *


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CDS credit default swaps


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. . 2744/09-04-2010 *


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17

. . 2744/09-04-2010 *

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(CCP). (. 13, 14 & 15)



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CDS,

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CDS

18

. . 2744/09-04-2010 *

, , ,
2/3


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.
, 1990 2007,


, ,
2007, 40.0000.000.000.000,00 50.000.000.000.000,00 ()
, (03) , Goldman Sachs, J.P. Morgan
Deutche Bank, 75,00% CDS,
, , 80% .
(. 16, 17 & 18),
Depository Trust & Clearing
Corporation,
, CDS
8 ,
84.000.000.000,00 , 77.000.000.000,00
2010 37.000.000.000,00 2009.
CDS
Credit Suisse, UBS, Societe Generale, BNP Paribas Deutsche Bank ,

, ,
, ,
CDS 2009,

*

19

. . 2744/09-04-2010 *

Goldman Sachs, CDS 950.000.000,00


2009, 135bps ( ),
2009, 235bps 35.000.000,00
, ,
, ! (. 19, 20, 21 & 22)
, CDS - credit default swaps -

,
,
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,
.

(bankruptcy CDS),

CDS ,


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, CDS, ,

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CDS credit default swaps

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golden boys,
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20

. . 2744/09-04-2010 *

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CDS - credit default swap,

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CDS ,

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A.I.G. (American Insurance Group),
() 14.000.000.000,00 ()
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Brothers, ,
,

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Lehman Brothers,
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, A.I.G. (American Insurance


Group), , ,

*

21

. . 2744/09-04-2010 *


,
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14.000.000.000,00 () ,

A.I.G. (American Insurance Group).

A.I.G. (American Insurance
Group),
,
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CDS

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A.I.G. (American Insurance Group).
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22

. . 2744/09-04-2010 *

CDS

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CDS-credit default swaps

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23

. . 2744/09-04-2010 *

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CDS
2008 ,

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24

. . 2744/09-04-2010 *

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25

. . 2744/09-04-2010 *

CDS,
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2496/1997).
CDS

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26

. . 2744/09-04-2010 *

,
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CDS,
CDS, ,
CDS,
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CDS ,
:
1.
2. ,


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CDS -

credit default swaps,


,
(. 24) :

27

. . 2744/09-04-2010 *

PV

PV


t1


t2


t3


t4

28

. . 2744/09-04-2010 *

(. 25, 26, 27 & 28),


, ,
CDS
, ,
,
CDS ,
, ,
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,

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,
, 80%
,
40.000.000.000,00 50.000.000.000,00
CDS.

,
,
2008,
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,
,


, )
,
*

29

. . 2744/09-04-2010 *

1.000.000.000.000,00 (1 ) ,
()

365.000.000.000,00

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(....)
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20/04/2010, 8.200.000.000,00
19/05/2010, 8.500.000.000,00 ,
,
,
,

*

30

. . 2744/09-04-2010 *

,
2010, 2010.
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CDS,


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31

. . 2744/09-04-2010 *

,
2009,
125 bps,
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2009,
CDS ,


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32

. . 2744/09-04-2010 *


... ..
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5.000.000.000,00 , .
20/02/2010 . ,
,

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(. 29).


(. 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42 43)


, ,
,
,

CDS,
2009 ,
125bps ,
Bloomberg 428bps
2010 364bps 2010,

CDS ,
( ),
,
*

33

. . 2744/09-04-2010 *

, ,
,

, ,
342,00% 2010 291,00%
2010.
,

125bps

12.500,00 1.000.000,00
, CDS
1,25%, CDS ( )
50.000.000.000,00
1,25% = 625.000.000,00 .
428bps 2010
CDS 4,28%, CDS (
) 50.000.000.000,00
4,28% = 2.140.000.000,00 .
, , 2010,

CDS 2010

:
2.140.000.000,00 625.000.000,00 = 1.515.000.000,00 .
, 2010,

, ,
:
364bps = 3,64% X 50.000.000.000,00 = 1.820.000.000,00
, ,
1.820.000.000,00 625.000.000,00 = 1.195.000.000,00 .
,

, .

