another gold video, page-9

Danhoff

With respect to the write downs on Greek government bonds, the credit default swap settlement auctions earlier this year compensated contract owners 78.5 Euro cents in the Euro. (Bonds written down to 21.5% of face value.)

This is the level that the German banks were writing down their on going holdings too in their books.

What this means is that the Greek Government debt crisis is pretty much over. I had predicted that no one would lend to Greeks for a generation, but I notice that yields have been flying in.

Go figure!