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Greece Post Mortem: Worst Day Since 1987 Crash, Banks Destroyed, Bond Yields At Post-Bailout Highs
As the sun sets in Athens, we thought a moment of reflection was worthwhile. Greek stocks are now down 13% - the biggest single-day drop since (drum roll please) the crash of 1987... led by total carnage in Greek banks (down 15-25% on the day). Greek bond yields exploded, 3YR +183bps to a new post-bailout high at 8.32% (and inverted to 10Y).
Worst day since the 1987 crash for Greek stocks...
As every smart money hedge fund traders best trade of the year - Greek Banks are destroyed...
leaving 3Y bond yields smashed higher...
h/t @Not_Jim_Cramer
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So the market is just figuring out that Greece is fucked.... Man this market is dumb.
Lol ... no.
Greek Style baby, Greek Style.
pods
So soon we'll have Rally in US stocks on news that Greece is "Saved" or about "To be saved" this will take Dow up another 1000 or so points...
I remember those days.
I am looking forward to 35 crisis Summits within a 6 week period again. Think Hollande can get Merkel as hot and bothered as the little man could?
Getting long Belgian caterers just in case.
It'll be interesting to see how Syrizia will perform on these 17th December snap elections. According to recent polls, they lead Samaras' New Democracy party by 6%.
Sorry but I figured out that Greece doesn't matter 3 years ago.
If Greece writes off 7% of Italian Bank assets -- you bet your ass Greece matters.
Draghi's got it, dont worry..... If he needs help we can send Flounder
Tomorrow Dow will rise by a gazillion points and S&P by guzzilion points. Yellen and Kev will come together to the delight of all fund managers. CNBC will have an orgasm and Dimon's daughter will pen another thought on the challenges of taking a Gruber at work.
It will be a beautiful day to go out and shop and consume and buy stuffs on credit.
Logged in to up-vote you. Too funny
sisyphus, lol...demon's daughter on gruber, thank you.
Or on "hope for more ECB stimulus hope to save Greece"
That's not what it is. This is Wall Street's shot across the bow ahead of the Greek elections:
Vote the right way or else!!!!
You will find that the Greeks are increasingly tempted by breaking away from the E.U.
And of course, Putin's announcement that Turk Stream would stop right at the Greek border is a way to tempt them...
Where's the chart that shows the Sales of Pitchforks in Greece?
I thought so: More bleating sheep, different day.
Until the Greeks take to the streets by the hundreds of thousands, they do not get my sympathy vote. "Sorry, Charlie, no tuna for you."*
* An allusion to an old TV commercial.
"Sorry Charlie, only the best tasting Tuna get to be Starkist!"
Yeah, I'm that old
Lucky for Charlie he wasn't the best.I wonder if he is still alive unlike all the best tuna which were killed? As a kid I always wondered why Charlie wanted to die. TV had some very strange messages.
It still does, so I'm told.
The USA is like a neutron star turning into black hole for investors....a lot of foreign capital seems to be making its way here (expanding asset prices like a neutron star expands before it implodes) to find security, its just that at some point in time it all will implode and then pass through the event horizon and never be seen again! Just like 1999 in USSR.
Lesson: the laws of nature always win, its just a matter of time.
neutron stars do not turn into black holes
My Great Big Fat Greek Sell-off
It is a good thing that US market prices are run by computers and not free market dynamics. That means it could never happen here unless Goldman and the co-conspirators plan it to happen.
Why is Greece not up on the technology?
Oh, they are?
Never mind.
this is the end....
BEAUTIFUL FRIEND
THIS IS THE END, MY ONLY FRIEND
THE END OF OUR ELABORATE PLANS
THE END OF EV'RYTHING THAT STANDS
THE END
Nope.
Only the beginning of the end.
You ain't seen nothing yet!
You have to come out now with your wallet Mario. No more mr nice guy.
I scored a J at his grave in Paris. Good times.
Yes, it is the end of the Greek stock market outpacing the Dow, the NASDAQ and the S&P 500 since the middle of 2012. Actually, it's still ahead of them, although not by much.
So, Mario, will you now let us all know what "it takes" to "contain" this one?
Come on, man! We are waiting!!!
People of Greece, it is now time for you to assume the position to bail out the bankers once again.
BOHICA
pods
Think it's about time for that dirty bomb to go off somewhere.
Greece led by the corrupt leading the country right back to the 1970's or worse... ?
