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Why Greece May Want To Reconsider Reopening Its Stock Market
As The Greek government presses The ECB for 'permission' to reopen its stock market, it may want to reconsider. GREK, the Greek Stock Index ETF trading in US markets, is down over 3% today and has plunged to its lowest since the peak of the crisis in 2012 (near its lowest since 1989). Just as in China, The ECB (who is now very much in charge) seems to believe that if markets are not open for locals, then they have no 'real' idea just how bad things are.. and with National Bank of Greece stock trading at record lows (below $1), and the expectations of bail-ins looming, that is not what The ECB wants the people to see...
Greece appears not to be 'fixed'...
as Greek Stocks near their lowest since 1989
However, to understand what really happened, one should read the Bloomberg explanation, according to which it was the ECB which rejected proposals by Greek authorities to reopen country’s financial markets with no restrictions in place for both Greek and foreign traders, citing an Athens Exchange spokeswoman.
Ministerial decree is now expected, setting some restrictions in use of money from Greek bank accounts for trading.
And just like that, we wave goodbye to the Hellenic Republic, and greet the Mediterranean Vassal Province of Mario and Merkel. Because as of this moment, no Greek decision can be taken without the direct or indirect express prior approval of either the ECB and/or Berlin.
And once the locals can finally cash out of the local banks which as we explained are an assured "doughnut" for existing equity investors pending either bankruptcy or massive dilution which will wipe out all existing stakeholders (the fate of depositors depends on whether a €25 billion source of liquidity can be found in very short notice) they will, which in turn will lead to another market closure for Greek stocks, only this time it will most likely be permanent.
Charts: Bloomberg
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Bank of Serta
Stockmarket of Serta
Go long Serta
Bank of Serta, at least gives you a nice little cushion for emergencies.
This has to be bullish for bitcoin, right? Because Tyson is a sane mind in the world of investing.
Mike Tyson buys bitcoins -
http://www.cnbc.com/2015/07/27/mike-tyson-apparently-entering-the-bitcoi...
Oh c'mon. Don't mock Mike. He might just be a lot smarter than you think. well..he did bite someone's ear off but...hey...shit happens.
The oligarchs better hurry up with their false flag to beat all false flags in history or the status quo might get blamed for the coming crash.
Please Greece...REJECT the chains of globalism, cast off your Brussels burden, escape the coming European crash. Nations will rise to help you, corporations will flood to your shores for non EU regulated business, and your example of shouting "NO" to INTERNATIONAL SOCIALISM/BANKSTERISM will be the shot of sanity heard around the world
https://www.youtube.com/watch?v=y1OnDgBNlRU
When does the Tspras-sell out rally start?
So if i could sell my Greek Stocks... which Greek Bank would my money be deposited in ?
If Greece opens its stock market then that is what I would call price discovery.
You sell your stocks for a 60% loss, the money is deposited into a frozen bank account. You pay the taxes on the full amount and then you will receive 60% of what's left in 6 months. Sound good. Don't spend the windfall all at once....
Just a thought, whats the margin debt Just prior to closing the market
It should be zero, but I bet it's not.
I appreciate these articles about the Greek stock market. I'm a contrarian inverstor, so I was wondering if the Greek stock market was in an oversold condition. Even if the Greek stock market reopens, I will NOT be buying. But I will keep an eye on it.
If by oversold you mean Greece selling everything that's not bolted down at fire sale prices, then you got it.....LOL.
How the fuck have the Greek people not risen up and said "Fuck this shit!" yet? So they get to stay in the Euro and stuff but can't get another fucking loan to not be decimated even further by capital controls? The politicians can't be that short sighted, they just literally don't care and want to see how bad they can fuck 1st world countries before they break. If Greek people can put up with this much so far, makes me scared for the US.
Perhaps Greece did not reach the tipping point. A tipping point might be the ECB swiping money from Greek bank accounts. That might ignite a revolution.
Revolutionary ideas spread like fire. Examples: 1848 and 1989. We might be now at the begining of a period of turbulance. Heck, financial markets around the world are in decline. Here it comes the mighty storm!
the Tsipras government's idea of reopening the stock markets without letting Greeks sell and take their money offshore - while expecting extra help from the ECB - is indeed on the lunatic side of the thing
as a reminder, we are watching here a Greek gov that is willing to discriminate against it's own citizens (mostly because it can't discriminate against foreigners)
"The ECB ... seems to believe that if markets are not open for locals, then they have no 'real' idea just how bad things are.."
Tylers laughing their heads off, I presume, but as often without explaining much. How could the ECB support this strange idea of having only the non-Greek part of the market to participate?