CDS,
*

34

. . 2744/09-04-2010 *

( ),
,



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35

. . 2744/09-04-2010 *

,
.


: )

)

,
, ,
spreads
,
,
2010 ,
....,
6,50%,
.. (. 45 & 46).

. Stephen Culp, Reuters,


CDS

spreads

5 ,
2009 2010,
, ,
(. 44).

36

. . 2744/09-04-2010 *

CDS

5 , 01/01/2009 28/02/2010.
: SPREADS
5 , 01/01/2009 28/02/2010.
A
,

.

, ....,


2010 ,

,
,

, ,

.
*

37

. . 2744/09-04-2010 *

, : ) spread

.
2010,
:
1. 26/01/2010, 8.000.000.000,00
,

6,10%,

488.000.000,00

2.440.000.000,00 .

6,10%,

, , 2010,


, 4,40 % - 4,50%, ,
356.000.000,00
1.780.000.000,00 ,
spread 2.440.000.000,00 - 1.780.000.000,00 =
660.000.000,00 .

, ,

0,15%, 12.000.000,00 .

2. 04/03/2010, 5.000.000.000,00
,

6,25%,

312.500.000,00

3.125.000.000,00 .

6,25%,

, , 2010,


, 4,40 % - 4,50%, ,
222.500.000,00
2.225.000.000,00 ,
spread 3.125.000.000,00 - 2.225.000.000,00 =

38

. . 2744/09-04-2010 *

900.000.000,00 .

, ,

0,20%, 10.000.000,00 .

3. 29/03/2010, 5.000.000.000,00
,

5,90%,

295.000.000,00

2.065.000.000,00 .

5,90%,

, , 2010,


, 4,40 % - 4,50%, ,
222.500.000,00
1.557.500.000,00 ,
spread 2.065.000.000,00 - 1.557.500.000,00 =
507.500.000,00 .

, ,

0,15%, 7.500.000,00 .


29/03/2010

. spread


.1 660.000.000,00
.2 900.000.000,00
.3 507.500.000,00

( +)

2.067.500.000,000
.1 12.000.000,00
.2 10.000.000,00
.3 7.500.000,00
00029.500.000,00
2.097.000.000,00

,
*

39

. . 2744/09-04-2010 *

2.097.000.000,00 ,
,
2010,
55.000.000.000,00 , 5.500.000.000,00 .
, 31/03/2010 Bloomberg
Credit Agricole Corporate and Investment Bank,
,

7.700.000.000,00

3.800.000.000,00 ,
, 2000-2008
, 2010,
18.900.000.000,00 , 9.400.000.000,00


spread 13.000.000.000,00
(. 34).
, ,
,

,
, ,
,
,

..


, ,
, , 5.500.000.000,00
,

40

. . 2744/09-04-2010 *

,
.
, spread 100 ,
2010,
55.000.000.000,00 ,
2010,
550.000.000,00
, .
, 2010,
100 spreads,
, 2010, 550.000.000,00
(101 . ),
(395 . )
(50 . ).
, (600 . )

()
(330 . )
(324 . ) .


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..., ....,
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,

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*

41

. . 2744/09-04-2010 *


,


,
(. 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61,
62, 63, 64, 65 & 66),
,
.
28 2010, Goldman Sachs
, , ,
(10) (,
) ,
Paulson & Co,

SAC Capital Advisors, Green Light Capital

Management,

Soros Fund

700.000.000.000,00 ,
,

2010,

.
(03) :

, ) ,
) .
, 08 2009,
,
.. ...,
, Eurogroup . ..
.

42

. . 2744/09-04-2010 *


,
Goldman Sachs
.
o Paul Krugman New
York Times, Goldman Sachs
. 2009
3.440.000.000,00 , 65,00%
2008 , ,
10.000.000.000,00 .
, bonus (golden boys),
700.000,00 , 14
.
15 2008, , Lehman Brothers,
. , Bear Stearns,
,
Goldman Sachs,
.
Henry Paulson,

George Bush, Goldman Sachs. .


