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Greek Stocks, Economy Collapse, Suffer Worst Declines In History

Tyler Durden's picture




 

The Athens Stock Exchange reopened on Monday and unsurprisingly, some folks were selling. 

Trading was suspended five weeks ago after PM Alexis Tsipras’ dramatic midnight referendum call precipitated capital controls and a lengthy bank "holiday." Shares opened lower by nearly 23% and the country’s banks traded limit-down, which makes sense because they are, after all, largely insolvent. Here’s NY Times:

The Athens Stock Exchange plunged 22.8 percent when it reopened on Monday after a five-week shutdown imposed by Greek authorities as part of efforts to prevent a financial collapse.

 

Bank stocks, which are particularly vulnerable as Greek lenders are set for new recapitalization in the coming months, took a battering, falling by as much as 30 percent.

 

Although foreign investors face no restrictions in the Athens exchange, local traders can only use existing cash holdings to buy shares; they are prohibited from tapping local bank deposits to buy shares as the authorities seek to prevent capital flight.

Asked about the harrowing decline, European Commission spokeswoman Mina Andreeva had no comment but did say that Brussels has "taken note" of the reopening. Amusingly, she also said the decision was made by "competent" Greek officials. A ban on short-selling was due to expire on Monday but will be extended, an unnamed official told Reuters

Meanwhile, monthly PMI data from Markit confirmed that the Greek economy suffered an outright collapse in July. Last month marked the 11th consecutive month of contraction, but it was the depth of the downturn that was truly shocking as the index plummeted to 30.2 from 46.9 in June. It was the lowest print on record. New orders plunged to 17.9 from 43.2. 

"July saw factory production in Greece contract sharply amid an unprecedented drop in new orders and difficulties in purchasing raw materials," Markit said. Here’s more from the report:

Record contractions were registered for almost all variables monitored by the survey, including output, new orders, employment and stocks. 

 

The drop in output in July was led by the capital goods sector, while there were also sharp contractions in the production of intermediate and consumer goods. The latest decrease in output was the seventh in successive months.

 

July’s sharp decrease in the level of new business at manufacturers surpassed the previous record set in February 2012. Panel members commented on the impact of capital controls on demand, and also cited a generally uncertain operating environment which further weighed on sales. A sharp and accelerated decrease in new export orders (also a series record) added to the overall reduction in new work. 

 

Manufacturers’ buying levels decreased to the greatest extent in the survey’s history in July. Panel member reports indicated that companies commonly faced difficulties sourcing inputs due to capital restrictions and the limited availability of some items. Accordingly, stocks of purchases contracted sharply on the month, as did postproduction inventories. 

 

The troubles goods producers had in obtaining inputs was further highlighted by a marked increase in average supplier delivery times. The degree of deterioration in vendor performance was by far the most pronounced in the series history. Panellists mentioned in particular the difficulty in receiving items from abroad. 

 

July’s survey signalled the steepest drop in factory employment ever recorded during the 16-plus years of data collection. 

Note that the commentary here underscores what we’ve been warning about since the imposition of capital controls; namely that an acute credit crunch would eventually lead to a shortage of imported goods.

The data is also emblematic of the sheer desperation that’s taken hold. "Although manufacturing represents only a small proportion of Greece’s total productive output, the sheer magnitude of the downturn sends a worrying signal for the health of the economy as a whole," Markit’s Phil Smith said.  

Yes it most certainly does, and indeed, as we noted last week, there may be no modern economy left in Greece by the time this is all over as many Greeks have already reverted to the barter system in an effort to grease the wheels of commerce and skirt the frozen banking system.

So in sum, a complete and total disaster on all fronts to start the week. And because this is Greece we're talking about, we'll give the last word here to Socrates:

Via Bloomberg and ForexLive:

Share price falls seen after open are logical given 5-week close Athens Stock Exchange CEO Socrates Lazaridis says in Bloomberg TV interview with Hans Nichols.

 

ASE doesn’t expect at this point in time any companies to express wish to move listing from Greek exchange.

 

Expects some shares to bounce tomorrow.

 

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Mon, 08/03/2015 - 07:44 | 6384210 Headbanger
Headbanger's picture

Since Lehman too!

Looks like it's DRACHMA TIME again!

