Loading ...This could be the hidden problem I mentioned yesterday
http://www.zerohedge.com/news/2014-10-14/greek-bond-stock-prices-plunge-bailout-exit-omt-fears
Right now Draghi has his hands tied by the Germans on his ability to monetize what appears to be a big problem fomenting in Greece.
I have always strongly believed that Greece and Cyprus were originally bailed out to prevent credit default swap derivatives from triggering, which I believe would set off the daisy chain of global bank counterparty risk.
Greek bond yields were inexplicably down to 5.50 in early September. I think that was in anticipation that bailout would happen. Now it looks like investors are getting nervous about that possibility.
If Greece were to default on its debt, I believe it would light a fuse that would set off a bigger derivatives explosion than occurred in 2008.