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Holding Company Of Portugal's 2nd Largest Bank Just Filed For Bankruptcy Protection
Following this morning's farce of huge investor demand and then Bank of Portugal's Costa 'hoping' for demand from investors willing to pile more money on losing money into Espirito Santo, it appears things have escalated rapidly...
- *ESPIRITO SANTO INTERNATIONAL SAYS IT CAN'T MEET OBLIGATIONS
- *ES INTERNATIONAL APPLIES FOR `CONTROLLED MANAGEMENT' REGIME
- *ES INTERNATIONAL APPLIES FOR REGIME UNDER LUXEMBOURG LAW
The "controlled management" application is the equivalent of declaring a breakup or controlled bankruptcy process (as we explained here). ESI is the ultimate HoldCo in the Banco Espirito Santo family.
As Bloomberg reports,
Espirito Santo International, a holding company that’s part of Grupo Espirito Santo, requested to be placed under “controlled management” under Luxembourg law, co. says in statement.
ESI says can’t meet obligations, “due to a significant part of its debt maturing”: statement
“Once under this regime, all judicial actions by creditors are suspended to allow the implementation of an asset management and liquidation plan under a court’s control”: statement
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Buy stocks, it's Friday!
Tick, tock, tick, tock...
Tick, tock, tick, tock...
tax--> print-->bailout-->bullish!!
You would think the Portugese -- having watched the US do it for 6 years running -- would have figured it out by now.
Don't those guys watch Fox News? What's up over there?
Don't imagine this will effect the US markets on feel-good friday after the mh-17 crash yesterday...
Unfortunately for the Portugese, the printing press sits in Belgium out of their control.
Very well then....
Lagarde-->IMF--->Troika--->Bullish!!
Like I've said before, piss always finds a way to run down hill. They just need to think creatively that's all.
Your BS failed even in Galicia. Now their mentally ill cretins can outsmart your gifted genetically enhanced minions. My bad.
Don't sweat it. No blood no foul, right? Galicia always went its own way. The minions should have learned that during the Napoleonic Wars.
You have just published the Best Economic Handbook of the 21st century! Good Sir you should receive the Peace Nobel Prize in Economics.
Sad enough, the masses will still not understand your simple explanation...
Just bought some more silver.
me 2.
me 2.
If I have time this afternoon (not much left!) I will try to do my bit and pick up a small gold coin.
Look, the canary is still tweeting ...
or maybe it's just stuffed and I'm hearing things.
Is that a Ka-ching or chirp-chirp - |/-_
its Peetey! Pretty bird.. Pretty bird.
After the markets close on a Friday, perfect timing.
...when all the best high visibility BK are filed...
They better hurry up with that war with Eastasia. This shits getting difficult to contain.
My thoughts exactly.
They're gonna need to ramp it up to 11 in order to sell a larger war to the public. The propaganda shit show should turn epic now (not that it already wasn't).
Nothing short of a false flag on the US mainland will do it, and
very soon to keep the momo going.
Geez, was just talking about this with people at lunch. Wasn't Obammy worried about a nuclear attack on NYC recently? Foreshadow.
Every sovereign will now rush to exit before Monday to beat Argentina.
The first will get favorable treatment.
Dup.
3--2--1-- contagion
http://www.youtube.com/watch?v=FONN-0uoTHI
Uh oh, not Bank Failure Friday again!!
This is no problem.
Depositers will hand over what they have in their accounts for the bank to recover.
Problem solved. Everyone is happy.
LMFAO!!!!!! Fucking banksters!!!!!!!!!
The PIIGS are coming apart again.
Greece Seen Needing Third Bailout as Bonds Insufficient
http://www.bloomberg.com/news/2014-07-17/greece-seen-in-third-bailout-as...
Of course we knew the problems were never fixed, just hidden. Not fixed until they are ousted from the Euro.
Well, third times a charm. I bet this next loan will propel them into "Keynsian" escape velocity for sure.
Bullish!!!
Another reason to hold through the weekend.
Well that didn't take long.
I like how they handled it. Wham-bam-thank-you-madam. Not like here in the US where it takes at least 6 years and counting before anyone will fess up to being broke. Meaning, nobody here has actually managed it over that time.
We ought to send Jamie Dimon over there as part of a fact-finding mission to come back with a report of how they did it so quickly.
How's the energy flow to "Horus" or was it Mauritius...those fuckers from the Netherlands all look and sound the same.
They look and sound the same because they have all been genetic clones since before WW2, fact. Look it up.