Henry Paulson 1973 John Ehrlichman,
Watergate.

1974

Goldman Sachs , 1982, .


Goldman Sachs - ,
.
700.000.000,00 ,
Goldman Sachs ,
, 2004,

43

. . 2744/09-04-2010 *

Goldman Sachs,
.
, Goldman Sachs bank holding,
, , FED,
Stephen
Friedman, Goldman Sachs.

,
Henry Paulson , , Goldman Sachs.

,
, ,
, Goldman Sachs.
Goldman Sachs
2010,

.

,

(03)

Goldman Sachs ,
, CDS,
. , Goldman
Sachs , , ,
....

.
, , ,
Goldman Sachs
2010,
.
, 48 CDS 101

Goldman Sachs 2009,


*

44

. . 2744/09-04-2010 *

CDS credit default swaps, ,


,
, ,
, , . ,
Goldman Sachs, 2009 ,
(hedge
funds), CDS
o
,
CDS , .

spreads CDS ,

,
.

, 120 (bps) ,

150 , 200 , 250


300 .
Goldman Sachs,
400 2010.


, Goldman Sachs,

, , ,
, . Gary D. Cohn,
,
swap, ,
, 2001 2009,


, 4.000.000.000,00 .

45

. . 2744/09-04-2010 *

. Gary Cohn o 1998,


.
New York Times Wall Street Journal,
, Goldman Sachs,

. , ,
, , ,

. . Gary Cohn, 2001 ,


Goldman
Sachs .
, Goldman Sachs, 300.000.000,00 (. 29),
1.000.000.000,00
. , ,
30%, . ,
Moodys,
, , +.
,
, Goldman Sachs
.
Titlos, 5.300.000.000,00 ,
2009. ,
, Goldman Sachs,
,
, ,
, ,
,
, , .

, ,
. ,
.

.
*


46

. . 2744/09-04-2010 *


swaps .

,
, ,
.
,
. Liberation,
, Goldman Sachs
,
0,5% .
, Goldman Sachs
200.000.000,00 - 300.000.000,00 . ,
Goldman Sachs , ,
2009, Goldman Sachs
Markit Group of London, 12
(iTraxxSovX Western Europe)
CDS,

, , ,

..,
, ,
, Goldman Sachs,
.
. Gary Cohn , ,
,
, ,

.
. Gary Cohn , , ,
, Goldman Sachs,
.

47

. . 2744/09-04-2010 *

,

, .
Goldman Sachs,
,


, 2010, ....,
Financial Times,
, ,
,
2010, ,
,
, spreads .
CDS ( ),
,

Goldman Sachs

1.000.000.000,00 3.000.000.000,00
(. 29), , ,
, , ..,

Deutsche
Bank, P Paribas, Societe Generale UBS CDS,
.
,
,

,
,
CDS (03)
, Goldman Sachs, J.P. Morgan Deutche Bank,
75% , , ,
,
, 80%, , ,
(. 76).
*

48

. . 2744/09-04-2010 *

,
2010 , Goldman Sachs,

, Deutsche Bank

. CDS
Deutsche Bank,
,
, .

, Deutsche Bank
, ....
.
CDS ,

,
,
,


, .

, Deutsche Bank
Goldman Sachs
26/01/2010,
.


,
CDS,
,

,
2010,
6,10%.

49

. . 2744/09-04-2010 *

Goldman Sachs
2010, Paulson
& Co,
. Henry Paulson,
, FED,

. Alain

Grispan, 32.000.000.000,00 ,
10% .
To Paulson & Co
,
,

2008 , . Henry Paulson,


, , Goldman Sachs,
Lehman Brothers Bear Stearns, Goldman Sachs
Deutsche Bank, CDO
, , CDS
credit default swaps ,
30.000.00.000,00
Lehman Brothers (. 53), ,
,

, Goldman Sachs.
Paulson & Co,
, ,
, ,
Goldman Sachs,

CNBC,
, ,
2008,

*

50

. . 2744/09-04-2010 *

CDS ( ),
2009. , ,
2009,
CDS ,
2008,
Goldman Sachs, Deutsche Bank, Merrill Lynch Morgan Stanley,
,
..
,
,
,
, , ,
, CDS
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,
.

