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Now We 'Know' Greek Banks Are Really In Trouble
"When it gets serious, you have to lie," were the infamous words of one J-C Juncker and today - following the 40-50% collapse in Greek Bank equity capital this week,ECB's Bank Supervision boss Nouy has come out to calm everything down:
- *NOUY SAYS GREEK BANKS ARE 'PRETTY STRONG', HAVE STRENGTHENED THEIR BALANCE SHEETS
- *ECB'S NOUY SAYS GREEK BANKS WILL SURVIVE CURRENT CRISIS
Which, translated for the elites means, "sell-sell-sell." And then - just to add even more pressure, S&P puts Greece on Watch Negative.
- *S&P SAYS GREECE 'B/B' RATINGS MAY BE CUT ON POLICY UNCERTAINTY
Greek bank stocks down 40-50% this week
The Greek banks were already in trouble anyway...
European Central Bank Supervisory Board Chair Daniele Nouy says in interview with Bloomberg Television that:
while Greek banks are facing a difficult situation now they are “pretty strong.”
“A lot of good work has been done to strengthen their balance sheets during the last years. So I think that they will go through this crisis like they went through the previous ones”
“They need to manage, in a conservative fashion, their liquidity positions. That’s the main focus right now and they are doing it. There is no doubt about that”
“I am following them like a supervisor during a situation that is not as exactly business as usual”
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Strong only after Euro is in history!
So, pray for Leo K...liquidate any Canadian pension...and buy Chinese solar stocks?
Russia is the savior of the Greeks.
Let's see, collapse what remains of the Greek banking system. Make Greek debt impossible to repay. Force Greece to act as a sovereign. Wonder what happens next?
Outflows since November are in the billions. Their banks are as strong as their GDP supposedly improved last year.
Lehman was considered strong just before the collapse.
Greece is fine!
Yeah, we're all good here.
Mayor of Heroshima :
Hey what's that flash?
When they come out and tell you not to wory about the banks; You should worry about the banks!
S&P needs a new category for these modern times "Exit Watch".
They are strong.... until they aren't
Strong like bull... shit.
Like the Pakleds, the Greek are wanting us to make them strong, to make them go. Let's not give them Geordi.
Tectonic plates keep amovin!
Not only will U.S. oil companies be extremely pissed when this goes through but Israel is going to want a piece of that action too!
What's the most you've ever lost in a coin toss?
Greek bank holiday this weekend?
Opa !
If Tsipras' next act is to break some plates and dance around...we will know...IT'S ON !!
Come on, get some accountants on board! NON-GAAP to the rescue as usual, no? Just add one more musical chair and don't use any bullets in the gun. Russian roulette with starvation as the punishment...
We've got to get Wilson and tell him to sell! [/Randolph Duke]
They must be full of Drakmas now
Certainly full of Drama! (Amongst other stuff!)
Draghi activates his trap
To tell you the truth, when it gets serious, don't tell the truth.
Banks in trouble? Good, let them fail, then let new ones come along that pay some interest on savings and hold loans for life instead of turning them into gambling instruments.
We don't have banks in the modern world, we have loan sharks and gangsters.
Why you hurtin' on sharks and gangstas? A least they have SOME ethics.
> I Trust Tony Soprano to uphold up a Deal.
>I Trust the Banksters to uphold a Deal.
By openly coming out as Putinist, something that he did not campaign about, Tsipras will soon find out that his amateurism will cause huge suffering for greeks.
Expect a couple of greek banks collapse, bulgarian style, engineered by the Fed.
Greeks will blame Tsipras as they should
With regards to Putin. Do you think he has any respect for beggars?
He uses them and then he dumps them.
China's Costco wants Piraeus. What is there that Russia desperately needs? Putin may be many things, but he's not stupid. He knows what a drama the Greeks put on to get money and then more money. It's not like he wasn't briefed from the Germans.
agree
"What is there that Russia desperately needs?"
A warm water naval base right in the Med? And maybe one or two runways? Access to monitor the British base in Akrotiri/Cyprus? More cheap olives/ouzo/retsina?
COSCO*
China Overseas Shipping Corporation
"Mr Tsipiras, you have fucked with the elemental Forces of Nature."
"We've been polluting?"
"No, the other Nature: Finance!"
"I know General Spiros here. Who is the guy in the suit?"
"You do not need to know. You are not Cleared to know."
"Here is a video of your entire family going about their daily business, shot today."
"Ha. Uncle Aristotle at the lottery counter."
"I am afraid we must insist you follow these sealed instructions. Your...overture to Putin has raised some alarms."
"Screw you guys. I am standing for Greece."
"Let me show you this brief film from November 22, 1963 in Dallas, Texas. It should make everything Clear to you."
Tsirpas: "I know the Zapruder tape, but this one is filmed from some sort of grassy looking knoll..."
Greek banks 'pretty strong'....
This clusterfuck will have a very interesting year imho.
