Posts Tagged ‘credit event’

2012/03/08: When is today not today? When it’s PSI participation results!

March 8, 2012 Leave a comment

© 2012 ROHR International, Inc. All International rights reserved.

Yes indeed, today is the deadline for the next European Sovereign Debt Crisis decision: PSI (Private Sector Involvement) decision on whether to participate in the ‘voluntary’ dilution of the value of their outstanding Greek bonds. Regardless of how that turns out, we must say it’s refreshing to finally actually have a bona fide deadline of any sort for what has been the otherwise amorphous European success in simply “kicking the can down the road.” And yet, in terms of its actual impact on the markets, it really isn’t actually, officially today that counts

…because the 20:00 GMT (15:00 EST; 14:00 CST) deadline for bondholders to decide is not the moment we will find out the actual results. Those will be announced Friday at 07:00 CET (Central European Time: 06:00 GMT; 01:00 EST; 00:00 CST.) While it is probably fair to allow some time to review the results after the formal deadline, this just shifts one more of the intensive late week influences we had highlighted at the top of the week for today into tomorrow into the last trading day of the week.

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