, ,

. 2008,
CDS ,
, ,


.
, Paulson & Co
.
.
spreads. E .
,

, 365.000.000.000,00
CDS
*

51

. . 2744/09-04-2010 *

. Paulson & c Co
, 2009, , )
)

CDS ,
,
.

Paulson & Co,
,
,
, ,
;
Financial Times,
,
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CDS Paulson & Co ,
,
spreads .
,
, Paulson & Co,

,
CDS ( ),
CDS,
CDS . ,

, , ,

2010.

Paulson &

Co 2.500.000.000,00 ,
*

52

. . 2744/09-04-2010 *

2010,

18.000.000.000,00 .
2009, arkit Group of London,
2000
,

CDS 14
. , ,
,

,
,
iTraxx SovX Western
Europe,
, ,
.

53

. . 2744/09-04-2010 *

arkit Group of London


, :

ABN AMRO

Goldman Sachs

Bank of America

HSBC

BNP Paribas

Morgan Stanley

Credit Suisse

JPMorgan

Deutsche Bank

RBOS

Dresdner Kleinwort

UBS

Barclays Capital

JPMorgan

BNP Paribas

Mitsubishi UFJ

Citigroup

Mizuho

Deutsche Bank

Morgan Stanley

Goldman Sachs

Nomura

HSBC

UBS

70 ,
Markit .

54

. . 2744/09-04-2010 *

. 2010,
arkit 109.000.000.000,00 ,

, ,
CDS
15 ..,
,
18/03/2010
Hellenic Rep. 316
bps,
3,16%, spreads
.

55

. . 2744/09-04-2010 *

, 27/03/2010 (. 67),
,
309 bps.
Markit Group of London
, ,
,

, , ,

,
. Ioanna Hollis. , Markit
Economics,
, PMI,
*

56

. . 2744/09-04-2010 *

26 ... BRIC, , ,
(. 68, 69 & 70).
, Markit Group of London
,
CDS,
,
,

, , ,
,
. ,
Markit , (.
71 & 72) ,
PIM, ,
,

, 11.00

04/05/2009 01/02/2010 .
Paulson & Co Markit Group of
London,

, CDS : 1) Brevan Howard,


,
,
, , 2)
Fidelity International, 220.000.000.000,00
, 3) Moore Capital,
2010 ,
, 2009,
, 4)
Cheyne Capital, 5) GLG, 6 ..,
6) Corriente Capital,

7) clectica sset anagement

8) PIMCO.

,
,
*

57

. . 2744/09-04-2010 *


,
.
(. 73 & 74)
,
, , ,
.

, , spreads
.
,
,
.
, ,
,
.
,
.
, Moodys,
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, Moodys
. ,
.
, ,
, Lehman Brothers Enron,

.

+, 10
*

58

. . 2744/09-04-2010 *

, ,
,
0,5%,
spread 1,5%.


, 2009 2010,

.

Agency

Rating

Moodys:

A2

2009

S&P:

BBB+

2010

Fitch:

BBB+

2009

,
.
. ,
( 14 2009),
,
*

59

. . 2744/09-04-2010 *


, .

,

.

,
,
.

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, . ,
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.

,
, , , 30/03/2010,
... . ,
. , , , .

.......

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,
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, ,
.
1996, ,
,

60

. . 2744/09-04-2010 *

Moodys,
.

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MEDIA

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, ,

Graw-Hill

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1.055.000.000,00
8.500 .

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.
,
, , ..
,
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ABN AMRO, Mitsubishi ...

,

Standard & Poors.
Moodys.
oodys


16% Berkshire Hathaway
Warren Buffet, , , CDS credit
default swaps,

84% , ,
*

61

. . 2744/09-04-2010 *


Standard & Poors.

