About - Currently a graduate student in Applied Economics and Management with concentration in behavioral finance at Cornell University - Prior to the Masters I worked for 2 years at Barclays Investment Bank in Glasgow, UK in the Risk department (specifically focused on portfolios with securities lending, repurchase agreements and prime brokerage products) - Graduated in 2017 with a BEng Degree in Marine Engineering and Naval Architecture and was heavily involved in energy-related issues - also participated in and won the Business Enterprise Pathway Competition with a team of 5 other students
25 Feb 2020
Dionysius the Elder, a ruler in ancient Greece, ran up massive debts to pay for his multiple military campaigns. His solution? Change every drachma into two drachmas. Pulling money from nowhere to cover massive debts has seemed to be a monetary policy throughout Greek's history. First, let us observe the 1800s. Greek defaulted in 1843 (thirteen years after becoming a modern state), 1860, and 1893. Starting in 1800, based on economic studies, Greece has delayed payments in fifty percent of the years to the present. Moving into the 1900's, history depicts the global economy becoming industrially
26 Jul 2015
Well the inevitable has happened. Greece is unable to make its payment to International Monetary Fund on June 5th.
How do you think this will effect Greek economics, and the global markets? Article Interior Minister Nikos Voutsis told privately owned television station Mega that Greece is scheduled to repay EUR1.6 billion ($1.76 billion) to the IMF between June 5-19, but the payments cannot be met. "This money will not be given," he said. "It does not exist."
24 May 2015
I for one think Grexit will happen, and we should already prepare for the worst. However, what do you think and even more importantly, what does your firm think? People say it has been priced in...but has it? People say there are firewalls, but how do you really know your firewalls work in the massive CDS market? Will this be another Lehman? It would also be helpful to get some derivatives people's viewpoints here, and also some European debt capital mkts viewpoints here. 1. In plain English, how regulated is short-selling sovereign debt in Europe? 2. Can someone explain to me how CDS affects
29 May 2015
As much as we all hear the Warren Buffett quote, "Be fearful when others are greedy and greedy when others are fearful", it's a really hard rule to follow. Listening to all the news about the trouble Greece's economy is in, I actually never thought about finding good, undervalued companies in the Greek stock market. However, at least one fund manager was able to stick to his guns: [quote]MetLife MFC's Vasileios Antoniadis made money in Greek stocks even as the country's drawn-out bailout talks with creditors roiled markets. None of his peers did. His MetLife Alico M&S Domestic Equity fund has
18 Aug 2015
My kids are on spring break for the next couple weeks and I was walking them to the park yesterday afternoon when I was suddenly surrounded by riot cops and TV cameras. Admittedly I was looking down at my phone and not paying attention, but it was surprising how quickly it happened. I looked up and saw I was in front of the Peugeot headquarters on Grande Armée, and the riot cops were bracing for another massive protest over the closing of another plant. A few minutes ago the Eurozone unemployment numbers were posted, and they went over 12% (ticked up to 12.1%) for the first time in Eurozone
30 Apr 2013
In the latest sign that a Greek exit from the Eurozone is all but imminent, global bank HSBC ran extensive tests on their ATM machines in Athens and throughout Greece in preparation for a return to the drachma. The tests were rigorous and were done to ensure the machines could handle notes of different sizes and textures. HSBC has done extensive testing across the board in Greece, but admits that it's difficult to predict what will actually happen if Greece leaves the Eurozone and returns to the drachma. Being too overt about the preparations could lead to the very bank runs HSBC is trying to
04 Jun 2012
We have said so much about Greece that there's barely a point left to make. In spite of all the talking, however, I still have to ask how can you let it get to this? The question is intended at everyone from the Greek government and public, the European Union and pretty much anyone who bought a shred of Greek bonds. After eurozone leaders finally passed the 100 billion Euro loan/50% debt write-off, the thing still might derail. This time it is the Socialists of Greek Prime Minister Papandreou and the generally unhappy Greek public, who are holding up the deal.
02 Nov 2011
I find it ironic that a country which defrauded its way into the Euro Zone is likely to be the first country to exit the Euro Zone. Despite a raft of hasty denials by just about everyone in Brussels, it now seems all but inevitable that Greece will bail on the Euro when they default on the €110 billion bailout they received just one year ago. Of course, this all started on Friday when an article came out in Der Spiegel claiming that Greece was mulling an exit from the Euro due to near-daily violent protests and the apparent failure of austerity measures. An emergency meeting of European
10 May 2011
I have about 10k in disposable savings and a pretty strong view Greece will default within the next month. How would you guys go about (potentially) making as much money on a Greece default? As far as I know CDS aren't available to non-institutional investors (besides being really expensive at this point), what other options do I have?
