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Meanwhile In Italy...

Tyler Durden's picture




Bank holiday limit up?

And, as a reminder, our favorite chart:


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Mon, 07/11/2011 - 10:40 | 1443644 Fish Gone Bad
Fish Gone Bad's picture

It is hardly fair to put Slovenia up on the same chart as Italy.  Much like Canada, Slovenia isn't even a real country.

Mon, 07/11/2011 - 10:52 | 1443715 carbonmutant
carbonmutant's picture

This time it's different...

Mon, 07/11/2011 - 10:21 | 1443529 slow_roast
slow_roast's picture

That's the short selling ban plan B!

Mon, 07/11/2011 - 10:25 | 1443558 bigwavedave
bigwavedave's picture

must punish those naked longs....

Mon, 07/11/2011 - 10:27 | 1443573 Sudden Debt
Sudden Debt's picture

That trick always does wonder.

But for one reason or the other, those stocks always drop another 20% when trading resumes the next day...

THANK GOD FOR THE PPT CREW! where are those guys anyway?


Mon, 07/11/2011 - 10:32 | 1443601 coppertop
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Mon, 07/11/2011 - 10:40 | 1443642 snowball777
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Funny how they don't realize that a short ban makes about as much sense as coming home from work and vehemently denying that you had sex with your secretary today before you're even asked.


Mon, 07/11/2011 - 10:22 | 1443530 MsCreant
MsCreant's picture

No one is allowed to sell anything, got that? Stop your panicking now. Ratings don't matter. Creditworthiness doesn't matter, just stop that selling or the value of the asset will go down, okay?

Mon, 07/11/2011 - 10:24 | 1443547 Cognitive Dissonance
Cognitive Dissonance's picture

Interesting how the masters of the universe loved the rating agencies when the Ponzi was in full swing. Now that it's coming apart at the seams, those dirty rotten rating agencies should be hung from the highest pole.

I love the smell of hypocrisy in the morning.

Mon, 07/11/2011 - 10:31 | 1443594 wandstrasse
wandstrasse's picture

And I love the smell of cognitive dissonance in the afternoon (CET)

Mon, 07/11/2011 - 10:59 | 1443764 LeBalance
LeBalance's picture

If you can smell CD from CET in any part of the day, CD needs a bath.

Mon, 07/11/2011 - 11:26 | 1443954 Cognitive Dissonance
Cognitive Dissonance's picture


I over slept and I was late so.......

Mon, 07/11/2011 - 10:56 | 1443734 carbonmutant
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Zillow was a good idea on the way up,

Bad idea on the way down...

Mon, 07/11/2011 - 10:58 | 1443748 francis_sawyer
francis_sawyer's picture

Keep giving us your money and don't ever think about selling anything... got that?

Mon, 07/11/2011 - 10:23 | 1443537 oogs66
oogs66's picture

this is the real contagion....all the greek stuff was just a warm up....italian banks might be ground zero for the real european blow up

Mon, 07/11/2011 - 10:25 | 1443559 Quintus
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We can but hope.  The death of that patched-together frankenstein's monster of a currency and the megalomaniacal proto-dictatorship that spawned it will be an event to celebrate across the continent.

Mon, 07/11/2011 - 10:26 | 1443560 Cognitive Dissonance
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....all the greek stuff was just a warm up....

Actually I like my Greek goat's milk warm and direct from the udder.

Mon, 07/11/2011 - 10:27 | 1443570 coppertop
coppertop's picture

You pork the goat then you eat him

Mon, 07/11/2011 - 10:32 | 1443604 Cognitive Dissonance
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Mon, 07/11/2011 - 10:36 | 1443620 coppertop
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You can post pictures! You can pork goat.

Mon, 07/11/2011 - 10:40 | 1443648 thunderchief
thunderchief's picture

That's awsome.  It's a troll under the bridge.  It's nice to see a picture like this, to let us know that all this debt crap is just that, a load of free trade crapo wapo.  Thanks

Mon, 07/11/2011 - 11:00 | 1443772 francis_sawyer
francis_sawyer's picture

I think the 'troll' reference was a REPLY function

Mon, 07/11/2011 - 11:13 | 1443872 thunderchief
thunderchief's picture

I'll spin artwork anyway I damm well please!