H Moodys 1.205.000.000,00

537.000.000,00 , 3.000
.
I 1909 , ,
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.
,
.


oodys. (
)
.

.

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.

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,
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CDS
.

62

. . 2744/09-04-2010 *

Fitch Rating
,
727.000.000,00
286.000.000,00 , 2.300 .
60% Fimalac 40%
Hearst Corporation.

,
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, , ,
,

.

, , ,
, ,
,
.
,
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,
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,
, , ,
*

63

. . 2744/09-04-2010 *

spreads , ,
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,

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, ,
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,
,

64

. . 2744/09-04-2010 *


"".
,
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,
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.

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,
,
, .
,
, BNP Paribas.
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. ,

1,39 , .

,
*

65

. . 2744/09-04-2010 *

,

.
,
, -
, Unicredit.
, ,
Bloomberg , .
Lehman Brothers.

Moodys



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,
.
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, ,
.
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. .

... .. .
.
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AAA.

66

. . 2744/09-04-2010 *


.
,
, . ,

. ,

, .
, Moodys,
AAA

.
ABS, RMBS, CLO
.
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.
,

.
Financial Times 14-1-2010
Moodys
Moodys ,
.
,
, Moodys.

, Bloomberg
.

. Mark Gilbert, Bloomberg .

, Lehman
*

67

. . 2744/09-04-2010 *

Brothers, Bloomberg.

Lehman Brothers.
Lehman Brothers
. , ..
Lehman Brothers
.
, , ,
.

, project
, .
.
361 . , Bank for
International Settlements, . , ,
.
, , , . Gilbert.
,
109.000.000.000,00 ,
. ,


funds,
,


.
,

, Goldman Sachs,
(. 50, 51, 52 & 53).

, ,
*

68

. . 2744/09-04-2010 *


, .

,
. Lehman
rothers , ear Stearns,
.

, , .
Christine Lagarde, CDS.
Markit
,
, , .
, ,
swaps ,
,

, "N.Y. Times".
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. Sylvain R. Raynes R&R Consulting.
Markit 15 CDS ..
,
.

, trading . ,
109,3 . , 52,9 .
.
, traders ,

, , Credit Suisse, UBS,

69

. . 2744/09-04-2010 *

Societe Generale, BNP Paribas Deutche Bank,


.
, Markit


traders .

swaps, , , "N.Y. Times".
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swaps ,
", "N.Y. Times".
, ,
,
,
.
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Generale, aribas Deutsche ank
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spreads
.
,
.
,
CDS ,
.

,
,
.
oors,

Standard and

10 , ,
*

70

. . 2744/09-04-2010 *


.
Wall Street Journal, Corriente
Capital CDS,
90% 2009 20%, ( 3 )
.

320.000.000,00. ,
, .
, clectica sset anagement,
C, 10% ,
.
, , ugh enry,
.
26 2009, Financial imes
,

.

, ,
, spreads 10


. ,
.

13%,

.
*

71

. . 2744/09-04-2010 *


, Deutche
Bank 25/03/1010.
NOURIEL ROUBINI,
20/01/2010 Wall Street Journal The
Shame of Modern Greece,
.
. Soros attacks Greece,

www.onlinepress.gr,

24 Russia Today
, , George Soros Paulson,
. .

UBS, .

Paul Donovan,

Capital.gr 24/03/2010.
UBS , 28/01/2010
Euro2day,
27/01/2010 UBS
,
, ,

.
BUDERSBANK :
Bundersbank . ,
23/03/2010
www.messapia-news.gr.

72

. . 2744/09-04-2010 *

27%,
22/03/2010 O CMAdatavision, ,
, Market-talk.net.
Lehman
IFO 15/12/2009
www.reporter.gr.
:
26/02/2010
,
Deutche Postbank, Deutche Bank Landensbanken.
Jim Rogers : .
08/03/2010 . Jim Rogers, Geroge Soros
Quantum,
Bloomberg, Betty Liu.