And don't talk about Horus around me. We're still not settled with what happened at Ibiza last summer. I'm going to kick his ass next time I see him, don't care what kind of godling he thinks he is. The pervert.
I don't care. You set up a leyline to kill me. I ley back and enjoy.
Am I the only one who has no idea what these two are talking about?
Elite d'elite d'elite d'elite
just don't listen to the media
don't diddle with kids
no to racism
no to slavery
no to cannibalism
no satan worship
no gay marriage
if people claim to be aliens throw them into a pond
Wait. What have got against cannibalism? I mean apart from the obvious. I used to have that argument all the time with my sister, I finally gave it up. She made some really good points -- mostly with an axe. You have to weigh everything carefully once the axes come out.
But yeah don't diddle with kids. I have strict limits there.
Yeah do that in your solar system...do you still have one ?
Eating less people does you a favour, perhaps one less AIDS specialist who rapes you.
My name is Ray...you know the play.
You can call me Ray. Or you can call me Jay. Or you can call me RJ. Or you can call me Jay Jay. Or you can call me Ray Johnston. Or you can call me Jay Johnston. But you doesn't have to call me Johnston.
I think that's how it went.
Had to sub-let my system last year. The maintenance was breaking me, you know how it is. I'm enjoying fucking with things here, these apes are a bunch of chumps.
Aw, how nice that you blame computers now...how's the weather on Mauritius...it might be raining Starship Troopers if it were up to me...but it is not.
My brother visited Ron's mausoleum. Not really worth it.
Listen. It's been about the computers since before Galileo. Who btw was like a total skinny nerd, nothing like that painting of him they trot out on the History Channel. In fact I think that was his dad. Not a bad guy, his dad.
But yeah, computers.
I bet you didn't know this, but I can do matrix algebra in reverse. The results arrive at the same time I start the calculations, sometimes a day ahead. Sister says it's because I'm a nightmare, which the first time she said it really pissed me off. How does she get away calling anyone else a nightmare? That's fucked up. So I called her a stupid cunt which got me tossed off a rooftop, which was fine, because that was a mean thing to say. And besides I am a nightmare, otherwise I couldn't do crazy shit in reverse, as she correctly pointed out.
Yeah I went there. Not worth the 25 cents to get in. But I liked the grounds and that old iron gate next to the fountain. I sat there for a while looking at the water and worked on some algebra I had the solution to from the day before.
So that was nice.
Hahahahaha....love your comment!
Living here in Portugal and this is how we serve our bankruptcies - quick and hot! Under 30 min. or money back guarantee!
30 minutes or my money back? That's what I call civilized.
Your money has already been spent.
If you die, BES has nothing to redistribute.
Ha! I'm immortal, nearly. Sucks to be them.
nom nom is this place getting carcinogenic or what lol
Better get Obama to set up a credit line to Amsterdam before you know what
I really don't understand your peoples problem...just retreat your folks from Gaza and have someone else walk the dog in America
Let them take their time about it. I love the you know what part best. In fact we could stand a little more you know what in general around here. It is Friday, and I've geen good, and I want my you know what or else someone is going to have to deal with me being that way I get.
Iceland...Volkstum of the Reptilians...Netherlands...Volkstum of the Greys. Was it the other way around lol
Just throw them all in the pond and let the Illuminati sort them out, is what I've recommended be done.
You can only finesse this crap so much, know what I mean? The problem is nobody will just do the needful. Which in the end means nobody who needs to goes into the fucking pond. It's really simple, people.
You do...Blu. The Dutch took the land from the sea.
And the sea wants it back, magpie. That chick is insane, I'm telling you from first-hand experience. She wants it back and I hear she's coming to take it. Those genetic clones had better have their shit wire up tight because the sea won't be satisfied restructuring her 401K I don't think.
And on the subject; how the foosh did all that sea salt end up in the tops of the Himalaya? The fuck is wrong with that chick? She has no actual standards is the problem. One weekend in Amsterdam tweeking with the kids, and the next thing you know she's left her salt all over the place. The slut.
Well, since you can't take Obama places
Yeah that's right! Isn't that a hoot? You just can't do it, all kinds of things always go wrong. It's like the guy is the physical manifestation of fail.
I actually knew someone like that. It was mathematically proven. Damned freak of nature when you think about it.
Perfecthedge
I read (years ago) that anyone could buy codeine and even DHC over-the-counter there in Portugal. If that is true, Portugal's tourism authorities could publicize that, HORDES of tourists would boost your economy!
