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The Next Cyprus?
In the seven days since Slovenia's new government has been in power, their 10Y bond has seen its yield explode over 120bps as the investing world searches for the next 'Cyprus'-like land-mine. Of course, the Slovenian leaders are proudly denying it all, "Slovenia won't need aid, we can do this on our own," but with the nation needing EUR3 billion in bailout funding and the previous government proposing a 'bad-bank' style breakup, one can only imagine the capital outflows that are viciously circling this nation's financial system (given the relative size of their large 'uninsured' depositor base as shown here - SI). How will they solve the problem? By tapping international bond markets of course, "depending on market sentiment."
Charts: Bloomberg
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Today is a bad day to quit drinking.
GET FUCKED! ON LIKE DONKEY KONG!
I'll take Slovenia for 300 Bernnake dollars..
First they came for the bankers, but I said nothing ... because I was too busy laughing my ass off.
ot --
in yet more surveillance-style targeted advertising, the zh ads are not only asking whether I want to date more ukrainians, but now are asking me about my taste for columbians
damned rfid tags
they know everywhere you go nowdays
That's funny, I don't get those sort of ads. I keep getting some shill trying to persuade me to buy these queer round shiny things for ridiculously high prices. I mean GBP257 for a tiny round shiny thing? Why would anyone think I might be interested in a scam like that?
A lot of people like to buy shiny-plated tungsten. You are not alone.
i hv no such issue with the minimalist browser: SRWare Iron - http://www.srware.net/en/software_srware_iron_download.php
try to tweak your HOSTS file if the problem is persistence
pre-made hosts file is at:
http://www.accs-net.com/hosts/how_to_use_hosts.html
Try using Tor browser or use VPN SW.
Also, use a cheap, basic laptop purely for surfing, and keep the real data on another PC that will NEVER be connected to the internet. USB and SD storage is now so massive that you can port data from one to the other.
If you’re going that far you could just boot from a USB stick & reboot when you plug the hard disk back in & use the regular OS. Or in Linux you could unmount / not mount the hard drive while booting from the USB drive.
You’re smart enough to invest but not smart enough to use firefox with adblock & noscript? Really?
I don’t see ads. Ever.
Big spender.
Domino theory, bItCheZ!
There's never just five cockroaches.
Grab your bread helmets and ready for war.
http://i0.kym-cdn.com/photos/images/newsfeed/000/097/517/3682_2050_480.j...
sheet Bear Grillz couldn't even think that fast. Give that sand nig... guy a tv series.
Bread helmets for the muthafuckin win!
Slovenia ? who on earth placed money there ? italian mobsters?
Slovenians?
Please make up your mind, Tyler. A few moments ago I read the next to go is Luxemborg, now you are saying Slovenia. Oh, wait, first luxemborg, then Slovenia. How silly of me not to clearly see the race to the bottom. Sorry, I'll do better next time.
rule of thumb : the smaller states will fall first.
Lichtenstein is pretty small (or did you mean measured in Euroz?)
population wise. there can be deviations though. who is next? malta? portugal? slovenia? ireland? lickmystein? singapore? hong kong? i dunno.
Mostly older people, civil servants, tax evaders and criminals from former Yugoslavia use Slovenian banks. The rest use local branches of Austrian banks.
Since bloody FATCA, the banks in all these countries have become 'impossible' to deal with. Not just for Americans, but others also.
Didn't you hear, the real estate is great in Ptuj, Trzic, Krsko, Cmomej, Ajdovscina and all the other unpronounceable city's in that country?
Why does anyone care if a country with less GDP than Disney World goes bankrupt?
Lol. Go to Google Earth find the places you've named and compare that to a city. Any city.
Slovenia has an English language newspaper on line. I went to its website a couple of days ago to see what was going on. They had a tourism ad on the page where they interviewed a former finance minister of Slovenia. I felt bad for the country as their showcase attractions seemed to consist of a cave, a not spectacular lake and a moth eaten 'castle' no rock star or billionaire would ever want to buy.
nice, tall ladies though
One of them married Trump, who has a thing for German-Slavic women.
Open the motherfucking banks bitchez!
Mother Nature says the Laws of Gravity can't be broken...
It's all bullish!
ECB and IMF playing wack-a-mole with these problematic countries popping up....they better get the big mallets ready for Spain and France
How come no ZH comments on this: http://www.popsci.com/technology/article/2013-03/casualties-drone-war-in...
The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises. "
“The deepest rationale for the BRICS is almost certainly the creation of new Bretton Woods-type institutions that are inclined toward the developing world,” Martyn Davies, chief executive officer of Johannesburg-based Frontier Advisory, which provides research on emerging markets, said in a phone interview. “There’s a shift in power from the traditional to the emerging world. There is a lot of geo-political concern about this shift in the western world.”
http://www.bloomberg.com/news/2013-03-25/brics-nations-plan-...
BRICS Nations Plan New Bank to Bypass World Bank, IMF
By Mike Cohen & Ilya Arkhipov - Mar 26, 2013 9:36 AM ET
The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban.
O, RLY?
Cough, cough, WMD’s, al Qaeda-in-Brazil, cough, cough
They need another slug of Bernanke Balm.
I saw this on a video game once. Seriously. You get to a level where the aliens just keep coming, too fast and too furious.
Not sayin' it was aliens, but...
Next Cyprus is PORTUGAL , period.
