Now That Greece Has Defaulted, the Default Dominos Are Coming Fast

Phoenix Capital Research's picture

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Ol Man's picture

Spain and Portugal said on Saturday the euro zone's debt crisis is a global problem, calling on the United States and other G20 powers to help contain the fallout.

 

Spanish Prime Minister Jose Luis Rodriguez Zapatero urged the G20 countries least affected by the crisis to provide "urgent stimulus plans" to shield the global economy.

 

They aren't worried about the 'global economy'...

 

Their worried about keeping their phoney baloney jobs...

 

Harrumph....Harrumph....Harrumph....

SheepDog-One's picture

So Greece debt holders get a haircut, but Merkel says 'Thats it, no more haircuts'...what is she delusional? Greece is only the snowflake on the tip of the debt iceberg!

Debt haircuts by GUILLOTINE next!!

tony bonn's picture

fuck you Minister Jose Luis Rodriguez Zapatero....you and your bankster cohorts brought your country to bankruptcy and now you want the rest of the world to bail you out for your treacher? fuck you asshole.

ddtuttle's picture

Check out 

http://www.bloomberg.com/news/2011-11-17/merkel-rejects-french-calls-to-deploy-ecb-as-crisis-backstop-on-euro-debt.html

 The ECB is the only way to save the EMU now, and the Germans are saying "nein".  So my reading of this is that Merkel has realized the EU is unsavable, and is determined Germany will not get dragged down when it goes.  Unleasing the ECB now would just encumber Germany unecessarily.  This isn't about memories of Wiemar, this about survival. 

LawsofPhysics's picture

So is THIS a credit event or not?

falak pema's picture

Greece is still sucking at the teat of Euro system and asking desperately for more.

NEOSERF's picture

Wierd how quiet everyone has been on Spain...China style collapse coming in Spain but it has managed to stay out of the limelight.  Reality is that it is somewhat likely in my mind that we wake up and find that the Fed has dumped $800b into the ECB and will sell it to us as Paulson did...to prevent the collapse and they are sure that they will end up getting all of our taxpayer money back....

Elwood P Suggins's picture

Hopefully a Phoenix Capital default will occur momentarily.

Sudden Debt's picture

Why wouldn't countries who haven't defaulted at all yet get a even bigger haircut on their debt? To protect them and offer it as a loyalty gift for not defaulting?

Why doesn't germany get a 50% debt haircut? Belgium? Holland? France?

Why give it to the poor countries?

Didn't we keep African countries as debt slaves for these last 6 decades?

 

bill1102inf's picture

LOL, Greece didn't default

my puppy for prez's picture

Here is what CNBC is saying:

"


Instead of being hurt by the European debt crisis, US banks could actually end up benefitting from the turmoil across the Atlantic, analyst Dick Bove said."

LMAO!!!  Is that why MF is so F'ed?

 

SheepDog-One's picture

CNBC is such a bunch of shameless whores.

spartan117's picture

Isn't most of Italy's debt held internally?  Meaning they can raise taxes to pay off the debt.  It's almost a wash for them from this perspective.  If the debt is held externally, like the USA, it'll be a different story as the citizens of that country would experience a lowered standard of living.

markar's picture

supposedly over $700 bil of Italy's  $2 trill in debt is held by foreign banks. One French bank (BNP?) allegedly holds $400 bill alone.

Watson's picture

I agree.

Also, (Northern) Italy has a substantial manufacturing sector, selling goods all over the world on style, not price.  At least in theory, if Italy fixed up its tax collection, it could get out of the hole.  Further, Italy didn't have a real-estate bubble and bust.

But no-one seems to look at Spain.  No manufacturing worth speaking about, just agriculture, tourism and a *very* big real estate bust.

After all the ECB intervention, Italian yields were down on the day.

But Spain's were up.  Spain (and its banks) have had it.