Mon, 08/03/2015 - 07:45 | 6384219 Creepy A. Cracker
Creepy A. Cracker's picture

Welcome to the USA.  Coming to you in the near future as we print, print, PRINT!...

 

 

"Where's my FREE gubmint stuff???"

Mon, 08/03/2015 - 07:54 | 6384239 Haus-Targaryen
Haus-Targaryen's picture

But thank GAWD they still have the EUR. 

Mon, 08/03/2015 - 08:08 | 6384273 Groundhog Day
Groundhog Day's picture

What you will need to get back on the growth path is a LOAN

IMF/EU/ECB/TROIKA/QUADRIGA/INSTITUTIONS

Mon, 08/03/2015 - 08:19 | 6384295 BurningFuld
BurningFuld's picture

But not just any loan. Bring on the ludicrous loan!

Mon, 08/03/2015 - 10:27 | 6384742 Bindar Dundat
Bindar Dundat's picture

That is funny!

Mon, 08/03/2015 - 11:39 | 6385108 Meat Hammer
Meat Hammer's picture

We've gone to plaid!

Mon, 08/03/2015 - 12:06 | 6385220 Creepy A. Cracker
Creepy A. Cracker's picture

We don need no steeenkn loan.  We can print.

Mon, 08/03/2015 - 07:50 | 6384230 DavidC
DavidC's picture

Meanwhile DAX is up over 1% - go figure...

DavidC

Mon, 08/03/2015 - 07:58 | 6384252 stocktivity
stocktivity's picture

Because all those big German banks hold the Greek debt on their books as full value...hey, why not. Greece is paying back their loans.

Mon, 08/03/2015 - 08:02 | 6384259 Usurious
Usurious's picture

'For the architect of the euro, taking macroeconomics away from elected politicians and forcing deregulation were part of the plan'

http://www.theguardian.com/commentisfree/2012/jun/26/robert-mundell-evil...

Mon, 08/03/2015 - 08:00 | 6384256 Bangin7GramRocks
Bangin7GramRocks's picture

Economic war is so easy. They surrendered faster than the French. The U.S. has taken note and will probably begin to destroy countries with this same game plan. Cut the money for a few months, wait for the economy to collapse and then move in for the kill.

Mon, 08/03/2015 - 08:26 | 6384309 back to basics
back to basics's picture

Begin to destroy???

Have you ever heard of Chile and the Pinochet coup? Look into it.

Mon, 08/03/2015 - 07:46 | 6384221 Latitude25
Latitude25's picture

Now the banksters get to start confiscating Greek assets while the Greeks kill each other to eat.  All by design.

Mon, 08/03/2015 - 07:47 | 6384224 NoDebt
NoDebt's picture

I wouldn't worry about it.  Greek citizens can now plow their money into their stock market, buy the collapse, and ride the wealth effect wave to a much higher standard of living.

Somebody send them a copy of the "buy the fucking dip" animation.  Buyable dips like these don't come along very often.

 

Mon, 08/03/2015 - 07:53 | 6384238 negative rates
negative rates's picture

Sure as I said before, as long as your  country is READY to die, there is no need to "WORRY".

Mon, 08/03/2015 - 07:58 | 6384248 NoDebt
NoDebt's picture

What, me worry?

In all seriousness, the important thing to keep in mind here is that the collapse going on in the world economy is just a sideshow.  What really matters is if the Fed raises rates by a quarter of a point in a couple months.  As long as that doesn't happen, nothing can go wrong.

 

Mon, 08/03/2015 - 08:14 | 6384286 negative rates
negative rates's picture

So the fed defaulting before raising rates don't count, huh? Or did you misunderstand me??

Mon, 08/03/2015 - 09:00 | 6384405 BitchezGonnaBitch
BitchezGonnaBitch's picture

For a self-described back marker you're very quick; your comments brighten up my day for sure. 

Mon, 08/03/2015 - 07:48 | 6384225 Winston Churchill
Winston Churchill's picture

Hope everybody is taking notes, test in 6 months.

Mon, 08/03/2015 - 07:49 | 6384226 Bossman1967
Bossman1967's picture

Something that makes sense in the world. What would the story be if Greek markets went up? This whole house of cards is about to pop by November a Thanksgiving will be thanksless and peeps around the world will be on hier knees by Christmas

Mon, 08/03/2015 - 07:56 | 6384247 negative rates
negative rates's picture

Don't forget free stuff, lots of free stuff.