Hahahaha...good idea. Yes, you can buy almost anything you want prescription free. I have done it myself (not codeine though), but it works like a charm. With most farmacies in a squeeze (because government social security is not paying them) it is quite easy to get whatever you like as long as you pay cash.
Pretty laid back here. I love it.
Done!!!
Next
(that can has holes wearing through it from being kiked down the road so many times)
(I see what you did there.)
What road ?
I see only cliff next.
When faced with global economic collapse, Gaza invasions, WWIII starting in the Ukrain, and loan failure contagion - sell gold! /sarc off
Never thought poor little Portugal was going to be ground zero for the end of the modern financial world.
We thought that about Greece too, several times over...... Yet here we are.
And Cyprus.
Cyprus was the appetizer. Portugal the soup and salad. Spain and Italy are going to be the main course. Bon appetit.
And Japan?
Mega Sushi Side Dish gone bad.
Yes, yes and yes.
One of these days it is going to matter.
So does that mean that we are back to meetings,more meetings, plans to plan for yet more meetings once again???
Somebody had to the fuck the monkey.
I thought sending Chris Columbus the wrong way to India was fucking the monkey, at the time. In fact I still do; just look at all the bullshit came of that in the end.
I was right, but do I get any credit for that? None, is what I get. Nada. Nothing. Bagel.
You went to America, got kicked out again. End of story...can't blame Columbus, Bush or Joo Jamaicans.
You can also thank us for the creation of the Jewish diamond cartels (Amsterdam)! Your welcome.
https://answers.yahoo.com/question/index?qid=20070726084847AALdjqf
Considered rationally, bankruptcy should be welcomed as an orderly way to clear away the dead wood in the system. But if you start with the premise that the current system cannot be allowed to fail under any circumstances (even blatant insolvency), then your goal-seeking "solution" will be to stick the taxpayer with the tab.
"then your goal-seeking "solution" will be to stick the taxpayer with the tab."
The bankers like Yellen will ask the government to confiscate funds from accounts to bail them out.
People need to rise up and say it's enough, otherwise the robbery gets even bolder.
Quite right, Yogi. The first go-round (TARP, etc.) targeted the taxpayer, but the next banker bailout will be funded by "bailing in" the depositors, along the lines of the Cyprus trial run.
When will they learn...it does nothing to the voodoo market...or to the real one.
My alphabetical crises list...but Argentina is the tipping point and going forward the next few weeks...
2014 Sovereign/State/City Debt Crises:
Argentina, Austria, Bulgaria, China ???, Crimea/Ukraine, Cyprus, Detroit, Greece, Italy, Portugal, Spain
My guess (guess!) is that France is the tipping point. PIIGS go, France goes. France goes, Germany goes. Then the tsunami hits US shoreas in 48 hours, max.
Prepare...
DCRB, the tipping point is the smallest 'thing' that causes the Major Collapse. These are small things, after Italy (3rd largest EU economy), the rest will follow. The smallest "trivial" atom in the wrong direction is the tipping point. Monday may be busy.
Point taken. OK, let's call Italy the first visible "domino". And France the first "big domino".
Germany is not going to 'go'; it enjoys the most efficient economy in the world.
dupe, lotsa of weird stuff happening here at ZH over the last 24 hrs...
what a bunch of drama queens
markets continue to rally...no reaction at all
'Markets'........ Lol
It would be simpler if the BOE would schedule a press conference with Obama and Putin...Putin walks on the NYSE places a gold buy order...Obama says "Good night"...
Esperito Santo, as its name implies, is held by the remnants of the Hapsburg family in Portugal living under false beards.
The saintly spirit loves "indulgences".
It's a ritual...no economic value...can't blame the collapse on it...ow ah the Habsburgs did it. Let's wait for Psaki to confirm in in a presser trololol
#BringBackOurHabsburgs
It's BS to bring Lagarde's lips apart...i could write Lady's Coven of England expects ten less kids to be eaten next quarter on ZH...and the effect is negated.
Even European futures ignoring this news as their futures also hit HOD
LUXEMBOURG LAW, so now "BES" becomes a BIS holding.
One letter change, fixed. /sarc
So finally we get to understand how deep are their loses.
I'm waiting for the weekend announcement that Obama will offer US aid to Portugal's banks, and will be right over there for a fund raiser (and round of golf).
Last time Portugese bank news hit, market took a hit
This time, not a flinch
Just wait for the shock to wear off.
