Greece Just Retroactively Taxed Greek Bond Gains For Entities 33%

Well, I guess I may have my absent news story. I’m not going to track it down, but it appears that non-national entities holding Greek debt are about to receive a 33% retroactive haircut on any profits. And if you cross check the timeline involved here, Greek debt having traded down from yields well above 20% to below 6% today well…that’s quite a dick move on their part. Particularly when you consider how desperate Greece was for an extension of any lending around that point in time.

The Greek 10 is taking this news “casually”; Greek yields being up about 50% at the time of this writing. And oh look! Italy and Spain appear to be in play too.

This follows another “casual” conversation earlier about maybe Greece fucking off and getting kicked out of the EU.

I do so love this recurring nightmare…

UPDATE: For the record, the Greek Finance Minister is vehemently denying the report. Also for the record, the bond market doesn’t believe him.