I've never once doubted my faith in physical silver, and every day I am more sure it is the best way to go. I would be terrified to hold my life's savings in any paper.
Then Latvia and Hungary
Then SPAIN
Ooh! Ooh! Don't forget Italy!
And France... No.. Wait France has only poor people.
UK then! £25 bln capital shortfall in banks, most of it in the 83% State-owned RBC.
DoucheBank with it's 50x leverage as well - don't you forget that.
Hope you're not saddened, if I didn't mention your country/farm.
DoucheBank HAD an 50X leverage . The stock lost 10% in 3 days.
The risk of bankrupcy WAS 38,5% . ( Champ is Unicredit, Douches must improve ).
But, Jens Weidmann will bail them out . He has 900 Bn. € in PIIGS Bonds wich everyone want to have so desperately.
Just confiscate the City of London....
You mean you actually want all those banksters? Thank God. I thought we'd never get rid of them.
I remember watching a program about Greece ... it was around their 1st bailout
They said it will happen in that order
Greece, Portugal, Spain, Italy, France...and then Germany
The big question is what is Germany without its partners? Nothing
Never forget that France is Germany's main trading partner
With NPL at a record high of roughly 20 percent of GDP and a socialist government in power, that surge seems reasonable. Troika coming to town! Looking forward to the new one-off measure.
Troika to claw back / claw out any money they can?
No longer in season but…
Better not save,
Better not try,
Better not bank, I’m tellin you why….
Troika-claws is comin’ to town!
:D
We won't need aid, we can do this on our own... same words spoken by the Cypriot Central Bank in January... And Spain's Bankia in 2012... and Ben Bernanke for years....
"We won't need aid, we can do this on our own..." ONLY IF THEY EXCISE THAT CANCEROUS TUMOR ON THEIR BACKS THAT IS THE EURO, before Dr. Frankenfreak and his Brussels Bitchez arrive in town to do their medieval version of "surgery"...
Slovenian borrowing costs are comparable to Portugal, the bad assets in the banks sum up to 20% of (steadily falling) Slovenian GDP. GDP numbers (YOY) read as follows: Q3 2011: -0.5%, Q4 2011: -2.8%, Q1 2012: -0.2%, Q2 2012: -3.2%, Q3 2012: -3.3%, Q4 2012: -3.0%
I visited Slovenia last summer and was shocked to see prices in supermarkets. For many products the price level was higher compared to European core countries like Austria or Germany. A disaster in the making.
Their prices were lower than the core, before they got the Euro as their currency and were not in NATO. Since then, the Gov bureaucracy has mushroomed and prices risen to levels that only a shadow economy (not paying taxes) can afford.
Plus, their first Conservative gov, upon getting elected, gave the Catholic Church back all the lands, properties and buildings that was confiscated/nationalized in 1945. With a stroke of a pen, the Church became the largest land owner in the country. Guess which candidate they backed?
Bloody Russians! Again, they will be the first to pull out their money from Slovenia, while nobody suspects anything!
Yeah, the bastards! Always paying attention to events and taking appropriate action to protect their money! Why can't they be like everybody else and just take the Central Bankers and politicians at their word when they promise 'no confiscation, no capital controls, everything's great....'?
Has there ever been a greater economically eplicable law than the law of unintended consequences?
All those neo-classical, keynesian pan heads, who believed that a little tinkering here and there was all that was needed to "tide us over" until "growth could resume" must really hang their heads now. This snowball is quickly becoming a meteor. 85 billion dollars a month forever from the FED, interest rates at zero,everywhere, forever, bank-runs, currency controls, currency wars hotting up, trade wars next and still no growth.
Law of unintended consequences rules, bitchez: )
But...there WILL be growth....right?
Someone wiser tham myself once said " If you walk half the distance to the wall, and then half that distance again, and again, and again....... you never reach the wall. So Yes, and no.
They should finally shut it all down and start dissolving the whole project in a controlled way. This farce is becoming embarrassing.
This might exactly what they are doing....inadvertently.
It's good thing that Cyprus was or wasn't or was again a template.
so...let's see...
smart money is already rotating around to the next 'we have no way to go but broke country' as the next short.
and probably, some matrix of the next countries.
if not already algo'd in, then funny monied cds'd written to hedge.... (as it was in ahead of cyprus, 'cause that was public knowledge to at least all cypriots and everybody who had an interest in it well ahead of negotioned deal).
so....
well....
let's see...
ummm...
sounds familiarity...
good, nothing more for me to say. i am going for a hike.
:)
The only safe money is the money in your hands. And once there's too much out of the system, that money's not safe either. Have fun!
The biggest story in my local newspaper was Amanda Knox. Go figure
Slovenia? Where the fuck is Slovenia?
Isn't that a side-quest in Castlevania II ?
300 wooly bears!!
(According to my Slovenian friend, these curse words are unique to Slovene.)
"300 wooly bears!! (According to my Slovenian friend, these curse words are unique to Slovene.)"
That could be indicative of the intellectual capacity of your average Slovenian, if that's the best they can come up with for a curse.
I guess that depends on if it’s ever happened or not :D
Hey MDB, here's some more quality high-yield govt paper for you to invest in! Hurry before it's all snapped up by savvy value investors!
Just rolling up all the pieces, starting with the little ones.
It was fun back in 1991 to commit war crimes which were conveniently swept under the carpet. Now is payback time for Slovenians. Fuck you! You killed my friend's son.
Uhm, are you talking about Serbians, not Slovenians?