Mon, 08/03/2015 - 07:50 | 6384231 Racer
Racer's picture

Looking at the surge in the DAX it seems like they are rubbing their hands in glee at the prospect of Germany getting more orders instead

Mon, 08/03/2015 - 07:51 | 6384232 new game
new game's picture

blood in the streets next, when they have nothing to lose they lose it...

venzuala, greece, seatle,and oh, all western ponzi socialist wet dreams. folks, we ran out of other peoples money and printed and borrowed ourselves to a mathematical impossibility. ha, lol...

Mon, 08/03/2015 - 08:03 | 6384263 Peter Pan
Peter Pan's picture

Unfortunately, the day of reckoning will apply to all nations regardless of their political set up. Look around and tell me which nations stand out like a beacon of good clean capitalism and sensible government.

Me thinks there is no nation of any real consequence that meets the standard.

Mon, 08/03/2015 - 07:51 | 6384233 Peter Pan
Peter Pan's picture

I offer a slow clap to Europe and her German master for the way they have allowed the Greek economy to wither over the last month or so by refusing it any air for its already clogged up lungs.

If Germany wants to be a leader it must lead rather than act as a dictator.

History will judge her harshly and future  events  will punish her.

She needs to act now before hubris attends to her.

As for the Greeks they will one way or another be punished for their lack of restraint and foresight over the last decade or so. But to sabotage her economy in order to make an example of her is sadistic.

Mon, 08/03/2015 - 07:55 | 6384240 new game
new game's picture

your compassion is to be applauded! no sarc...

Mon, 08/03/2015 - 08:00 | 6384254 dontgoforit
dontgoforit's picture

Compassion for the grateful, yes.  Welfare for the over-promised, no.  Greece should never have been admitted into the EU - it's a bad fit.  So is Italy and Spain to a large degree.  It's like the U.S. - the south and middle section of the country is clearly a 'states rights' region while the NE and W are way progressive liberal socialist.  There will come a split with them again before this is done - due in most part to the ineptitude of the politburo.

Mon, 08/03/2015 - 08:06 | 6384258 Ghordius
Ghordius's picture

what was the alternative again? your "... allowed the Greek economy to wither over the last month or so by refusing it any air for its already clogged up lungs "

air? aren't you actually talking about something different then air? call a spade a spade. your argument, in plain words, of the type of:

"Germany (of course leaving out 17 other countries) ought to have... paid for moar"

Mon, 08/03/2015 - 08:10 | 6384277 Peter Pan
Peter Pan's picture

Come on Ghordius, you know better than that. When you supposedly are trying to reform an economy but cut off the ability for factories to procure raw materials, it is evident that you are either clueless or malevolent. Or is it possible that Germany is both?

Mon, 08/03/2015 - 08:25 | 6384294 Ghordius
Ghordius's picture

Peter Pan, either you know better then that or you ought to know better then that

your first statement was about "refusing a breath of fresh air". specify a bit better, then air is not the issue

now you follow up with another murky "argument", a "trying to reform the economy" followed by "cut off the ability for factories to procure raw material"

who is setting up capital controls in Greece again? Germany? no. it's the Greek government. but this fact does not fit your narrative, eh?

so say what exactly you think "Germany" ought to do. specify the policies, if you dare. and specify the Greek policy answer to those

I repeat: the Greek gov is setting capital controls. against the reccomandations of the european partners, the EU, the IMF, the whatever

so it's the Greek government that is making it difficult for Greek companies to stock up imported wares, not "Germany"

and now we watch a Greek national stock market with limited access for Greeks. and the same Greek government would love to limit foreigner's access to it, but it can't

Mon, 08/03/2015 - 08:27 | 6384311 Peter Pan
Peter Pan's picture

Well if feckless Germany would put its foot down and "order" Europe's banks to disclose to Greece where her citizens' money has been secretly deposited and then proceed to freeze those funds until the account holders could explain themselves as to how those funds were earned, the situation might have been better for all in Europe.

But no. Instead they allow Greece to be doubly screwed because it fits their game plan and narrative.

