Bank Downgrades Jump The Atlantic: S&P Cuts Numerous Italian Banks

Tyler Durden's picture

Just so the Italian banks don't feel isolated and get more than their fair share of intraday limit down closes, here comes S&P, via Bloomberg:

  • S&P Cuts Ratings on 15 Italian Banks After Italy Downgrade
  • S&P cuts Intesa Sanpaolo ratings to A from A+; outlook negative
  • S&P cuts Mediobanca ratings to A from A+; outlook negative
  • UniCredit Spa Rating Outlook to Negative by S&P
  • Findomestic Banca Cut to A From A+ by S&P

Judging by the market response, forget QE3: QE 3000 must be coming.

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Don Birnam's picture

"Italian bank."

Seems rather an oxymoron.

BrocilyBeef's picture

kinds like Italian bread...

too soon?

kito's picture

im sure the troika will figure out a way to make italian dressing out of this...........

Ahmeexnal's picture

S&P about to downgrade BNP, SocGen and Credit Agricole.

BrocilyBeef's picture

S&P should downgrade the US GOVERNMENT! ... wait .., AGAIN!

GeneMarchbanks's picture

S&P feeling left out? Maybe they can downgrade Moody's and vice versa.

Meanwhile I just upgraded my PM stash so put that in your newspipe and tell the algos.

Nothing To See Here's picture

Hey, to me, "Italian" and "bank" sound like synonyms...

covert's picture

so, who could protect your money from the mafia there?


sabra1's picture

please stop calling my ox a moron! now the bull won't give milk! 

M.B. Drapier's picture

Not really. Banca Monte dei Paschi di Siena is the world's oldest surviving bank. Of course it may not be for very much longer.

Da55id's picture

Hiding in plain sight

Irish66's picture

Superfecta,I win

spiral_eyes's picture

If Bernanke wants a shitstorm of dollars he will cut interest on excess reserves. 

Epic liquidity, bitchez. 

BrocilyBeef's picture


cossack55's picture

Listen for the whop-whop sound of rotor blades approaching.

NotApplicable's picture

I can hear it sitting on the pad. They're gettin' the engine warmed up.

Incubus's picture

who you callin' a whop?

Spitzer's picture

damn, they skipped Canada.

sheeple's picture

DBRS will get them lol

Mr Lennon Hendrix's picture

Because Canada is doing everything they have been told to do:  Long live the Queen.  Oh, and hey, Spitz, what you think about silver?  I think it is signaling a leg up for oil.  My two cents....

Spitzer's picture

Silver's been building a solid base for a while now, limited downside IMO

walküre's picture

Have you seen the prices on Canadian banks?

Lots of room to give...

Canadian banks may not have had exposure to the US blowout but they have ample exposure to Asia and Europe, especially France.


sabra1's picture

majority of americans think canada borders china!

TradingJoe's picture

Oh so ya'll think Bennie is going for the Big One eh? How? With what? Any FEDster making (kneejerk)decisions would be fired instantly! My take is they want this market to tank, a lot, then they can say(with a smile) "here we are and now we HELP"!! But I could be utterly wrong! Eihter way, my PMs will shine or my Puts will rock! I'm Good!

Smiddywesson's picture

Cascading bank downgrades and gold is flat lined.  Nothing new there.

Mr Lennon Hendrix's picture

New trade- Long scape goats/Short dollar

Dreadker's picture

So basically there is a moodys guy and a S&P guy with a box of darts and wall covered with names of banks... they each get 3 throws then downgrade the institution... whoever causes the most "But we never saw this coming!" panic on wall street gets to impeach Bernanke....


If only this were true...

Mr Lennon Hendrix's picture

The Moodys guy is throwing darts at America and the S&P guy is throwing darts at Europe.  Finance warz, bitchez!

Dreadker's picture

Its a game of 'Risk' without the Risk... thanks to printing!

mayhem_korner's picture

A is the new AA.  Move along...

BrocilyBeef's picture

eventually they'll just start using lithium batteries, of course this is after we rate countries D, C and 9-volt.

mayhem_korner's picture

Nice jug.  Did you change avatars mid-stream, broc?

BrocilyBeef's picture

why, thanks. this one took a google search.

monopoly's picture

And they do come in 3s. There you go.

nope-1004's picture

Anyone have a link to Benocides circus act?  Would like to watch the convulsions live.


NotApplicable's picture

If only the net would fail, then it might be an act worth watching.

monopoly's picture

I think one of the best tells out there is FCX. Growth, where?

CvlDobd's picture

FCX chart is the complete opposite during August- Now 2011 than July to Jackson Hole 2010. Is the wind soon to leave the NASDAQ sails?

Panafrican Funktron Robot's picture

I wouldn't necessarily call that a good tell, they have a strike to deal with right now.  GE bouncing along the bottom below 50% of it's 2007 high is a stronger tell for me.  

jbc77's picture

Market started ramping on the Citi downgrade. Fucking Fed must be preparing to monetize hella big batches of debt. Gold and silver baby...............

lolmao500's picture

Italy loses wars and now they lose their banks.

Smiddywesson's picture

Mommy, I'm afraid.

Smiddywesson's picture

No, a stake through the heart is what works on banksters

hunglow's picture

Look mommy, a B-52 in the sky.

vast-dom's picture

QE is a helluva drug, bitch.


QE to the Nth times infinity. But be patient bitches. Bernank et. al will fail. Because in the end you can only fake it $caM it make excuses hijack hostage-take zombify blame everyone and everything else so long until there is some kind of correction to say the least. A correction is due. The Great Purge is immanent. Stay patient bitches. Eurozone teetering FuckYouShima radioactive corridor expanding blah blah blah bleh slop slop slothrop glop glup bleh...............