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ECB QE Week 1: Germany 3, Greece -9
And so the first week of Draghi Open Market Operations (DOMO) ends and while yields have been pushed lower, the benefits of massive money printing are very much skewed to The North and not The South. Spanish sovereign bond risk ended the week unchanged (not exactly the exuberance Draghi hoped for) and Italy only 2bps lower. In equity land, the divergenes were enormous - German stocks soared to new record highs (up 3% this week and 21% year-to-date) as the rest of the majors rose less than 1%. Spanish stocks fell 0.6% but Greek stocks cratered over 9% on the week. Inflation breakevens also fell 6bps on the week...and Europe's VIX rose 0.3 to 18.85... oops.
A divergent flood of capital to Germany...
Charts: Bloomberg
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at least those two bankers running greece have jobs.........for now
I have said this before and Ill say it again, Greece will be the catalyst for the next market crash. It has been designed as such so the fed and their ilk can blame the "black swan" event for the crash. The moment Greece started talking about WW2 damages and privatizing German assets it was over. The shit storm has started. And yesterday's rally was a bull trap, classic price action. Hope you gents have your popcorn ready, its gonna be a rough ride.
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As long as Greece thinks it can return to a decade ago, it is not going anywhere. Tsipras and Varoufakis, for whatever charisma they may have, remain delusional until proven otherwise.
nothing to see here, move on...
Watch France, they are the elephant in the room that nobody talks about and they only have two speeds, denial or panic.
Looks like everybody's getting screwed except Germany.
dax is soaring as the EURO is crumbling. where have we seen this before? hopefully germans dont go venezuelan and run out of TP.
What goes first:
Syriza government or Euro?
Yo mean first in the race to hell?
Draghi is stupid
Germans don't want to invest in Greece, because it's all Greek to them.