12 Jul 2011
Planning a last minute spring break trip to Rome or Athens. Any thoughts on one vs the other? Will have 5-6 days wherever I decide to go. Big pro of Athens is the whole economic implosion thing really seems to have depressed hotel prices.
29 Feb 2012
I take no joy in the suffering of others. Then again, when you are a contrarian…grinning like the Cheshire Cat while winking I toldya so is about as satisfying as life can get. For many years now, well before it became the stuff of Wall Street Journal headlines and Bloomberg op-ed columns, I have touted the Euro's demise. It hasn't been out of personal spite, though I must admit travelling through Europe is a lot more expensive than it used to be. It has been out of the simple fact that it endorses institutional socialism and the welfare state mentality. In this very telling David Marsh quip
02 Jul 2011
Though he is not one of my favorite people in the industry it isn't really possible to doubt the investing acumen of George Soros. Over the years many have made a good bit of money in markets by simply mimicking his strategies. The most recent, however, is hardly worthwhile replicating for most investors. Apparently, George's flagship Quantum Fund is currently has 75% of its assets in cash. Another sign that the even the most heavyweight financial players are unsure of the situation and that August 2011 is beginning to look more and more like August 2008. Hoarding cash is usually a signal of
22 Jul 2011
Or the EMU for that matter? Pimco's Balls was on Bloomberg earlier today and he highlighted most of the obstructions Greece is facing in their crisis. Honestly I just feel bad for the Greeks, they've been enduring hefty austerity measures just to avoid default and yet, I see no way out of this for them outside of it. Practically every proposed solution fits the S&P's definitions of default, and even if they didn't, a debt rollover might piss off Ireland and the ECB itself isn't even allowed to participate in it. [quote=FT Alphaville]The big elephant in the room regarding rollover is the ECB's
21 Jun 2011
In which financial instruments would you invest in to benefit from a Greek default? I am starting to list the types of positions I would take if this unlikely event would occur. So far I found a list of short-turbo certificates offered by ABN-AMRO. Do you guys have any suggestions? I'm not a big commodities fan right now. I cant directly short equities due to stupid regulations in my country... bunch of idiots. Not so new "news": Greece is now rated the shi*** ** country in the world… ehhh I mean the less credit worthy country in the world with a nice CCC.
20 Jun 2011
I'd like to dedicate this song to Greece, particularly the chorus. While I completely understand why they'd rather focus on Nicole Scherzinger's sweet gyrations, what they really should be doing is listen to the lyrics. They're terrible I know, but after years of insisting that the EU bail them out, their stay-at-home son just might get his wish... Only if mommy and daddy handles everything though. [quote=the FT]European leaders are negotiating a deal that would lead to unprecedented outside intervention in the Greek economy, including international involvement in tax collection and
30 May 2011
http://leverageacademy.com/blog/2010/05/09/europe… After months of avoiding the debt refinancing troubles of Greece, the European Union came together this weekend in a crisis summit to address the falling Euro and credit malaise in the EU. Describing short investors as a "wolf pack" plaguing the continent, ministers vowed to counter financial markets from causing the Greek debt crisis from spreading. The plan offers $805 billion (600 billion) to the continent (440 billion euros from EU, 100 billion from IMF, 60 billion Euro stabilization fund) for crisis measures. This comes after the IMF approved a 30 billion Euro bailout for Greece today. If the IMF commits 220 billion Euros, the plan could reach $928 billion! Why 600 billion Euros at the outset? European economists predict that if Ireland, Portugal, and Spain eventually come to require bailouts similar to Greece's, the total cost could be some 500 billion euros. Let's avoid another Lehman Brothers... Greece
10 May 2010
The markets have been choppy of late, due in no small part to the bit of drama playing out in the EU right now. A couple of EU nations are against the ropes in a big way, and there doesn't seem to be a coherent plan in place yet to deal with this next step of the crisis. At the center of the problem are Greece and Spain. Greece is in worse shape than Spain, but not by a whole lot. And the Greeks have some serious problems with government transparency. Problems that were evidently exacerbated by a little monkey math on the part of Goldman Sachs. It is being reported that Goldman helped the
11 Feb 2010
Hey everybody, I know PJT was providing restructuring services for Greece. Are there any firms in particular that specialize in restructuring on governments, particularly in developing nations? How common are such mandates?