Greece and the rest of the Western World need to learn a simple economic law:
Capital = Production - Consumption
Capital = Production - Consumption - Banking Mafia Parasitism
Get to work Mr. Dragqueen.
Troika [hypothetically, of course] likely weighing the cost/risk profile of knocking off Alexis Tsipras.
He just snaked all the holders of Greek securities (including EU CBs) that thought Troika was ensuring were the biggest layup trades of the EU crisis.
Opa!!!
Too soon?
Never mind - the US markets can have their Santa rally after the European close
And of course, the DOW, the NASDAQ and the S&P 500 will end green today.
Look at the NASDAQ going vertical, after ZH called the bottom, yet again.
Maybe you need to take another look at those vertical movements.
Gates of Fire, about the spartans who held Thermopylae against the persian onslaught. Excellent book. Required reading in my family.
These modern Greeks are from the same genetic pool as Plato, Aristotle, the Spartans, Anethians, etc. Might be time these children of thinkers and warriors begin thinking and fighting for what they need as a nation.
Spartan warriors were known for living a, well, spartan, life at home. Thus the term we still use today to describe as sparse or un-adorned. Seems their offspring (several centuries removed) might need to relearn a few of these lessons.
Fuck Sparta, MOAR LESBOS!
(pretend lesbos or real ones?)
Excellent post.
Superb book.
A little Spartan in our lives would be immensely beneficial and perhaps make us more appreciative of God's great gifts. Our current "modern" society is so disgustingly decadent, and pathologically self-indulgent.
Now, can we talk about farming?
my seed orders have been arriving this past week, so farming is a timely topic and one that I can bore anybody about. I practice permaculture methods including green manures, no-till, heavy-composting, incorporating chickens, pigs and cows to prep the land prior to planting, swale-building, water retention, etc. I have old farmers living around me who stop and inspect my work. Several shake their heads at my techniques....but admit they're producing remarkable results. I'm a far distance from modern farming, I've been told more than once.
This spring I will attempt to grow several types of grain. I figure on the 1/4 acre of land I will devote to grains, I will get about 15-20 bushels of grain/seeds. I'll use that for my family's use and to feed the chickens. The waste gets spread back on the land using Fukuoka's methods from One Straw Revolution.
My grains/seeds I'll grow this year include Amaranth, Quinoa, Flax, Sorghum, Rye, Millet, barley, 3 types of corn, chia, sunflower seeds, and wheat. All of it will be raised organically and the seeds are heirloom variety.
I do all of my projects via the strength of my own back or gravity. We move chicken coops (800 lbs) using levers, roll bars and 2X8 boards. It works great and I move it with the help of a couple kids. Animal compost is heaped up with yard waste, allowed to be worked by chickens and worms, and moved via a sled that I pull. I plant intensely and the soil has rewarded me tremendously.
It's hard, sweaty, physical work...and I've never labored at something more satisfying than building my soil and improving my small farming techniques. This weekend I made a stew from things grown on my farm (beef, sirloin, potatoes, carrots, green beans, tomatoes, corn, multiple types of beans, butternut squash, etc) and it was likely the best stew I've had in my entire life. It was cooked in the wood stove that I keep burning 24X7 to help heat my old farm house.
Anyway, I hope everybody reading this finds a hobby as satisfying and rewarding.
Love the information.
Thank you.
I am a city slicker, actually a suburban St. Louis slicker, longing (for many, many reasons, not the least of which is self-sustenance) to work with the land.
Fortunately, Missouri farmland is fertile, varied, beautiful and (I think), obscenely affordable.
I have no delusions of "making a living" at farming, but what a spectacularly satisfying way to live, as I see "retirement" peeking over the horizon.
Post more. Post often.
Yeah, I have no desire to make a living at farming. I think it would ruin the fun/hobby aspect of it. That being said, I sold half my steer I had butchered (this fall) and it covered the entire cost of my share. Next spring I'll be raising 2 sheep and 2 cows (this time entirely grass fed)....so, the cost will be hay and my time (which I don't factor).
I've had random strangers who stop at the farm and ask if they can purchase some of the beef. My kids do sell chicken eggs (we get about 15 eggs a day right now).
Other than that, I'd rather give the food away to people I know who could use it than to sell it.
