all will be happy in the Hellenic Republic.â Toby felt the need for a few more glugs of Macallans at this point.
JJ had listened to Tobyâs tale without interruption. As each snippet of information came out, JJâs brain was assessing, analysing, calculating. If the information was accurate then, at best, they only had till Friday, tomorrow, lunchtime to ditch one big bucket load of Greek bonds.
âToby, given that the entire crux of this depends on how worthy this Spiridakos fellowâs information is, what makes Marcus think that it isnât some desperate spin doctorâs wishful thinking. The blokeâs in the opposition party, perhaps he wants a bit of market chaos to put pressure on the government ahead of the vote. In fact, would Marcusâs pal, who he may not have seen for ages, really tell him this kind of stuff?â
âWell,â said Toby deliberately, âTheo Spiridakos is not so much Marcusâs pal, as his brother-in-law. Marcus believes the information is 100% reliable.â
Now it was JJâs turn to have a gulp of malt whisky. âJesus Christ, Toby,â said JJ after a pause. âThere is no fucking way we can unload our Greek bonds by tomorrow lunchtime, even if we have till tomorrow lunchtime, without causing serious, or even fatal, damage to our unrealised profit on those suckers. The market wonât wait till they find out if Tsiprasâs plan works. Theyâll just beat the holy shit out of the bonds, the euro, equities and whatever else is directly linked to them, the bloody second they smell that any of those PASOKs are going to jump ship. Itâs the fucking financial equivalent of shoot first, ask questions later. And if they shoot, weâre dead.â
âI know,â said Toby, feeling a bit worse for wear by now. âThatâs why Iâm here on your armchair. It canât wait till tomorrow and I donât know what to do.â
JJ stood up, walked over to his drinks cabinet and poured himself another whisky and Canada Dry, gesturing to Toby asking if he wanted another one. Toby was flagging at this point and declined. Toby was expecting JJ to say something and sensing this JJ said softly, âIâm thinking, give me a few moments,â and sat back down.
While the Scotâs internal computer was whirring away, Toby was contemplating his potential financial demise. If these Greek bonds went belly up, heâd be getting no bonus and if JJ got the chop because of any debacle then heâd certainly be out as well. In hedge fund world youâre really only as good as your last trade. Reputation takes time to build but a nanosecond to lose. Whoâd want to hire a trader whose CV read âbutt-fucked by a bunch of Greek wankersâ. Nobody was the answer.
JJ was contemplating. All that time it took to research the Greek trade, the work with Yves-Jacques on the game tree, the apparently misplaced confidence that there was a 70% probability, at least, that the unrealised massive profit in the bonds was intact. It was all about to go down the toilet because a few Greek politicians couldnât take the pain of the hair shirt that their own prior mistakes determined that they should don. There was no point greetinâ too much over that now, thought JJ. Itâs in the past. If Marcusâs brother-in-law was straight up then by tomorrow afternoon there was going to be a shit-fest of red on all Bloomberg screens. Ironically, as it would be the first Friday of the month, US non-farm payrolls data, the pivotal data statistic of any month, would be released at 1.30pm GMT prompt. These were expected to be good, around 300,000 new jobs created in November if market consensus expectations and Wednesdayâs ADP job figures were anything to go by. NFPs were often regarded as the key market data release from the US depicting the health of the economy. From a proper economistâs perspective they had no
Ron Roy and John Steven Gurney