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Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open
While things have normalized since the open thanks entirely to the SNB's aggressive EUR-buying, CHF-selling intervention (good to see that central banks have read the BIS' report and have learned from their prior intervention mistakes), earlier this morning we got a snapshot of what happens if and when the SNB, and then the ECB itself, finally lose control when as a result of the Greek crisis the contagion promptly spread a few hundred kilometers west to Italy where as the WSJ reported, "several Italian banks failed to start trading on Monday as fears over a Greek debt default induced many investors to shed peripheral stocks, including Italian, with banks suffering the most."
As the paper reported sales orders on Italian stocks, in particular financial stocks, piled up before the market opening. At the start, the sales orders were so numerous that the system couldn't manage to process them, something that often happens when specific news causes a sell-off on a stock.
Theoretical prices for Italian banks--the prices at which they would have started trading--hovered around losses of 8% to 10% at the beginning of the trading session.
UniCredit SpA and Intesa Sanpaolo managed to start trading some time after the market opened, but were suspended immediately, accumulating losses of around 6% compared with Friday's closing prices.
Ironically, in an attempt to avoid just this kind of selling panic, on Sunday, Italy's banking lobby head Antonio Patuelli dismissed fears of contagion on Italian lenders, saying the country's banks' direct exposure to Greece was less than EUR1 billion.
For now the SNB has stabilized things but how much longer will this artificial "stability" continue especially if the just concluded speech by Jean-Claude Juncker managed to antagonize Greeks even further and pushed all those who were on the fence about this Sunday's coming Greferendum, solidly into the "No" camp.
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Awesome. Burn baby burn you worthless fucking Euro you.
snipers on the roofs in 3...2...1...
MAMA MIA!!
No snipers. This was planned to look like an unfortunate stalemate. There's a reason why the BIS has been so vocal lately.
ONE WORLD ORDER here we come.
if the "no" side is goin to win next is colored revolution: come on, russian involvement, social panic, economic collapse.. all is there and ready.. tsipras will fall one way or another and he is going to take all the blame
Coup means the jackals control the outcome. Don't have to wait a week for up or down
they are not waiting, they are simply trying to manage how it will look like, the most important thing in this world.. popcorn mode on
Really looking forward to tomorrow'S official default, which will hit markets Wednesday.
While just a technical default, and not a real one until ClG writes some stupid letter -- it will be material.
On a technical side --
1) Keep paying very close attetion to the Greek government this week. The Greek government has one week to convience the Greek people that this is the EU's fault, while the EU has one week to do the opposite. If Tsipras was smart, he would fire all Greek reporters that went to the US government's spin school as reported last week.
2) If we get a letter of default out of ClG this week -- that tells us this default was planned by TPTB and its about to turn into game over. There will be no recovery for a decade if she writes that letter, as Greece will automatically be called for 132 Billion in debt.
I imagine ClG will wait until after the referendum to write the letter. She writes it ASAP if its "no" and trashes it if "yes."
Winning the battle to cast blame. We may get a new example of a pyrrhic victory out of this.
HT is getting excited,,maybe today is a good day for it die. Lol
huh? What in the actual fuck are you talking about?
thst is it folks the BIS has spoken( the report is out):
the advanced countries will be unable to fight back against the serious consequences, according to their 2015 annual report :
Shemitah
I had a case of that for 8 days last week.
By the time I dried up, my asshole looked like a bowl of grapes.
TMI
Isn't this the Shemitah pre-game show, to be followed by 3 months of Shemitah history and
anecdotes about all of the great Shemitas and how this one will compare?
Who is more fucked up and just as broke as Greece, its cousin Italy. The numbers there are MUCH MUCH larger.
Shit, I was going to guess the USA.
Fuck the EU!
...and the bus they rolled in on.
there, fixed it.
Italy’s FIAT wanted to buy General Motors.
So the worst Italian car company attempts to purchase the worst American car company, which also happens to own the worst German car company, worst English car company (yes even worse than Jaguar) and worst Auzzie car company.
Jaguar Land Rover sucks really ? I like JaguarXJ , cant afford it though .
Could be worse.
At least they don't build rockets yet.
I just discovered my two favorite words are "Carnage," and "Continues".
Exclusively in that order.
Here's another one.
"Grontagion"
This is starting to be fun!
direct exposure to Greece was less than EUR1 billion
lying is just the norm now.
I promise I won't drink any more.
I hope Greece takes out the entire EUR.
If you bank in Spain, Portugal or Italy it is time to take that low (negative) interest money out of the bank and put the cash where it cannot be appropriated. Or, better yet, buy gold or silver coins.
btfd
One door closes and another one open's, er, closes.
Holy Moly!
Bankruns in Italy ,Spain and Portugal in 1, 2, 3. Euro deposits worth nothing if you can'get at them.
SNB - "you shall not pass!!!!!"
Reality - "tick tock motherfucker"
Juncker, 2011: "When it becomes serious, you have to lie"
'To tell you the truth, when things become serious like now, don't tell the truth'. How's that working for you, Junck dealer?
Go long olive oil.
Some idiot just said that if Greece leaves the Euro they leave Europe. Does that apply to Italy as well?
Yes.
But it will take longer to dig a moat for Italy.
Together they can start the Suero zone.
Uh-oh.
No bids on my Vaffanculo S.A. shares.
The thing is that im so surprised that anyone could be surprised by what's happening. It was so obvious ., so fucking cast in stone that is like Neolithic granite.
They fuck about for months talking shite about a few billion when they claim they owe a third of a fucking trillion. To fucking scamming fucking bankers that didn't earn a fucking cent of what was lent. In a fake fucking ponzi coupon that isn't even a real currency no less.
For fucks sake, just what fucking half wit seriously believed that would get paid. If I was a Greek I would Quit any job rather than pay a fucking cent in taxes to these cunts. It would be black market all the way but pay taxes, never, I would set fire to your kids backs before I did that.
The fake fucking Ponzi voucher has none zero nada basis to be used as real currency.
Greeks knew that all along, they just played the game knowing for a fact they were going to do this, and they also knew that this would be the beginning of the end of the fuck witted morons voucher.
The thing is, they, the fat unfuckable bitch merkel, and the other cunts, that cripple and the fucking poncing hairdresser . Jislebloom know it too, but of course can never admit it.
It's over, it's fucked as it was going to get fucked in the end, contagion will take three weeks to build, but it will happen because it is impossible for it not to.
There is no fucking money, anywhere in Europe, nothing but but fake worthless tat vouchers and every single fucking bank is totally and utterly insolvent.
Watch this disintegration and enjoy
After 6 and a half years of Hopeless Chains, schadenfreude is all I have left
Last summer sanctions on Russia,cratering the ruble last Christmas. Those smug Eurotards thought they had Lemonhead on the ropes
A year later, my how the tables have turned.
I would love to be a fly on the wall of the kremlin as they watch Europe hoisted on their own petard
Huh, Huh... You said petard...Huh,Huh,huh.
How is gold doing?
How is the ruble doing?
Decentralize all the things!
Also the banks in the Canary Islands were closed today. The reason is, so I was told, that Spanish banks on the mainland are in desperate need of cash.
Where is the people's money? Why are the banks closing. Maybe they should convert them into prisons for their bankers and politicians.