European Peripheral Stocks Exploded Higher This Week

Tyler Durden's picture

Even Draghi proclaimed anyone calling the crisis over as 'premature' but that was ignored by the fast-money momo chasers looking for where to rotate their cash on the sidelines as US momentum fades. Greece, Portugal, and Spain stocks literally exploded higher this week:

  • Greece +7.7% - best week in 8 months
  • Portugal +4.7% - best week in 9 months
  • Spain +4.98% - best week in 16 months

Sounds right?! Efficient markets, indeed...

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LawsofPhysics's picture

Are those youth all suddenly employed, what the fuck did I miss?

SAT 800's picture

I knew there was something I was supposed to do last week, have to remember to buy lots of Spanish Stocks; what could go wrong?

shepherd's picture

Greece has a primary budget surplus.

Not important enough to be mentioned here, I guess.

LawsofPhysics's picture

"Greece has a primary budget surplus.' - based on what exactly? 

A sudden jump in employment, productivity or exports?


shepherd's picture

No, it seems like they just get their house in order.

Sudden Debt's picture

Oh, their destroyed and evaporated economy started to generate taxes out of thin air?

shepherd's picture

Listen, they fired a lot of state employees so they are safing a ton of money.

Dr. Engali's picture

Even if they did fire a bunch of people and saving a bunch of money (which they aren't) that would just strip more money out of the economy. The stocks are ripping right now it the peripheries because there is a lot of hot money that needs to find a home.

disabledvet's picture

need 100 billion? NOT A PROBLEM! WE'RE AMERICANS! http://www.youtube.com/watch?v=QIliB436370 WE'RE RICH!

JailBank's picture

HAHAHAHAHA.......HAHAHAHAHA

Surplus he says.

HAHAHAHAHAHA

debtor of last resort's picture

When you cannot even import toilet paper because you have no money, you'll get a surplus indeed.

Dr. Engali's picture

You'll have to excuse him. He's a relatively new, and not particularly good troll.

i_call_you_my_base's picture

That's really great. At the rate of their surplus they'll be able to pay off their debt in about 150 years.

Sudden Debt's picture

no, but now I'm convinced that there are actually people who believe that crap.

and the sad part....

there are.. ZH readers... who believe it...

shepherd's picture

 

 Kirkegaard thinks Greece's surplus is nonetheless a "sign that the fiscal stabilization in Greece has almost been reached. In that sense this is good news for Athens"

 

Well,  that's from your own article.

Dr. Engali's picture

Nice how you skipped the rest of the paragraph. But I wouldn't expect any less from a troll who fails to miss the point....Greece has lied about their budget every year since the beginning of the crisis and they are lying again.

shepherd's picture

I didn't skip anything, you liar.

I also did not miss your "point" that Greece has lied before. However that point becomes moot when they really fire state employees and follow through on their promises to the troika.

SAT 800's picture

Thanks, your link to the budget surplus article clarifies the issue. I was surprised to hear they had a surplus, but I see it's quite understandable. "The don't include the costs of financing their debt". Oh, well, then; obviously everything is just fine.

SAT 800's picture

If you understood that; why did you mention it. A budget surplus that doesn't include the interest payments on their debt load? you can't be that stupid.

AccreditedEYE's picture

Paper chasing paper and we call this: recovery, economic growth, proof that policy is working, reasons why we should listen to Soros, blah, blah. There isn't enough concern about paper gains without public gains. This is how we kill "money". And people wonder why bitcoin is so popular.

LawsofPhysics's picture

Yes, the "cleanest dirty shirt" when it comes to transfering your wealth or exchanging goods and services.  Not good as apparently all other forms of money/fiat leave you subject to a major raping by useless paper-pushing middlemen.

sad.  Have wealth on a island nation?  be prepared to get "cyprused".

hedge accordingly.

disabledvet's picture

that's why they call it capitalism dude...

LawsofPhysics's picture

then I happily await a mechanism for true price discovery, dude...

jubber's picture

your forgetting Italy as well

disabledvet's picture

they got beautiful women there too don't they...

starman's picture

Military jobs for ancient oared battle ships! Attack!

papaswamp's picture

Venezuela and Zimbabwe here we come! Rally on all is well!!!!!

Ranger_Will's picture

Da Fuq? Did I miss something or are all of those nations not currently suffering from the greatest economic calamity to befall them in 100 years?  But then again there is the US and look how our stocks are running.  Funny old world isn't it?

q99x2's picture

Greece's income earners work in Germany.

starman's picture

holly fuck is the $$$$$ flowing into EU bonds and stocks and out of US?!

Aroukatos's picture

The recent history of one of the bluest blue chips of Greece http://www.capital.gr/services/stockGraph.ashx?t=all&gp=capitalweb&heigh... Is this a recovery?