Jobs I Don't Envy: Meet Greece's New Debt Pimp
Don't worry, our experts are on it!
As much as this job has got to suck, I imagine the dude at least had some idea what he was getting into before he agreed to take it.
Petros Christodoulou has just started one of the least enviable jobs in European financial markets—persuading wary investors to buy Greek debt.
A U.S.- and London-trained former bond trader, Mr. Christodoulou was last week named head of Greece's debt management agency, a normally obscure post that has taken on new importance as Greece scrambles to raise cash to service its growing mountain of debt.
After only a few days on the job, Mr. Christodoulou is trying to pull off the trade of his life: the planned sale of €5 billion ($6.8 billion) in Greek debt, a step many in the market view as a critical test of Athens' ability to stave off a default. The sale of the 10-year bond could take place in the next few days, according to a person familiar with the matter. The challenge won't stop there. Greece will need to tap the markets again soon to cover some €20 billion of debt maturing over the next several months.
€5 billion? Pffft, that's absolutely laughable. The US frequently tries to pull off $150 billion+ debt auctions on a weekly basis and the truly miraculous part is that somehow, somewhere, someone is actually buying the stuff. Week after week.
Let me tell you a story. Once when I was little, probably 3 or 4, I stood out in the middle of the street next to my house for whatever reason. Just stood there, waiting, right between lanes. It wasn't a terribly busy street but it was the West side of Milwaukee and I could have easily gotten hit by a car. Who knows why I was allowed to be out there, the point is I just stood there and it was only luck that kept me from getting hit by someone racing down the avenue. Know what happened to me? I got smacked for it, which only happened to little baby JDA one other time in her life (maybe had someone beaten my ass more I'd have less of a potty mouth, aren't you grateful you motherfuckers?).
The Treasury is 4 year old baby JDA standing out there in the middle of the street and it's about time someone storm downstairs, pull them to the curb, and give them a good hard smack across the face. Or the ass. Whatever. A kick would be good too but I'm not advocating violence, naturally.
Hundreds of billions a week. But more importantly, I would still like to know who is buying this shit. Japan? Ha. "Foreign central banks" LOL
This Greece guy is doomed but I know some folks who are more doomed.