Mon, 07/11/2011 - 10:24 | 1443540 SheepDog-One
SheepDog-One's picture

Funny how theres no 'limit up' however.

Mon, 07/11/2011 - 10:45 | 1443664 coppertop
coppertop's picture


Mon, 07/11/2011 - 10:24 | 1443553 HistorySquared
HistorySquared's picture

Good idea. It worked so well last time. 

Mon, 07/11/2011 - 10:25 | 1443554 A Man without Q...
A Man without Qualities's picture

Meanwhile in Germany - check out the insurance companies.  Rumors flying about CDS trading, almost AIG redux.

Mon, 07/11/2011 - 10:26 | 1443564 oogs66
oogs66's picture

thanks...and that actually makes sense about who has been writing the cds

Mon, 07/11/2011 - 10:29 | 1443587 A Man without Q...
A Man without Qualities's picture

AXA down almost 8%, Dexia nearly 9% as well....

All the idiots in a line, all doing things because everyone else is...

Mon, 07/11/2011 - 10:34 | 1443611 Sudden Debt
Sudden Debt's picture

It's not even worth to short Dexia anymore.

When that baby goes down, the euro is gone.


Mon, 07/11/2011 - 10:40 | 1443627 hedgeless_horseman
hedgeless_horseman's picture

No reason to panic.  What time is today's POMO?

Hmmm.  That's funny.  The NYU intern must have forgot to post the new schedule.

Mon, 07/11/2011 - 10:45 | 1443672 TruthInSunshine
TruthInSunshine's picture

I regret to inform you that there is no formal POMO today. However, we are offering assistance to stem the losses with a continuing re-investment of interest income derived from (further deteriorating) MBS and other (toxic) assets.

While these amounts are approximately 10% to 15% of the amounts (stolen from taxpayers) used during formal POMO treasury purchasing (RICO Operations) that ended July 30th, we hope they are of some consolation.


The Bernank

bcc:  Timmay Jeetner

Mon, 07/11/2011 - 12:49 | 1444305 jm
jm's picture

Where Italy goes, so goes France.  Check out French 5Y CDS up 5%+ and BNP equity down 7%...

Mon, 07/11/2011 - 10:37 | 1443630 dbach
dbach's picture

How do the CDS work? Do they pay the whole nominal value of what they insure (ie $100k in US debt) or just the amount that is impaired (like restructured to 0.6 on the dollar would pay 0.4) or something else?

Mon, 07/11/2011 - 13:39 | 1444534 shortus cynicus
shortus cynicus's picture

CDS issuers don't have money to pay. They go also default and got bail outed by government that is all time default by definition.

Mon, 07/11/2011 - 10:25 | 1443557 hico11
hico11's picture

Bankers are already making offers for the Circus Maximus and the state-owned pasta factories.

Mon, 07/11/2011 - 10:26 | 1443561 Sophist Economicus
Sophist Economicus's picture

UNICREDIT, UNICREDIT....Now where have I heard that name before....

Mon, 07/11/2011 - 10:37 | 1443623 wandstrasse
wandstrasse's picture

forgot who it was, he said Unicredit is 'too big to mention'.

Mon, 07/11/2011 - 10:37 | 1443629 Sudden Debt
Sudden Debt's picture

They also sell popcorn that you can prepare in your microwave.

You buy it and when they feel the heat, THEY POP!


Mon, 07/11/2011 - 10:26 | 1443563 Gandalf6900
Gandalf6900's picture


I actually don't understand all the fuss...unicredit has exposure to Euro debt for about 60 big ones, while assetts of about 910 big ones...where is the danger again?

Mon, 07/11/2011 - 10:29 | 1443584 SheepDog-One
SheepDog-One's picture

Well 60 big ones outside the US is real money where inside the US 60 big ones is now only a few hours worth of Bernanke printing pumping and monetizing.

Mon, 07/11/2011 - 10:38 | 1443638 Sudden Debt
Sudden Debt's picture

and it starts with 60 but turn out to be 6000 after 1 month...