Greek banks are certainly stronger than a cardboard house built near the RR tracks in Saltillio.
What's the problem? Default and nationalise. Money in the hands of the people etc...
Yes indeed!...
Sometimes new partnerships are all you need to move things in the right direction! Especially when old relationships turn into "fatal attraction"
Could be worse, could be Oesterreichische Volksbanken (down 93% YTD). BTFD
PPPPRRRINTTTTTT.
O wait, and hand it out to the people like it is worthless paper.
O wait again...
That would make a lot of Venezuelans happy,
seeing as how they have a TP shortage.
Default of Greek debt is baked into the cake. Of course extend and pretend will now kick into high gear. But this only works with Germany fully on board with ECB extend plans for Greek banks.
Greek debt is totally unpayble, this is a fact. Brussels is so desperate that their power and high paid seats in Brussels Parliament remain in their grubby greedy hands, that all measures will be tried to pretend that Greece is a member in good standing of the EU.
Who in their right mind believes that Greece will not default on an unpayable debt. It would already have happened, but when you are a member of the Soviet European Union, and the Communist Central Committee and Supreme Soviet of All Communist Delegates of Brussels decides to maintain the fiction of your ability to pay Soviet Bankers, you just can't default and get it over with.
All the Communists in Brussels can't put Greece back together. In Fact, this is not the plan at all, instead of putting Greece together, the Soviets plan on selling off all of Greece to their Communist Banker Cronies in the EU, and Greek people will be sold along with properties as serfs paying money obligations to their masters.
EU is a disgarce, more concerned with obeying US foreign policy imperial dictates than maintaining a just and fair union for it's people.
History has judged Soviet Communism a failure, the new elite 1% communism of the EU will also fail. But at what price? They will burn the place to the ground before the new Soviet Dictators give up one Euro in graft or one bit of their power.
That new elite communism, the 'New Soviets', will, in Europe, end in an orgy of nationalism, protectionism, and wars. In other words, a return to the norm. But the world is familiar with that kind of Europe, and there's a certain comfort in dealing with the familiar.
I've no idea WHERE it will end here in the US. The possibilities at times seem endless. Mostly horrid, but endlessly so. There are just SO many ways things can go horribly wrong here, and the world might NOT be ready for that.
Jean-Claude Juncker is a walking talking OxyMORON.
What I'd give to shove a roll of Deutschmarks up his lying ass.
Cannot wait till we nationalize our banks over on this side of the world..I remember how close we were in 2008/09 with all the talk of who and who was not going to be nationalized...short term memory can kill.
Of course they are strong. There is the reinforcing steel in the concrete that surrounds the vaults and they are built of rock geology.
Then there are the steel beams and the cut stone.
Oh, you meant "financially strong". Well... "I'm not authorized to say anything about "financial strength".
Hialrious Casino we have in this intertwined world of Banking & Finance.
My flatulence is stronger than usual so no need to consult the doctor, just take a red and a blue pill 6 times a day rather than the prescribed 3.
Nowotny: ECB doesn't see euro-zone deflation ahead. (jan 2014).
I'm in the planning stages of executing a whopper Stradle of the Drachma... What a treasure it will be.
Cyprus 2.0
Just as long as there is something left to bail-in.
Or Cyrus 2.0, depending on outcome.
https://www.youtube.com/watch?v=byQIPdHMpjc
gotta remember Greece is not an "abstraction" to middle-class Europe, who's all been there and been ripped off by the locals.
This will not end well for the Greeks....hoped they saved those Drachma press-plates.
If Greek banks are heavily invested in Greek government bonds, that could be a problem considering that it isn't clear where the Greek government is going to get the money to repay them. And if the ECB stops accepting GGB's as collateral, wouldn't that cut off the ELA?
If I had any money in a Greek bank, I would withdraw it immediately. I wouldn't want to wake up some morning to discover that my euro deposits had suddenly turned to drachmas.
Holy shit.
Short taramousalata.
Long blitzkrieg.
Yawn. Wake me when Greek bankers are buying one-way tickets to Tel Aviv.
As it is, the Greek army rather like being paid in deutschmarks. The moment they start thinking that Tsipras might really have to start paying them in worthless drachmae they'll drag Syriza out into Constitution Square and make sure the whole world sees them liquidated. 1967 happened over just the risk that a leftist (Andreas Papandreou) might come to power.
Even if the army are crazy enough to stand with Syriza, NATO will be only too happy to take out the trash for them, just like in Serbia. For some reason, the toys the Germans were happy to sell the Greek army didn't include something that might actually have come in handy for defending the nation, like a nuclear deterrent.
Something else. This isn't about the money any more. Anyone who matters will be made whole. The Greeks are to be made an example of---and Tel Aviv can always use more white slaves.
if you in Greece - take your money out of your ban ASAP
Yes - but withdraw it in another country. Greek Euros are identifiable and will be worthless.