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Europe Imploding (Again): Greek Two-Year Note Yield Surges 213 Bps to Record 35.19%, More Italy Stock Suspensions
It's getting very scary out there. First there has been an unsubstantiated rumor that Spanish PM has resigned based on an El Pais editorial, and then we have the fact that Greek 2 year bonds have just collapsed by another 2% to an all time record 35.19%. The cherry on top are reports that Intesa Sanpaolo and some other volatile bank shares are suspended after continuing their last week plunge. One day soon the entire European stock market will just shut down and not reopen (which will naturally simply be an excuse for the US HFT lobby, which now feels unfairly attacked for being a malicious parasite, to levitate the Russell 2000 to unseen levels).
As usual, this is worth a thousand words:
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AmeriCON'd needs a 60 trillion TARP to bail out the world. Watch EU burn to fiat currency ashes, says it's not long until bank runs, banking holidays, and complete systemic monetary break down hits our coast to roast. Keep packing those self sufficiency economic life boats. The unsinkable Keynesians can only pin ball off monetary icebergs for a while longer. The plug gets pulled on the game after tilt. Don't get left holding worthless fiat paper the ponzi has spread out over the citizens of the world. It all goes to its intinsic value. Zeroooooo! Don't be fooled.
But I thought they all passed the stress tests - should all be fine now - there's no need for this.
Yep...it's all good. There's nothing at all to worry about in Spain or Italy!
"Spain and Italy top results in stress tests" (Financial Times, 17 Jul)
We've got ourselves a horse race.. Greece & Italy are neck to neck.
http://euro-bonds.appspot.com/eurobonds.jsp
It's about time we found a place ofering an attractive return on our money. This sub 1% interest we get here is criminal. Where can I get in?
Gold?
...too bad it will still not make the Duck's suspension cheaper, thank you Benny and the 911 Jets, and it would not be Italian if it did not breakdown like the old El Douche do. http://www.youtube.com/watch?v=Dm9933w0b9g&feature=related
"Update (1315 UK time) — There’s been a call from ZH CB not to emphasise the benchmark yields or spreads to Bunds, versus the movement within the Italian and Spanish yield curves. Fair enough (although we think the yields still matter to debt sustainability) and there are some extreme results. The spread between Spanish 10-year and 30-year bonds is below 25bps, heading back to flattening last seen in late 2008-early 2009. The Italian 10-30 spread is also flattening markedly, to below 40bps at pixel time. Further recent yield curve movements for both sovereigns here.
Inversion, anyone?"
Alphaville
35 percent? damn, that is better than gold. i think i will sell my yellow stuff and buy me some of these greek 2 year bonds...........NOT !!!!!!!!!!!
The US is Greece times 100. Wait till T-bonds are at 35%!
Good luck housing market!
That linked editorial is one hell of a text. Some pull quotes:
"....a growing unease that knows no ideological boundaries,
generational or social class."
"...[the protesters] are against the parties, trade unions, bankers, newspapers, and media in general."
"Spanish, Greek, Icelandic, Portuguese, or Italian discontent now nests with different expressions in many other places, and as in North Africa and the Middle East begins to curdle in civil wars, latent, or not so latent, such as Libya and Syria. The lack of leadership, sometimes only able to assert by force, the resilience of those in established positions and inflexibility of the response to a world in constant boiling, will only prolong the decay of an unsustainable reality."
That is pretty intense and right on as far as I can see.
It's getting scary.
Tyler, you forgot our printing expert. He is capable of printing without a shame. That's a trump card for our entire human society.
Just minor profit-taking in those Greek bonds. No worries everyone, just move along and really worry about Murdoch and Casey Anthony.
I'm thinking it's time we all just short the Euro en masse and wrap this shit up. I'm not a fan of soap operas and this particular one is getting more and more annoying daily.