Mon, 07/11/2011 - 10:47 | 1443684 Gandalf6900
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but wait, it was the CEO who said there was nothing to worry...might he been lying, naaaaaah

Mon, 07/11/2011 - 10:30 | 1443585 oogs66
oogs66's picture

who cares about their other assets, it is their equity/leverage and how much short term debt they need to roll that is important. 

Mon, 07/11/2011 - 10:31 | 1443598 Quintus
Quintus's picture

How about this from a blogger who used to work for Unicredit

"As the ex Risk Manager of UniCredit Ireland, a subsidiary of Italy's biggest bank, I can confidently say that we are only beginning to see the TIP of the iceberg.  I resigned in 2007 because we were breaking the law by 1,900% of the limit (yes, one thousand and nine hundred percent!).  Although the matter was raised in the Irish senate, the Irish parliament, and more recently - the Austrian parliament (UniCredit owns Bank Austria - Austria's biggest bank), silence prevails. My recent meeting with the Irish Central Bank was another exercise in official window dressing.

UniCredit's shares were suspended from trading last Friday after taking a major hit. But fear not, the current governor of Italy's central bank is about to become the next president of the ECB...

To read more, please visit my blog at: "

Based on what this guy says, it appears that the Italians are every bit as good as the Greeks at lying about their financial position.  You might want to take those Asset and Exposure figures you quote with a pinch of salt.

Mon, 07/11/2011 - 10:34 | 1443614 A Man without Q...
A Man without Qualities's picture

Take it from me, the Italians are far more experienced and creative than the Greeks...

Mon, 07/11/2011 - 10:45 | 1443666 Gandalf6900
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Mon, 07/11/2011 - 10:27 | 1443574 gianakt
gianakt's picture

Beware of Italy imminently announcing that they are going to sell some of there Gold to shore up there books. Gold just did a back test of the failed uptrend line from January.

Mon, 07/11/2011 - 10:49 | 1443701 nathan1234
nathan1234's picture

No Central bank will sell Gold IMHO. They will be left cold when the new financial system comes up.

Mon, 07/11/2011 - 10:29 | 1443579 lizzy36
lizzy36's picture

Banning all short selling of financials, circa July 2008,  coming in 3,2,1..........

Cause we all know speculators are to blame. Same as blaming gravity for all plane crashes.

Mon, 07/11/2011 - 10:40 | 1443641 Sudden Debt
Sudden Debt's picture

I wonder who bought them on the dip?


Mon, 07/11/2011 - 10:45 | 1443671 Gandalf6900
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Mon, 07/11/2011 - 10:46 | 1443676 lizzy36
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Mon, 07/11/2011 - 10:57 | 1443739 HungrySeagull
HungrySeagull's picture

Oh god no. Anything but that....

Mon, 07/11/2011 - 10:55 | 1443726 wandstrasse
wandstrasse's picture

Lehman, Lehman.... now I recall, I still have some long positions.... shall I sell now? but the chart looks bad, I wait until it goes up again.

Mon, 07/11/2011 - 10:29 | 1443581 PulauHantu29
PulauHantu29's picture

I'm having stromboli for lunch ..sort of a sympathy vote.

Mon, 07/11/2011 - 10:30 | 1443591 Tense INDIAN
Tense INDIAN's picture

just look at the collapse in FTSE MIB...stunning ...840 points

Mon, 07/11/2011 - 10:33 | 1443607 THE DORK OF CORK
THE DORK OF CORK's picture

Maybe its best to enjoy this summer while Europeans still can......soon we will just have the memories.




Mon, 07/11/2011 - 10:35 | 1443619 TradingJoe
TradingJoe's picture

Wait until Intesa and Unicredit are pennies and then scoop them up! Always good for a few 100% before they go belly up for good! Quick trade!

Mon, 07/11/2011 - 10:37 | 1443628 Fabio
Fabio's picture

I`m still waiting for ZH to comment on the P4 Scandal unravelling in Italy:

Why There Is Always A ‘P’ In Italy


Mon, 07/11/2011 - 10:38 | 1443633 doomandbloom
doomandbloom's picture

why do people want to sell....anything...selling is so bad...

Mon, 07/11/2011 - 10:38 | 1443635 steve from virginia
steve from virginia's picture

The EU bailed itself out last Spring to the tune of a trillion euros more or less and bought some time. What did the EU do with the time, children?

 ... um ...