16/01/2010,
Die Zeit.
Nomura : CDS,
EuroCapital,
12/03/2010.
, ,

CDS.


(.
ECOFIN),
,

.
*

73

. . 2744/09-04-2010 *


.
hedge funds.
.

2010,
.. ,
, ,

.
,
,
, ,
1989 14,3%

,
, , .
,

,
,
,
, CDS spreads
.

2,50

, ,
.
. ,

74

. . 2744/09-04-2010 *

,
.
, ,


, 20/02/2010
. ,

,
:
,
.

(. 29).


(. 79, 80, 81, 82, 83, 84, 85 & 86)
2009,
CDS Markit
Group Ltd.

14/07/2009 Bloomberg,

Markit Group Ltd . Teresa Chick,



.
A E Y

Markit Group Ltd,
CDS,

CDS credit default swaps.


T 10/03/2010, ,
,
*

75

. . 2744/09-04-2010 *


CDS - credit default swaps

...
,

, (04) ,
.



. , .
, .
. .
, ,

. ,
CDS.
,

G20.
Goldman Sachs,
,

. ,
,
.

, ,
(CDS)
, 24/03/2010
.

76

. . 2744/09-04-2010 *

, ,
. ,

CDS , . ,

.
(04) :
, ,

,
"(credit default swaps (CDS)"
, ,

.
,
,

. , ,
, ,
CDS
.

,
,
.

CDS, CDS,
CDS
.
,

, G20:
*

77

. . 2744/09-04-2010 *

(i)
,
CDS,

.
.

.

.
(ii) Ecofin
(OTC)
,
,
,
(CCP).
.

.
.
,
Ecofin,
,
.

, 2010, .
, ,

E . ,
,
.

. ,

78

. . 2744/09-04-2010 *

(FED), . ,
, (FED)
Goldman Sachs Group
,
,
,
,
.
. ,

.
.
,
CDS credit default swaps
.
, 2010,
,
CDS
swap,
.
, 2010,
,
2009 ,
2010,
SAC Capital Advisors, Greenlight Capital, Paulson & Co
Soros Fund Management, , ,
Goldman Sachs 2010
, ,
,

*

79

. . 2744/09-04-2010 *

CDS
credit default swaps , ,
,

.

, ,
,
2010,

.

Wall Street Journal,

, 04/03/2010
Financial Times.
,
(FED),
Goldman Sachs,
2001 2009, ,
,
, ,
, ,
, ....
.
, (FED)
, 2009,

Goldman Sachs

Titlos,

().

80

. . 2744/09-04-2010 *

, (FED)
Goldman Sachs swaps
2001,
Titlos,

Goldman Sachs,
(), 2009.
, 2010,
, ,
,
(...), (04) ,
Brevan Howard, Fidelity International, Moore Capital PIMCO,
2009
, ,
,
,
(. 86).
,

. ,
Financial Box.
, ,

, .
.

386 .1 ,
,
,
*

81

. . 2744/09-04-2010 *


.
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).
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82

. . 2744/09-04-2010 *

,

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,
*

83

. . 2744/09-04-2010 *

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,

.
in concreto
. ,
, ,
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,
,

, . 386
.

, ,
,
,
2.097.000.000,00 ,
,
13.000.000.000,00 ,
*

84

. . 2744/09-04-2010 *

,
,
.. ...,
,
.
,

.. , ,
.. , ..
, , ,
.

,
,
.
,
,

, , ,
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.

85

. . 2744/09-04-2010 *

:
/

1.
2. &

3. &


i finacne.gr

4.
5.
6. wordpress.com
7. axiaplus.gr 85 . .
8.

Alfa Vita ,

Euro2day / CDS

9.
, L 335/17-12-2009 / 2009/138/
10.

11.
12.

25 2009,
( )
.. 400/1970
. 2496/1997 ,

Euro2day / CDS :

13.
14. EWS 24/7.gr
15. CDS ..

16. CDS 110 . .



17.
18. Balkans com. Business News CDS
19.
20.
21.
22.

