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# The Global Intelligence Files

On Monday February 27th, 2012, WikiLeaks began publishing The Global Intelligence Files, over five million e-mails from the Texas headquartered "global intelligence" company Stratfor. The e-mails date between July 2004 and late December 2011. They reveal the inner workings of a company that fronts as an intelligence publisher, but provides confidential intelligence services to large corporations, such as Bhopal's Dow Chemical Co., Lockheed Martin, Northrop Grumman, Raytheon and government agencies, including the US Department of Homeland Security, the US Marines and the US Defence Intelligence Agency. The emails show Stratfor's web of informers, pay-off structure, payment laundering techniques and psychological methods.

## Re:

Released on 2001-03-13 18:00 GMT

Email-ID | 1708856
Date | 2010-02-05 22:23:49
From | marko.papic@stratfor.com
To | Lisa.Hintz@moodys.com

Sorry! page 168 of the PDF ITSELF, not of the actual printed document. And
I was wrong... the debt is like 99% domestically held. Which oh by the way
makes letting Greece implode SO much easier.
"You lie to us about stats... you can't get your spending in order... AND
you owe yourself?! Why are we thinking of bailing you out again?!"
Hintz, Lisa wrote:
I couldn't find it, but that is fine. I believe you, and if I need
them, I will have you dig them up! If they hold that much debt, they
will have to mark it to market in March which will be a HUGE hit to
their capital base. They were all recapitalized this past summer (by
the government) but, depending on how much each one holds relative to
their capital base, some could literally be insolvent.
Lisa Hintz
Capital Markets Research Group
Moody's Analytics
212-553-7151
From: Marko Papic [mailto:marko.papic@stratfor.com]
Sent: Friday, February 05, 2010 3:32 PM
To: Hintz, Lisa
Subject: Re:
You are definitely right. Greek banks took disproportionate percent
(relative to their economy compared to overall eurozone economy) of
those 1 year unlimited fund auctions by the ECB. This is not speculation
at all. I have the numbers somewhere, I have seen them. I can dig them
up for you if needed. And yes, the Greek banks hold around 80 percent of
government's external debt (check page 168 of the attached document).
Hintz, Lisa wrote:
Yes, but they wouldn't want to. For them, they have plenty of liquidity
because they are borrowing from the Fed for free. In theory they could
then buy Greek bonds and hold them for the spread, but now they would
have big losses on them since the spread has widened. But the real
reason was that the "customer flow" business - using their balance sheet
to facilitate buying and selling of securities and derivatives by their
customers - has been a great business. Also, issuing debt and equity,
and to a lesser extent, M&A business has been really good.
But the Postbanks or BAWAGs or LBBWs of the world couldn't really get in
that market. They needed size to do that, and liquidity. So what I was
thinking was that with the small amount of liquidity they had (customer
deposits, maturing loans, maturing securities) they might have bought
higher yielding bonds for the spread rather than tying it up in more
mortgages or other local projects.
From a bank's perspective also, it makes sense to hold securities rather
than loans. Loans tie up more regulatory capital, and many of these
banks were very capital constrained. I think the people that were
putting the Greek debt at the ECB were the Greek banks. I think what
was happening was that the government was issuing a lot of debt (to pay
public sector workers and more generally to fund its deficit) and it was
being bought by the Greek banks. Then they were putting it with the ECB
because they needed liquidity and it essentially gave the government
"hard currency" which is to say Euro deposits with the banks. I suspect
that when they had those 1 year unlimited and other long term funding
auctions by the ECB, the Greek banks took down a lot of them. I also
suspect that for the ones after the first one (which weren't one year),
but also before the last one, they showed up in really disproportionate
size (I don't know this, this is all speculation) and that is when the
ECB said "enough"). It is also when the market got worried because the
news got out that they were responsible for 9% of the funding from the
ECB! Somehow, the market didn't get worried enough because it took
until the first of this year for things to start to really fall apart.
Lisa Hintz
Capital Markets Research Group
Moody's Analytics
212-553-7151
From: Marko Papic [mailto:marko.papic@stratfor.com]
Sent: Friday, February 05, 2010 2:55 PM
To: Hintz, Lisa
Subject: Re:
Plus, can JP Morgan purchase Greek government debt and use it as a
collateral with the ECB?
Hintz, Lisa wrote:
Yes, although given how profitable the FICC and i-banking business has
been this year, I think the big players have just stayed there. I would
think that someone like BNP or JP Morgan would find it too small and not
worth it.
Lisa Hintz
Capital Markets Research Group
Moody's Analytics
212-553-7151
From: Marko Papic [mailto:marko.papic@stratfor.com]
Sent: Friday, February 05, 2010 1:45 PM
To: Hintz, Lisa
Subject: Re:
I was thinking of the same thing...
I imagine it is all eurozone banks, since any eurozone bank can use them
as collateral. Right?
Hintz, Lisa wrote:
It would be really interesting to know where beside the Greek banks the
Greek bonds are held. I have been suspicious that German and Austrian
banks with their low profitability, (Deutsche would be an exception)
might have been buying Greek, Irish, Spanish, Portuguese bonds as a
carry trade hoping to earn their way out of their problems. I have no
way of knowing this, but if you come across this, let me know. Gillian
Tett wrote a piece in the FT today where she did mention German
insurance companies, and I think it is right, but the banks probably
have them too.
Lisa Hintz
Capital Markets Research Group
Moody's Analytics
212-553-7151
--------------------------------------------------------------------------
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Marko Papic
STRATFOR
Geopol Analyst - Eurasia
700 Lavaca Street, Suite 900
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TEL: + 1-512-744-4094
FAX: + 1-512-744-4334
marko.papic@stratfor.com
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by telephone, fax or e-mail and delete the message and all of its
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from viruses. You should, however, review this e-mail message, as well
as any attachment thereto, for viruses. We take no responsibility and
have no liability for any computer virus which may be transferred via
this e-mail message.
--
Marko Papic
STRATFOR
Geopol Analyst - Eurasia
700 Lavaca Street, Suite 900
Austin, TX 78701 - U.S.A
TEL: + 1-512-744-4094
FAX: + 1-512-744-4334
marko.papic@stratfor.com
www.stratfor.com
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The information contained in this e-mail message, and any attachment
thereto, is confidential and may not be disclosed without our express
permission. If you are not the intended recipient or an employee or
agent responsible for delivering this message to the intended recipient,
you are hereby notified that you have received this message in error and
that any review, dissemination, distribution or copying of this message,
or any attachment thereto, in whole or in part, is strictly prohibited.
If you have received this message in error, please immediately notify us
by telephone, fax or e-mail and delete the message and all of its
attachments. Thank you. Every effort is made to keep our network free
from viruses. You should, however, review this e-mail message, as well
as any attachment thereto, for viruses. We take no responsibility and
have no liability for any computer virus which may be transferred via
this e-mail message.
--
Marko Papic
STRATFOR
Geopol Analyst - Eurasia
700 Lavaca Street, Suite 900
Austin, TX 78701 - U.S.A
TEL: + 1-512-744-4094
FAX: + 1-512-744-4334
marko.papic@stratfor.com
www.stratfor.com