They must have hit a market circuit breaker that replaces all the panic with elevator music.
Planes and black swans falling from the sky.
LET ME GUESS....
Their latest bond payment was on a plane for the banking center in Kuala Lumpur yesterday?
Nice. I especially enjoyed the utter lack of taste and sympathy for human misery.
Have you thought about making it a series?
Series already exists -
Faux Evening News
Do you even get to be evacuated ?
You know, some English Typhoons might show up and see that thing on the radar if you ate too many children while visiting lovely Holland...not that i care.
I'm waiting for the weekend announcement that Obama will offer US aid to Portugal's banks, and will be right over there for a fund raiser (and round of golf).
My bank went RRRRRRUUUUUUUUUPTTTTTTTTTTTTT.................Oops, better ruck next time.......
Portugal's # 2 Bank Goes Under ...
Well, it's a start.
Any ideas which counterparties are at most risk ? Can't be any firms listed on the NYSE or NASDAQ or the averages would have taken a hit. Right? Everything OK, Carry on.
Don't Panic.
"Any ideas which counterparties are at most risk ?" The 1st and 3rd largest I would have thought for a start...and all the other European Banks both big and small are hiding the same shit...don't forget Oilver Sakozy, the ex Presidents brother estimated the European Banks needed 30 TRILLION Euros to cover their hidden debts !!!! 30 FUCKING TRILLION !
Panama...the farthest reach-around.
http://online.wsj.com/articles/bank-of-portugal-moves-to-calm-investors-...
Place yer bets. What percent of those Panamanian "assets" are from lending to Espirito Santos units? Derivative counterparty? Dubious collateral ownership?
Of less ES concern, but of possible legal concern, which owners of ES units received loans from Panama? Angola? Dubai?
Towel size: Super-size Extra Large, Earth Girdle. 1-day delivery before Mad Monday.
I've read how the modern Espirito Santo family got back into Banking again. Your toe nails would cringe! They have been like the Portuguese version of the Medicis (well, the original founder started 1869 selling lottery tickets! I am not shitting you! From there he took it into Banking).
After the Revolution 4 family members where jailed and the Bank was nationalized in 1975. They all went abroad (exile, after getting released from prison due to their Buddies).
One of them went to London and opened up a new Bank branch with only 20.000 US$ in his pocket and help from his Banking buddies (again) - mostly French and British Banks. Even Rockefeller.
Another family member opened up a branch in Brazil with ZERO down payment, not even paying the 2 million US$ fee for a Banking licence. Just with buddy-buddy help he got himself a Bank.
The rest is history. They all came back, filthy rich and bought their Family bank back (for pennies on the Dollar, trough their new Buddies sitting in Government).
Life lesson: Get better Buddies. Nothing else matters.
PH, Thank you. I'm adding these to my crises list to help explain what is 'going down'.
"Life lesson" And here I thought you were gonna offer get out before the second bust.
Double post. Crap connection.
Do you have a link for that info please?
It is the great tragedy of the Carnation Revolution that after the risks and sacrifices of those who knew the country needed cleansing, they didn't complete a total purge. Good guys tend not to do that, and so the mendacious ones are let loose again. Maybe next time good will triumph for longer. It has a far better chance of happening in Portugal than ever it has in Britain or the U.S. :(
Well it's not a link. It's a book that just came out called
O Último BanqueiroDescribes the family history and how they got into this mess.
Many thxs Ph.
When bad news is good news - an investor couldn't ask for more.
LOL. And just this morning they announced some African central bank had their back.
It was evident this was going to happen over a week ago. Counter-party ripple effects could bounce around the world. A lot of other European banks are in the same situation... the just haven't admitted it yet.
http://www.globaldeflationnews.com/renewed-concerns-about-the-stability-...
Will Draghi do whatever it takes? Will EU Central Bank take the net losses?
You can bet no one will go to jail for the fraud!
This'l be why Europe has been so quiet about Ukraine then - not a pot to piss in and all going to ratchet again, plus need that gas.
And Greece needing bailout #3 in the infinite PIIGS bailout cycle.
http://www.bloomberg.com/news/2014-07-17/greece-seen-in-third-bailout-as-bond-return-not-enough.html
Why worry, keep coming back for more bailouts.
I guess this means they won't be submitting a stress test.
The Fed will be piling into buying this stock
"The Euro IS fixed and we need more Europe to improve it further.
The Euro IS fixed and we need more Europe to improve it further.
The Euro IS fixed and we need more Europe to improve it further..."
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