David Lawder & Rachelle Younglai


THE INSIDER -
CDs

The netwar !
zerohedge.com The biggest Greek CDS Speculator Has Been Uncovered
Culprit is . Greek State-Controlled Hellenic Post Bank ! Tyler Durden AIG American
International Group Capital Markets Credit Default Swaps Greece
-
WIKIPEDIA Credit Default Swap

23.
24.
25. youpayyourcrisisblogspot.com

26. anixneuseis.gr : !
27. CDS
28. THE NEW YORK TIMES :
Banks Bet Greece Defaults on Debt they Helped Hide
hiphop.gr

29.
30. FINANCIAL TIMES
31.

Hedge funds prosper from Greek debt


banikngnews.gr
spreads CDs

86

. . 2744/09-04-2010 *

32. Euro2day / spreads CDS


33. spreads CDS
34. Capital.gr 13 . spread
(upd)

35. spreads 100 .. 550


36.
37.
38.
39.
40.
41.
42.
43.
44.

.
baningnews.gr : 14
2010
Capital.gr : 600 .

300 spread 10
phorum.gr spread 300
CITY PRESS
ONLINE CDS spread

Capital.gr CDS spreads .....



in.gr . 300
spread
reuters.com Felix Salmon A complex alchemy Chart of the day : Greek
bonds and CDS Greece sovereign CDS and bond spreads
EUROBANK EFG (LF) GREEK GOVERNMENT BOND FUND

45.
46. GREEK BOND MARKET MORNING UPDATE
47. simatoros.wordpress.com
48.
49.

!
onlinepress.gr .... .
28 10 HEDGE FUNDS
hadnews.com .... ! :

convalesco.org H Goldman Sachs

50.
51. ONLINE Goldman
52.


onlinepress.gr Goldman Sachs

ONLINE

53.
54. newslt.gr Home Deutsche Bank
..

55. onlinepress.gr H NOURIEL


56.

ROUBINI. The Shame of Modern Greece


onlinepress.gr . Soros attacks
Greece
Capital.gr UBS :

57.
58. Euro2day / UBS
59. messapia-news.gr BUNDERSBANK :

market-talk.net 27%

60.
61. reporter.gr 2,12% .. spread, CDS Lehman
62.
63.
64.

,
ONLINE ONLINE / OIKONOMIA :

You Tube Videos Jim Rogers :
. .
ONLINE
Die Zeit

87

. . 2744/09-04-2010 *

65.

, ,
Eurocapital.gr Nomura :
CDS (naftemporikki.gr)
2810.gr

66.
67. Markit Group Ltd Financial Information Services Markit Commentary
68.
69.
70.
71.
72.
73.
74.
75.
76.
77.
78.
79.
80.

81.
82.
83.
84.
85.
86.

CDS 27/03/201 CDS GREECE 4G5656 Hellenic Rep CR 309 bps


I Markit Group Ltd
(country managers)
Markit Group Ltd O Markit
Markit Group Ltd Markit Credit Research 20/11/2009 - Markit Credit Wrap :
The Week in Perspective
Markit Group Ltd
11.00 .. ( ), 04 2009 Markit
Greece Manufacturing PMI
Markit Group Ltd
11.00 .. ( ), 01 2009
Markit Greece Manufacturing PMI

Moodys, S&P Fitch, ,

ONLINE Fitch
spreads
Capital.gr :

newstime.gr spreads
,
,
e-write.gr
atticafreepress.gr ... ;
ecoandbus.com ECONOMY & BUSINESS GLOBAL NEWS THAT INFLUENCE THE
MARKETS, THE ECONOMY & THE BUSINESS TUESDAY, JULY 14, 2009 :
CDS
ONLINE
.


ONLINE H

FINANCIAL TIMES swaps Regulators launch
probe into euro trades
freecity.gr
, Monde En Europe, Goldman Sachs recruit des hommes de pouvoir
asseoir le sien LE MONDE
FED

eurocapital.gr
CDS ;
tvxs.gr

88