The scheduled default

Amidst all the sound and fury in the media signifying nothing, the banks are calmly going about planning for the scheduled Greek sovereign default:

Senior bankers on Wall Street have been given detailed documentation setting out a timetable to Greek default, including firm dates and technical ‘orders’ about last use of the euro as a currency there. The revelation arrived at Slogger’s Roost last Monday, since when I have been trying to obtain corroboration. This arrived in the early hours of today (Thursday). One of the banks is Barclays Capital (Barcap) run by controversial figure Bob Diamond. The other must remain anonymous for the time being, in order to protect sources. The document asserts that Greece will officially be declared in default by all the ratings agencies after the close of business on Friday march 23rd .

Legitimate? We’ll find out soon enough. It’s certainly a lot more credible than the multiple announcements of a deal that has miraculously saved Greece, the Euro, the EU, and the global economy. How many of them have we seen generate short-term EU/USD spikes in the last six months, ten or eleven?

I think it’s fairly obvious that the Eurobankers and their pet politicians knew from the start that they weren’t going to do any more than the initial “bailout”. But this way, they can pretend that the process is under control and business should proceed as before.