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"Uncontained" - Greek Stocks Crash 17% As European Banks Plunge Most In 3 Years
Despite the Greek stock market being closed there is an option for hedging the exposure that all the smart money has been building to Greece in the past few days - GREK - the US-trade Greek ETF. In the pre-open, GREK is trading down 17% but the problems lie ahead as more and more realize how illiquid it is and redemptions are forced to be made from 'cash' - since there is no way to offload the underlying Greek stocks, unless OTC trades can be arranged with other entities - which could thus expose the entire false-liquidity-facade of the ETF industry.
GREK - the Greek Stock ETF - is getting hammered on negligible volume already...

While the best efforts of the SNB are underway to protect the markets from unease, European banks are suffering the exact 'contagion' that we were told numerous times would be contained.
And European Banks are getting crushed
led by Italian banks...

Charts: Bloomberg
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ehi, i'm italian! get your hands off my banks!
Whatever is happening in European economic news, you will learn nothing from the U.S. television news, now completely a propaganda operation that concentrates on weather disasters and crime. The network news is busy hailing the shooting of the second prison escapee, shot in the back by a state trooper who is being hailed as a hero. American news is now on par with Soviet and Nazi news, where reporting the truth will get you fired e.g. Dan Rather. There is not much difference in criminal intent between the high placed government looters in Greece and the felons in suits who run the UK and USA economies. Except, of course, that Greece cannot print Euros day and night nor does it have the expertise to generate a quadrillion or two of derivatives.
in other news that does not deserve any space: 38 vacationers shot dead on sunny resort beach, why does this get little news space?? head on spike in france, ho hum. july 4th coming in usa, what will the al cia'a terroists think of next..never an elite head on spike or dead billionaires on monoco drive..
Probably because people who are stupid enough to vacation in Islamic Revolution countries don't gin up enough sympathy for the people that sell tragedy and hand-wringing.
Dan Rather...Investigative genius who can't tell a typewritten copy from a computer printout.
And Democrats say it's the Republicans who are dumb.
Haha.
"...where reporting the truth will get you fired e.g. Dan Rather."
Now you are talking bullshit.
THEY KNOW NOTHING!
https://www.youtube.com/watch?v=TaKnDMv6ceg
Bonus Link!!
http://www.cnbc.com/id/100000942
SELL SELL SELL!
http://www.cnbc.com/id/100000942
I like 'man out of window' (providing man = bankster), but I guess 'machine gun' will have to substitute for 'guillotine'.
another good one, thanks:-)
How I imagine some of the Politicians are feeling about now http://media.giphy.com/media/oaPcDncoLfgjK/giphy.gif
Dumb question: If stocks in Greece are closed, and this ETF holds greek stocks, why is this thing open to trade in NY today?
Greek central bank is doing the bidding of ECB. No intervention in order to bring Greece to its knees. This is what happens when c/b's refuse to support markets.
I hope this time the party really gets going.
Soon it will a great opportunity to add to my stack.
Max
“It’s almost been worth this Depression to find out how little our Big Men knew.” - Will Rogers
If you shut up truth and bury it under the ground, it will but grow, and gather to itself such explosive power that the day it bursts through it will blow up everything in its way.” - Émile Zola
Dangerously close to my copywritten "Truth is like a Septic Tank" aphorism.
You have been warned.
"la vérité qui est une, a l'éternité pour elle" Emile Zola
http://www.dreyfus.culture.fr/fr/mediatheque/media-type13-Zola_a_Loubet_...
The stunt was executed so quickly that it wasn't even the least convincing. In full consultation, all sides conspired for the manipulation of the greek crowd. In the referendum, YES will soon be changed, and stand for the package of austerity measures proposed by the ruling "leftist" party , a "compromise", after an American intervention that will provide debt relief. They gave the greek people a false taste of what leaving the euro could mean (the whole show about ATMs and supermarkets), so that the majority votes yes in the measures proposed by the "leftists". Sometime this week the second greek request for liquidity extension will now be accepted, and everyone will soon be happy:
a) The greek government will pass its own Memorandum of measures, bypassing any objections of its own deputies, by getting the "majority's verdict" (but not those who voted for them for their leftist commitments), without need of the votes of the opposition. It will also be presented as a victory.
b) The European Union will get the austerity measures it demands, and look like it "strengthened" the association.
c) The popular feeling will be characterized by "relief", as Greece remained in their beloved eurozone, ATMs and supermarkets will be open again.
The whole thing stinks American perception management and PSYOP ...
And the "leftists" again fulfill their purpose, to impose neoliberal measures to an exhausted society.
You have been peeping through the curtains again?
Careful. You're still on probation.
think you nailed it. although it shows that the "extend and pretend" game is getting increasingly difficult. on the bright side, ive used a couple of recent ZH articles, specifically those with pictures of lines in greece, to amp up the fear amongst some of the bigger sheeple in my family. some of them are starting to be much more spooked than before. they are beginning to realize just how tenuous our financial system actually is. once i have all of them buying silver ill lay off forwarding ZH doom porn.
Euro is finished, fortunes to be made :)
https://www.youtube.com/watch?v=7EvJ_khfMbM
This is a Sydney girl whose news interview went viral a few years back. I think it sums up current situation - only 45 secs and fully sick mate
Do you have an English translation version?
We are part of the Commonwealth, poor Queen is rolling in her grave and she isn't even dead yet.
Edit: doublepost again for some reason
Oh dear the European banks got SMASHED INTO OBLIVION.
Euro stoxx 600 banks is now only 22% up YTD! On top of that they only paid out a dividend of 3-5%!
How will we ever survive this? Somebody please think of the children.
Please stop posting ridiculous intraday graphs that blow everything out of proportion. This is too ridiculous for words.
"The PPT- Silent Warriors of the Night have earned their rest this day."
Love Ya,
Janet.
Is this really it, Tyler?
Can I finally break into my emergency stash of Charmin?
no...not yet
you slay me