27 Feb 2019
We might have Aegean Contagion Part Deux on our hands. All is not well on your Uncle Eddie's side of the pond. Ireland draws closer to a full scale bailout by the day. Portugal is signalling that they're not far behind. And Greece is in the news once again, having to restate their projected deficit figures and admit that they're going to miss their targeted deficit reduction goal. By a lot. While Greece won't require another bailout (at least for the time being), a combined bailout of Ireland and Portugal may take as much as €200 billion, which would all but wipe out the bailout fund
16 Nov 2010
If California were its own sovereign nation, its GDP would rank 8th among the world's 195 countries. Luckily, California is not a country, because that would mean Arnold Schwarzenegger would be Supreme Commander of the Kingdom of California. (And, by extension, that the pregnant star of the film "Junior" would be a king...) Don't think too hard on that one, your brain might explode. Then again, between 1981 and 2005, California paid about $4.08 trillion in federal taxes, while the federal gov'ment spent about $3.5 trillion in and on the state (and managed to accrue its own $3.8 trillion debt) over the same period. So maybe a secession is in order?
08 Jul 2010
Non-technical question here, hope that's alright. I'm planning on spending next Fall abroad in Europe and want to capitalize on the low Euro now. Where/what is the best form to purchase Euros? First consideration was to simply exchange at my bank, but they want 1.30 for every dollar, which is more than 7 cents above the Euro's real value. Since I don't need cash in hand for at least another 3 months, I'm wondering how I could go about purchasing the Euro at a more economical rate. I know next to nothing about currency trading, but very willing to learn. As a side note, what do people make of the current drop in the Euro? My intuitions tell me it will be higher, though probably not substantially, by the Autumn. One article I read noted that after the last two times the Euro fell this low, it went on a 6 month rebound. But if the Greek situation continues to spiral out of control, it could fall below 1.2, but I'm not willing to bet on it. Thanks.
25 May 2010
from washington post:
Thoughts? Heavily indebted Greece and its bondholders have agreed on a debt swap that would reduce the face value of their holdings by 53.5 percent. Bondholders - banks, insurance companies, and investment funds - are offered new bonds that are worth less, have a longer time to be paid off and bear less interest. The debt reduction is one condition of Greece getting a second, €130 billion ($173 billion) bailout from other eurozone countries and the International Monetary Fund.http://www.washingtonpost.com/business/markets/as…
05 Mar 2012
Forget your shitty bonus, imagine having to pay back a month's salary.
http://www.theatlanticwire.com/global/2012/02/some-greeks-might-have-pay-their-jobs/49023/ Salary cutbacks (called "unified payroll") for contract workers at the public sector set to be finalized today. Cuts to be valid retroactively since november 2011. Expected result: Up to 64.000 people will work without salary this month, or even be asked to return money. Amongst them 21.000 teachers, 13.000 municipal employees and 30.000 civil servants.
24 Feb 2012
As Greece has taken on an increasingly disproportionate role in today's macroeconomic outlook, the likelihood of the can NOT being kicked down the road ad infinitum seems to have shrunk to zero. But just as it seemed safe to give up on this whole thing ever being resolved, the private sector is starting to take charge: http://online.wsj.com/article/SB10001424052702304…
28 Jun 2011
What do you guys think would be the best outcome for tonight's debate on further austerity measures in Greece? For my part, I kind of hope they say no. The idea that the fallout from a Greek exit from the euro will be 'contained' is preposterous but I also believe it's a shock markets can withstand, at least until the situation in Portugal gets significantly worse. The situation for the Greeks has gotten completely untenable and complying with some of the measures being advocated by EU officials and ze germans right now just seems disgraceful. My best guess is a 'grexit' would sharply increase
12 Feb 2012
A day after the EU has come to terms on a bailout to save Greece, this Bloomberg TV analysis is pretty interesting. First, they point out that the rates Greece got were still pretty punitive, despite the fact that they were below market rates. But even more interesting is the notion that the U.K., not Portugal, Spain, or Ireland, might be the next economy to be forced to the brink because they're not part of the Euro Zone and don't have the partners to bail them out.