Mon, 08/03/2015 - 08:37 | 6384336 Ghordius
Ghordius's picture

so you think that the Greek government ought to ask all Greek citizen's funds... back to Greece's government?

what about the freedom of Greek citizens to take their wealth out of the country if they mistrust their government?

what about the assumption of innocence? I'd prefer governments to prove me that I did not pay taxes instead of the other way round

Mon, 08/03/2015 - 08:57 | 6384396 Peter Pan
Peter Pan's picture

Ghordius you need to read what I wrote. I did not advocate these funds to be returned to Greece. I simply said that the funds should be frozen until the Greek account holders could staisfy the Greek authorities as to where these funds cam from. This implies a requirement that these funds be proven to be the AFTER TAX fruit of their labour and businesses.

Mon, 08/03/2015 - 10:10 | 6384593 Ghordius
Ghordius's picture

Peter Pan, you are advocating to have all funds outside Greece and belonging to anybody connected to Greece to be frozen, first, and sorted out, later

meanwhile, the Greek government is preventing Greek companies in Greece to spend for imports

you don't see any problem with your plan, so much is clear. and how illiberal this is, in the old sense of the world, seems to escape you, too

Mon, 08/03/2015 - 08:29 | 6384316 back to basics
back to basics's picture

As usual you repeat bullshit you've been fed. Do you at least make a buck constantly posting all these lies on here, or are you just stupid?

Mon, 08/03/2015 - 08:31 | 6384323 Ghordius
Ghordius's picture

your argument is... ?

Mon, 08/03/2015 - 08:42 | 6384353 back to basics
back to basics's picture

My argument is that I have been watching you for months, if not years, repeat the same brainless europhile propaganda you've been fed ( or a script you've been handed) without a morsel of critical thinking and while ignoring everyone who tries to set you straight.

You are either a paid parrot or an idiot. In either case, I no longer care to set straight a paid fraud or a pseudo intellectual who buys into the lies but I reserve the right to keep saying "enough already" to your vomitus posts.

Mon, 08/03/2015 - 08:46 | 6384363 overmedicatedun...
overmedicatedundersexed's picture

back, I have pointed out and Ghordius's have responded that they are more than one person, he once admitted here on ZH that sometimes his secretary posts for him..My guess he works as a beaurocrat in brussels..with the job of making the EU case, he she it cannot admit any weakness in the EU .gov.

Mon, 08/03/2015 - 10:14 | 6384687 Ghordius
Ghordius's picture

kid, do you realize that if I was what you say, the easiest thing for me would be to delete this account and make a new one?

further, do you realize that it is a "weakness of the EU" which I am highlighting? paired with a "what gov"?

I am posting since four years. show me any falsehood, if you can. meanwhile, note the reactions to what I write, and note how their strenght is proportional to how much I disturb the narrative

disparaging the bringer of news is a classic ad-hom, btw

Mon, 08/03/2015 - 09:56 | 6384615 Ghordius
Ghordius's picture

and this is your argument? that you "have read" that, before? coupled with a few ad-homs?

where do I sue the schools that fostered this kind of thinking? somebody committed a crime against humanity, with you

Mon, 08/03/2015 - 08:42 | 6384350 Teknopagan
Teknopagan's picture

Germany is occupied. She was occupied for having a debt free currency and a international commercial barter system to escape the banks.

Mon, 08/03/2015 - 08:56 | 6384391 Dugald
Dugald's picture

 

"If Germany wants to be a leader it must lead rather than act as a dictator."

They know no other way...its the breed, bombastic prats all!

Mon, 08/03/2015 - 07:51 | 6384234 Infinite QE
Infinite QE's picture

As it is written in the talmud

We will own EVERYTHING

 

- Your Talmudic Overlords

Mon, 08/03/2015 - 07:56 | 6384246 Peter Pan
Peter Pan's picture

Time for an old joke:

Dying Jewish father made his three sons promise that they would each place a million dollars in his coffin when he died.

On the day of the funeral as the coffin was being lowered, the first son placed a million dollars in the coffin and the second one did the same. The third son then went and removed the $2 million dollars from the coffin and threw in a $3 million dollar cheque.

So, yes they might get to own everything but in the end nothing will accompany them on the next journey except their sins and their charitable acts.

Mon, 08/03/2015 - 08:52 | 6384382 shovelhead
shovelhead's picture

Sez who?