So, if you're approaching retirement age, consider a few acres of land. Add fruit trees, berry bushes, and some garden spots. We don't till the soil, though. We build it up using green manure techniques, adding compost from the animals, extra hay/leaves, etc. This leaves the soil extremely moist, soft, and fertile. Add some rock dust, azomorite, glacier trailings for the minerals and I promise your results will impress anybody.
This is just a hobby so I'm not trying to make money....but it sure saves a lot when we don't need to buy veggies. good luck with your Missouri soil. I'm north of you (wisconsin) and have visited there enough to wish I had your growing season!
I understand about not needing a lot of acreage, but I'm going for as large a property as I can; for recreational purposes and just plain space and privacy.
Your soil techniques are highly interesting, and I can't wait for the day when I might actually be able to try them.
Great stuff.
Thanks.
Catering businesses in Brussels are going to have to work overtime in the coming days. There are times I regret being a EU citizen. I thought I was never going to ask this but: does anyone has a Green Card up for sale for me? Or is that even a worse idea? And please don't tell me only people with real skills can apply.
Release the Kraken!!!!1
"Release the Kraken!!!!"
Silly but I must admit I laughed!
HUZZAH!! We'll save Greece- AGAIN!!
You wanted gas line through Turkey - you get it.
Exit (EU) stage left?
Remember that IMF recommendation for a 10-30% one of property tax? I think it is about to be given a test run in Greece.
WTF really happened Oct 15th?
It would be nice if a shitload (yes a load of shit!) of these 3Y Greek bonds were accepted by the ECB as collateral.
Try to manage that balance sheet Mr Dhragi! Or don't they do MTM updates every morning at the ECB? LOL
Golden Dawn is the only winner.
Greece is about to go full Fasctard.
Goldenn Dawn will save the Hellenic people from zio-banksterism
someone needs to
German banks are on the safe side. The carnage can go on now.
Heck 90% of the Greeks are on the government teat....you think they are going to rise up and protest...and lose their dog bones...no way....they will ask for billions more from the EU....steal that and be back in a couple more years asking for more..more more....thats how the Greeks do it..
Sounds like our FSA in murica.
This site is full of illiterate sociopaths like you,they've voted up such a sick and ungrounded post. zerohedge has started disgusting me recenty with this open racism and sociopathy.
Better send another 30 billion Deutsche marks.
The folks working at the Greek embassy in L.A. are assess. Complete bureaucrats of the lowest order.
Lol....only in LA huh? They are the same worldwide.
You should see some of the reps they send to trade shows.
As with everything, I'm sure there's a few exceptions but overall they have collected the worst of the worst.
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This is going to end with Greece losing the Euro or becoming a Germany colony. Because at a certain point, Greece will make a demand that Merkel won't accept, and Merkel will just threaten to kill the bailout, scatter the Greek, banking system to the winds,at which point it is Mad Max times.
I've been waiting my whole life for the Mad Max times.
Who runs BoarderTown!?!!?!
Greece isn't being fixed; it's being bled dry. Whether it's Fascists or Communists the Greeks need to vote for people who'll drive the banking mafia out of Greece before it's too late.
Looking at the latest news, all I can say is: polish your boots, clean your guns. The game is on.
Sad, but they don't polish boots anymore, or iron uniforms. Far cry from my time served.
Communist Syriza will take power, isn't a reason enough to sell everything ?
You ZH commenters dumping on the Greek people, do you really read ZH? You should know this has nothing to do with them, everything to do with the games bankers play. The Greek people never saw a penny of the last bailout, it went straight back into the (mostly German) banks!
As for the Greek politicians, I recall reading that Sarkozy bluntly and to his face told the Greek Prime Minister (Papandreou?) that if Greece withdrew from the Euro "I will kill you!" or something like that. (Yes, a politician with real balls maybe would have said "dare ya to try", but recent history has not been kind to those who did, or to their countries.)
These are the same Greek people who kicked Mousollini's ass and then tied up several German divisions. As a whole the Greeks probably understand as well as any in the world what's going down and why. Perhaps better. As the Empire cracks up their moment will come.
I hope in the upcoming elections the Greeks deliver a big "Fuck the EU" message! While it's rather clear that the Greeks have a lot of internal issues to blame for the massive crisis (e.g. chronic mismanagement, corruption, embezzlement, inproportionate size of the public sector, no meaningful manufacturing etc. etc.) they have been dealt a short straw by the Tribe... one has to feel sorry for a nation with such amazing history and tradition.