13 Apr 2010
Will Greece default this week? The question that has been on many minds over the past two years could come to a head in the oncoming days. Maybe it's the NFL season getting to me already, but I can't help to feel like I am watching a team tries to punt on every down. Whether kicking the feta down the road can work or not, one thing is certain. Things ain't gettin' any better. As the euro sank 1.6% versus the dollar last Friday alone, yields on U.S. Treasuries and German bonds fell to record-lows. The euro has continued its free fall and we all know the reason... The trouble stems from the
13 Sep 2011
We often casually reference the 800 lb. Gorilla in the room to allude to issues which we prefer to ignore. In this regard, the hobbled, battered, beaten and tattered economy of Greece is a lot more like the 80 lb. model in a room full of coke dealers. While nobody with scruples is going to feel sorry for a crack whore, are there moral bounds to vulture capitalism? It seems to me that in the case of Greece we are not only seeing the irresponsible behavior of a borrower who has gone too deep in the red to come back. It also seems that we are seeing a re-emergence of Mercantilism and economic
05 Jun 2011
Short Run: Long run: Unload all olive oil contracts: www.wheninfinance.tumblr.com Follow us on Twitter: https://twitter.com/#!/wheninfinance
17 May 2012
In 1827, when the modern Greek State was created, money transactions were carried out mainly in Turkish coins, as well as in foreign currencies such as the Spanish Distilo. There was no Greek currency until 1828. A national monetary system, based on silver, was established for the first time in 1828. This silver standard prevailed until 1832. In 1831, the currency's convertibility into silver was suspended, and paper money was created to finance the budget deficits.
17 Nov 2012
Greece is baning shortselling for 2 months... Does someone have some knowledge as to how this is going to help matters? Just curious to what the logic behind this is. http://finance.yahoo.com/news/Greece-bans-shortse…
08 Aug 2011
How about debt holders convert into equity holders and get a say in the countries restructuring process, like figuring out tax rates and the budget. Afterwords, whatever is collected by the government in taxes and is left over after spending is distributed to these equity holders until their principle amount is paid back, inflation adjusted? Sorry, I got bored and just came up with this out of no where. I know it's not feasible but would love to hear all of your inputs on a solution
22 Jun 2011
I've been thinking about this issue for quite a while. If you look back at historical economic events, most of the accounts suggest a very clear message to us: Let the countries in strains voluntarily or be forced to devalue their currencies. By doing so, they could get back to balance.
14 Mar 2011
How it took this long for somebody to make this is beyond me, but nevertheless, this Thursday marks the grand debut of the Global X FTSE Greece 20 ETF (Ticker name: GREK), the first-ever all-Greek ETF. Tracking the FTSE/ATHEX 20 Capped Index, which in turn tracks the 20 largest companies in Athens' exchange, GREK will finally give those looking for exposure to Greece something a little more concentrated than what your typical Euro ETF can provide. Good luck shorting it though. As you can imagine, Greek equities have taken quite the hammering already; the MSCI Greek Index is barely a tenth of
06 Dec 2011
So this Greece deal seems to be starting to play out pretty seriously, and US markets certainly are nowhere as bullish as they were a couple of weeks ago. Was reading somewhere that some expect the Dow to hite 8500 before it hits 11500 again. That being said, does anyone think this will hurt SA conversion rates for this summer? Tyia
18 May 2010
In what I'm quite certain will amount to much ado about nothing, Ben Bernanke testified before Congress today that the Federal Reserve is investigating Goldman Sachs's part in the Greek debt crisis. Evidently, destabilizing a sovereign nation for fun and profit is not okay anymore.
In the event the bank is found guilty of wrongdoing, the penalties "We are looking into a number of questions relating to Goldman Sachs and other companies and their arrangements with Greece," Mr Bernanke said, noting that the US Securities and Exchange Commission was also interested in the issue.
25 Feb 2010
After reading this article it got me thinking whether exiting the Euro is actually a viable option for Greece. Let's look at how things might play out (please bare with me for any simplifications etc. and should there be errors in my logic feel free to point it out).
17 May 2012
Lazard Advising Greece http://dealbook.blogs.nytimes.com/2010/05/04/laza… May 5, 6:26 a.m. | Updated Lazard said on Tuesday that is advising Greece as it works to complete an extensive bailout loan from the European Union to avoid defaulting on its debt. The investment bank has a long history of advising governments on reorganizing their finances, including assignments like Ivory Coast and Ecuador. But a Lazard spokesman wrote in an e-mailed statement to DealBook that the Greece assignment is different and that a debt restructuring - which would constitute a default - is considered off the table. "Lazard confirms that it has been hired to assist the Greek authorities," the spokesman wrote. "It is to be noted that a restructuring of Greek debt has never been an option to be considered."