Mon, 08/03/2015 - 10:41 | 6384804 Shigure
Shigure's picture

A Peter Pan joke never grows old ;)

Mon, 08/03/2015 - 07:55 | 6384241 flyonmywall
flyonmywall's picture

Soon, you too will have your own Greek island that you can give away to your friends.

http://bleacherreport.com/articles/2537474-cristiano-ronaldo-reportedly-...

Mon, 08/03/2015 - 07:55 | 6384244 wmbz
wmbz's picture

" Greeks have already reverted to the barter system in an effort to grease the wheels of commerce and skirt the frozen banking system".

 

Banksters and gubmint HATE barter, they can't tax it, skim it or take it.

They could make it unlawful and I would love to see them try, don't think that they wouldn't give it a shot.

Make the world a better place....Hang a Bankster!

Mon, 08/03/2015 - 08:00 | 6384255 Peter Pan
Peter Pan's picture

Producers and suppliers of raw materials might be able to barter to a degree when they are both situated within Greece but it is highly doubtful that foreigners will engage in barter with Greece.

Moreover, what will people in the cities barter with? Their furniture, pots and pans, cars?

I am afraid that apart from those with vegetable patches and chickens  in the countryside, all others particularly in the cities will reach an explosion point.

Spain, Italy, Portugal and even France please take note.

Mon, 08/03/2015 - 09:02 | 6384410 Dugald
Dugald's picture

 

"Make the world a better place....Hang a Bankster!"

     No, no, too quick, impalement is nice n' slow....much more gratifying

Mon, 08/03/2015 - 07:58 | 6384245 Ghordius
Ghordius's picture

"Although foreign investors face no restrictions in the Athens exchange, local traders can only use existing cash holdings to buy shares; they are prohibited from tapping local bank deposits to buy shares as the (EDIT: GREEK) authorities seek to prevent capital flight "

"Asked about the harrowing decline, European Commission spokeswoman Mina Andreeva had no comment but did say that Brussels has "taken note" of the reopening. Amusingly, she also said the decision was made by "competent" Greek officials. A ban on short-selling was due to expire on Monday but will be extended, an unnamed official told Reuters.  "

"...today marks the reopening of the Athens stock exchange after a five week suspension while bailout talks continue. Local traders will be able to buy stocks, bonds, derivatives, and warrants under certain conditionsInternational investors won’t be restricted as long as they were active in the markets before markets were closed in June (Bloomberg). So it will be interesting to watch today. "

behold the EU and the eurozone "logic" that escapes most articles and comments, here

it does, generally speaking, prevent the discrimination of the "european" versus the "local"

it does not, generally speaking, prevent the discrimination of the "local" versus the "european" (or even extra-european). because it can't

what is going to be written in a few years about re-opening a national stock market again... while restricting Greek access to it?

we are witnessing a Greek government discriminating against Greek citizens and companies

think about it. particularly next time we have a discussion on the "evils of the EU", or, even better, one of those "governments are evil" followed by something like  "and the EU is a government like the US"

Mon, 08/03/2015 - 08:01 | 6384257 NoDebt
NoDebt's picture

I have thought about it.  I decided everything in Europe is only about one notch less fucked up than the Middle East.  Then I worried about it no more.

Mon, 08/03/2015 - 08:05 | 6384267 Ghordius
Ghordius's picture

and this is exactly the way you are supposed to think about it. congratulation, propaganda has worked, on you

Mon, 08/03/2015 - 08:33 | 6384326 back to basics
back to basics's picture

You gotta love the smell of irony in the morning !!!

The guy who lives, breathes and parrots propaganda is telling on of the more enlightened posters on here that propaganda has worked on him.

Oh the humanity.........PMSL

Mon, 08/03/2015 - 08:40 | 6384345 Ghordius
Ghordius's picture

I am still missing your argument. or are you just an excuse for looking at a sexy avatar? yes, I am very interested in how propaganda works. perhaps you ought to do the same, dear "englightened poster"?

Mon, 08/03/2015 - 08:02 | 6384261 Latitude25
Latitude25's picture

While what you say is true, it goes way beyond that.  The bottom line is that this is the Western oligarch plan to loot the country.

https://youtu.be/MN4drI2CLEQ

Mon, 08/03/2015 - 08:57 | 6384393 shovelhead
shovelhead's picture

Not a very good plan if it costs far more than it returns.

