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8 Words For Traders

  
  Education
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1. CONFIDENCE: absolutely essential in an environment that feeds on emotional    instability.
2. TRUST: if you cannot trust yourself who can you trust? Trust your rules, trust your edge, trust that you will do the right thing-no matter what!
3. FOCUS: you will never learn all there is to learn about the market.  Push your ego aside and focus on one market and one edge.
4.  ACCEPTANCE:  you have to accept what the market is willing to give or you will give the market what it wants to take.
5.  RESPONSIBILITY: you and you alone are responsible for the money you lose and the money you make.  Take the credit for both.  Either way you deserve it.
6.  PATIENCE:  The market is not the place to learn patience, it is the place to practice it.
7.  RULES:  the market has no rules and no one else will do it for you. Develop rules for entering AND exiting trades before trades are made.
8.  RESPECT:  you have to respect the market for what it is not for what you want it to be.  The market has a logic all its own.  You may not like it but you have to accept it.

Who Owns Greek Debt And When Is It Due?

  
Analysis, Education
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Funding needs and repayment schedules for Greek sovereign debt
Summary:

  • Greece owes EUR 315bn.
  • There are three large blocks of officially held debt still outstanding: (1) the Greek loan facility (EUR 53bn, at EURIBOR+50bp, which matures from 2027 onwards); (2) EFSF / ESM loans (EUR 142bn disbursed, EUR 2bn committed; at EFSF funding plus small administrative fee, maturing in 30 years or after); and (3) IMF loans (EUR 20bn, maturing currently).
  • There is also EUR 66bn of marketable debt outstanding, of which EUR 27bn is held by the ECB as a result of purchases under the Securities Markets Programme (SMP). There are EUR 15bn of outstanding Treasury bills. The remaining obligations are government and government-backed loans.
  • Between 2016 and 2022, total debt servicing costs (both redemptions and interest payments) are small – between EUR 6 and EUR 10 bn.
  • In 2015 financing requirements are more substantial. Core funding needs are about EUR 19bn. We have little information on available cash reserves.
  • Key upcoming maturities are: (a) bonds held by the ECB in July and August (Table 2); (b) IMF loans in February and March of around EUR 3.5bn (Table 3); and (c) Treasury bills (most of which will be rolled by domestic banks, but a small portion of which are held by foreigners with a likely failure to roll resulting in a drain on government cash reserves).
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