05 May 2010
Now that the S&P rallied over 60 pct since last March 2009, and pretty much all other markets except housing and real estate have also rallied (anything connected to financial markets that received the half of the several $trillion of US and other central bank emergency money infusions beginning big around March 2009) it begs the question when there will be a correction. Or a crash. There is a hint in the above paragraph. Namely the US alone engineered about $1 to $2 trillion of quantitative easing. That means that the US bought all US mortgages by buying mortgage bonds for example. The US was the buyer of last resort - for everything. Including foreign markets, without making a laundry list of them. Full article at: Financial stimulus
11 Mar 2010
Last week represented a whirlwind of activities that shook markets and expectations. It started with the surprise move with the SNB exiting the exchange rate peg with the Euro driving many a hedge funds out of business followed by the death of King Abdhullah in Saudi Arabia. The much anticipated QE was announced by Mario Draghi (with a package bigger than expected!). Russian bonds received junk status from the S&P and finally with radical left party Syrizia winning Greek elections and promising to end the austerity regime. So what do you think moved the markets most and will be pivotal in
27 Jan 2015
As the ECB and the Greek elections bring us closer to the decision of whether or not Greece stays on the Euro, I can't help but think about the potential for mispricings in the market - specifically among Greek companies. My theory: if you can find a company operating in Greece that generates steady cash flow and doesn't import/export, shouldn't they theoretically be unaffected by whether or not Greece drops the Euro? And if that is the case, I would imagine there is a possibility that this company could be significantly undervalued as a result of the overall fear in the Greek markets right
18 Jan 2015
In the past few months, we have witnessed a rise in the questioning the stability of the eurozone. Much of the focus has been on Greece and the June 17th elections (which have led to more confusion). The winner of the Greek elections, pro-euro New Democracy, has the next two days (give or take) to form a coalition government. New Democracy wants Greece to stay in the euro, but it isn't that easy. Any government that forms in Greece will face a massive debt burden (~$16 Billion due in next three months), a high unemployment rate, a contracting GDP, and a populace that is struggling to meet
18 Jun 2012
So I was browsing Blackstone's transactions list and saw that BX "Advised PCIC on Greece's €206bn debt restructuring". Anyone familiar with this deal or know who PCIC (Private Creditor Investor Committee) represents? Also, why is this under BX's advisory group and not restructuring?
29 Jun 2012
Hi everybody I'm looking to get into hedge funds that invest/are active in the Balkan region. Its been very hard to find this information over Google and Linked in, does anyone have any idea of what I should be doing to have some better luck? Thank you!
14 Jun 2012
Soros recently asserted that Europe could be more dangerous to the global financial markets than the default of Lehman Brothers in 2008, because of the political stubbornness of European policy makers. He has been saying this for over two years now, while government officials continue to ignore him, focusing instead on making bold statements and causing riots. In a brilliant move, Soros returned investor capital at the end of July to avoid the eyes of the public. I am sure he is now short sovereigns via CDS, currencies, and synthetic instruments, while he continues to donate to the poor in Eastern Europe like a modern day Robin Hood. Since March, Italian CDS has more than doubled, and French and Belgian CDS spreads will continue to creep higher as the sovereign crisis persists.
25 Sep 2011
Seems it is contingent upon the rating agencies not downgrading Greek debt and Papandreou maneuvering austerity through the gauntlet a second time. [quote=]Schaeuble sees a French proposal to roll over Greek debt as a "good basis" for talks, Asmussen said. Under the French plan, private investors would receive new Greek 30-year bonds worth 70 percent of their original holdings through June 2014, with the remaining 30 percent paid in cash on maturity. Greece would use 50 percent of the original amount to pay down its debt, with 20 percent invested in zero-coupon bonds through a special purpose vehicle that will be used as collateral to insure the banks get repaid.
30 Jun 2011
The Irish bailout being unveiled this week will determine the performance of both the Euro and the global equity markets. Irish and Portuguese bond spreads had been widening over the past four weeks, since Ireland again became the focus of bearish investors. Sources claim that the current bailout will be less than 100 billion euros, and will cover the entire country's budget needs for the next three years. Ireland's current budget deficit is about 19 billion euros/year. The problem is that the Irish banking system may need more help than analysts expect. The system has more than half a trillion in assets. According to Reuters, the hole in the commercial real estate sector is greater than 25 billion Euros alone. This does not include potential residential losses.
22 Nov 2010