Mon, 08/03/2015 - 08:56 | 6384383 ThroxxOfVron
ThroxxOfVron's picture

"what is going to be written in a few years about re-opening a national stock market again... while restricting Greek access to it?

we are witnessing a Greek government discriminating against Greek citizens and companies "

 

 

Here is MY take on this deplorable situation.  My suspicion is:

Most of the capital flight has already long since happened.  The Oligarchs/big bux have already long since flown and this bullshit is about fucking over the plebes.

Greeks with real money saw the writing on the wall and got their Euros OUT of Greece last year before Syriza was even voted in.

SMART Greeks with real money swapped their Euros for Swiss Francs while the peg was in place...and rode the pop when the peg was broken.

NOW they are accessing the Greek stock market from outside.

AGAIN: the plebes/average Greek citizen is trapped inside the domestic system while most of the Oligarchs/big bux playas are using foreign based accounts to access the system to buy on the cheap and short what they don't wanna hold.

IMHO, Syriza/Tsipras knows all of this fully well and they are cooperating with the Greek Oligarchy in hopes of clinging to power.

SOME Greeks are indeed taking part in the bone picking and pillage.

They positioned to take advantage of this situation last year or even earlier.

Mon, 08/03/2015 - 07:58 | 6384251 Condor96
Condor96's picture

http://albainternazionale.altervista.org/4/

Intelligence Artificial ... by Tokyo and Moscow ... 

Mon, 08/03/2015 - 07:59 | 6384253 Panic Mode
Panic Mode's picture

Stocks bail in

Mon, 08/03/2015 - 08:12 | 6384282 jay28elle
jay28elle's picture

OK, my GREK Puts like this.

Mon, 08/03/2015 - 08:23 | 6384301 overmedicatedun...
overmedicatedundersexed's picture

see what happens if you even hint at not paying the masters ..er banks the interest on the debt they keep forcing greece to take..Ghordius seems oblivious that the banks issue more debt to pay themselves back and somehow that is what is best for greece more national debt..I think not.

Mon, 08/03/2015 - 08:30 | 6384319 Ghordius
Ghordius's picture

and which banks are we talking about? Greek banks or non-Greek banks?

because the Greek national debt is strongly tied to the Greek banking system and the Greek national bank and their workings

and those Greek government capital movement restrictions are strongly tied with their perceived interest in keeping the Greek banking system afloat, and their perception on how to do it

(being radical socialists, they prefer the socialist method, btw)

so are you talking about Greek "masters" or international "masters"? or both? which in this case it makes little sense?

Mon, 08/03/2015 - 08:40 | 6384346 overmedicatedun...
overmedicatedundersexed's picture

Ghordius, to quote our next us president: "At this point what Difference does it make?"

"so are you talking about Greek "masters" or international "masters"? or both? which in this case it makes little sense?"

my point is clear..just like all CB's the only answer is issue more debt to pay the interest on old debt so the elite always get the vig.

at one point in my youth the lip service was: "banks only loan to good credit risks" you know good due diligence, today what bank is solvent without this back up by CB's ..as we all know the this world wide system has the side effect of making the .01% that much more wealthy.

debt should have long ago been renounced as odious. is that clear?

Mon, 08/03/2015 - 09:35 | 6384516 ThroxxOfVron
ThroxxOfVron's picture

"my point is clear..just like all CB's the only answer is issue more debt to pay the interest on old debt so the elite always get the vig....

..as we all know the this world wide system has the side effect of making the .01% that much more wealthy.

debt should have long ago been renounced as odious. is that clear? "

 

FUCKING A.

Even some people at the bloody IMF who's job is arguably to NEVER say it have admitted the Grrek debt is completely unsustainable and unmanageable.

Tsipras and the coalition sold out to the EMU/Creditors to hold their positions of management.  The whole thing is a farce.

I can't for the life of me understand why the unemployed youth haven't burned Athens to a heap with the coalition in parliament.  

The stock market?  Fuck man, there are reports of insulin shortages and the like.  The Red Cross and Doctors Without Borders should probably be on the ground.

Mon, 08/03/2015 - 08:32 | 6384325 22winmag
22winmag's picture

Pause stacking Au and Ag.

 

Resume stacking cases of 10.5 liter cases of whiskey and 100 can cases of sardines.