Did it use the time to restructure how it finances itself?

 ... hmm ...

Did it use the time to come up with a comprehensive energy policy so that it could rein in capital flight from Europe to Russia and Saudi Arabia?

 ... uh ...

Did the EU use the time to craft a 'mini- fiscal structure' that would allow the EU as a whole to issue debt and keep the bond market in line? Did it put into place a backup syste that would allow the EU to fund itself outside of the banking cartel? Did the EU take steps to investigate the cartel's actions during the runup to the 2008 credit crunch?

 ... erm ... unh ...

The EU spent hundreds of billions of euros and what does it have to show for the expenditure? Spanish Fernando Alonzo just did win the British Grand Prix, what else?

... mmmm ....

A sorry state of affairs, it looks like the whole mess is going to come crashing down. I hope you enjoy your prosperity while you still have a bit of it left.

Now, you Americans ... you spent $13 trillion to bail yourself out in 2008 and 2009 and you bought yourself some time. What did you do with the time, children?

Mon, 07/11/2011 - 10:55 | 1443679 THE DORK OF CORK
THE DORK OF CORK's picture

The ECB is the cartel Steve - the remaining bits of executive control were given away 15 - 20 years ago - Brussels is a expensive illusion necessary for the simple magic tricks effective execution.

The power lies in Frankfurt - I can understand now the contempt that bankers hold for all those 2nd class Princes that pretend to run their countries.

(Berlins abandonment of Nuclear is the icing on the cake and will create a explosive reaction in the Gas market over the next several winters)

The entire experiment is a farce.

Mon, 07/11/2011 - 10:40 | 1443649 snowball777
snowball777's picture

Au revoir, Frogs!

Mon, 07/11/2011 - 10:45 | 1443669 tim73
tim73's picture

It will be great to see blowback from this speculation crap back into UK and USA. Yanks and Brits are trying every dirty trick from the book to undermine eurozone countries while their own houses are beyond fubar.

Mon, 07/11/2011 - 12:32 | 1444248 Chuck Mentzel
Chuck Mentzel's picture

+ 9000

Mon, 07/11/2011 - 10:45 | 1443674 nathan1234
nathan1234's picture

I think it's time that European banks sell US treasuries and use the money in Europe before the US Treasuries suffer a smilar fate

Mon, 07/11/2011 - 10:50 | 1443704 Gandalf6900
Gandalf6900's picture


thats a great idea...only one problem, they're junk

Mon, 07/11/2011 - 10:59 | 1443760 nathan1234
nathan1234's picture

The Fed eats junk

Mon, 07/11/2011 - 11:04 | 1443803 FeralSerf
FeralSerf's picture

What are they going to sell them for -- US dollars?

Mon, 07/11/2011 - 12:36 | 1444263 Chuck Mentzel
Chuck Mentzel's picture

They should sell Treasurys and buy commodities.

Mon, 07/11/2011 - 12:39 | 1444259 Chuck Mentzel
Chuck Mentzel's picture

That would be the smartest move if done as stealthily as possible.

Mon, 07/11/2011 - 10:51 | 1443710 r101958
r101958's picture

Where is the US or UK on that chart?

Mon, 07/11/2011 - 11:06 | 1443822 nathan1234
nathan1234's picture


The US bubble is too big for the chart.


Mon, 07/11/2011 - 11:10 | 1443850 r101958
r101958's picture


Mon, 07/11/2011 - 12:28 | 1444238 freethinker4now
freethinker4now's picture

Whats all the whoopla about Ireland for, look we have a reaL SMALL circle, don't we?

Mon, 07/11/2011 - 12:42 | 1444278 Chuck Mentzel
Chuck Mentzel's picture

So you compare countries with a bank... How about USA and UK with this group?

Mon, 07/11/2011 - 13:32 | 1444505 Marcus_Junius_Brutus
Marcus_Junius_Brutus's picture

Meanwhile in the UK

Tonight at 9pm there is a vote in Parliament on a further nine-billion pound appropriation for the IMF (to bail out the Euro).

However - with the current newspaper scandal - MPs are feeling greater freedom of expression than usual and there appears to be a planned revolt against the government line. It will probably sneak through but you never know... The nine-billion might just be rejected...


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