Mon, 08/03/2015 - 08:35 | 6384331 large_wooden_badger
large_wooden_badger's picture

There we are, the skids have been Greece'd

Mon, 08/03/2015 - 12:34 | 6385349 nemesis2012
nemesis2012's picture

 WHAT FLAG IS THAT ASSHOLE?

Mon, 08/03/2015 - 22:44 | 6387963 large_wooden_badger
large_wooden_badger's picture

Yell a little louder fucktwat I can't hear you over the Tylers

Mon, 08/03/2015 - 08:35 | 6384334 Phillyguy
Phillyguy's picture

Greece is finished. It will take decades for the Greek economy to recover. This is what is in store for the other Greece’s in the EU- Portugal, Italy, Spain, France, and de facto EU member, Kiev.

Mon, 08/03/2015 - 08:38 | 6384337 Kina
Kina's picture

There is no saving Greece. Better to exit, default 100%, drachma.

Or keeping adding debt to debt year after year.

Mon, 08/03/2015 - 08:42 | 6384349 Batman11
Batman11's picture

Iceland survived capital controls with no reported problems.

It also shows the benfits of having your own currency and facing your problems immediately:

1) Default

2) Close down failing banks

3) Imprison criminal bankers

4) Impose capital controls before all the money has left the country

Mon, 08/03/2015 - 10:37 | 6384780 Teknopagan
Teknopagan's picture

and a homogeneous population. Note how Greece is being flooded with aliens

Mon, 08/03/2015 - 08:45 | 6384359 Tachyon5321
Tachyon5321's picture

Remember you could have invested with Bill and Hillary Clinton's son-in-law Marc Mezvinsky on the belief that there was a Greece economic recovery underway.

 

 

Mon, 08/03/2015 - 08:59 | 6384402 A. Bean-Counter
A. Bean-Counter's picture

'...the country’s banks traded limit-down, which makes sense because they are, after all, largely insolvent'

Hey, its not only the Greek banks...

Mon, 08/03/2015 - 09:02 | 6384407 Able Ape
Able Ape's picture

Great, the wheels have come off the bus, and the driver is suddenly demanding that you pay 100 times the fare.  What's UNFAIR about 'dat?  And how are you going to do that when your pockets are empty?  And with the wheels falling off, WHERE 'ya gonna go?  Inquiring minds WANT to know!....

Mon, 08/03/2015 - 09:08 | 6384422 Bazza McKenzie
Bazza McKenzie's picture

Suspect that PMI is overly positive due to survivor bias.

With that result there must be a bunch that have just gone out of business and don't fill in any questionnaires.  So only get a response from those hanging in.

Mon, 08/03/2015 - 09:15 | 6384446 Backtable
Backtable's picture

Youth will revolt, military will come in, generals will run the country. Euro takes another leg down.  

Mon, 08/03/2015 - 09:56 | 6384610 TrustbutVerify
TrustbutVerify's picture

Its the socialist end point after spending all the 'some else's' money.  Is this the required implosion?  I wonder if the false promise of goods imported from slave wage China, and others, has taken hold like it has in the United States. If so, maybe Greece, like the United States and other debt-drunk, manufacturing-job-experting western economies, can pretend things aren't so bad for a while longer...though they are so bad.  

Where were the last consumer goods you bought made?  

Mon, 08/03/2015 - 12:00 | 6384680 Boxed Merlot
Boxed Merlot's picture

delete---

Mon, 08/03/2015 - 10:06 | 6384655 rhymemepoet
rhymemepoet's picture

Mon, 08/03/2015 - 10:09 | 6384666 starman
starman's picture

They need to lay off 50% of the work force so they can hang on for another couple years. Worked for IBM Microsoft HP etc etc.

Mon, 08/03/2015 - 11:38 | 6385105 Meat Hammer
Meat Hammer's picture

the sheer magnitude of the downturn sends a worrying signal for the health of the economy as a whole,"

LMAO!!!

Signed,

The-New-Black-Market-We-Ain't-Payin-No-Taxes-Freedom Economy.

Mon, 08/03/2015 - 12:32 | 6385334 nemesis2012
nemesis2012's picture

    Greece is going to collapse, so she can rise again! FUCK THE HATERS!

Mon, 08/03/2015 - 12:35 | 6385352 nemesis2012
nemesis2012's picture

FUCK THE JEW BANKERS!

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