Carnage Ala Milanese: Italian Stock Bloodbath

Tyler Durden's picture

Italian bank shares are down over 8.5% in the last two trading days as all the majors (Intesa SanPaolo, Unicredit, Banco Popolare -7.14%, UBI Banca, Banca Pop Milano -6.3%) are still HALTED. As 10Y BTP spreads break above 400bps for the first time in over two months, it seems the marginal buyer of last resort has left the building and with little if any performing collateral left, credit spreads (and LTRO Stigma most notably) is breaking to close to record wides. We wonder how long those nasty speculators will be blamed for an attack and the short-selling ban will re-materialize (since it was so successful last time).

FTSE All-Share Italian Bank bad as it gets...

and Intraday...


and BTP spreads broke above 400bps once again...


Charts: Bloomberg


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Blorf's picture

Needs more price stability from the ECB.

navy62802's picture

Quick someone get this man some heroin!! He's CRASHING!

SheepRevolution's picture

Tomato-preppers in Italy and olive-preppers in Greece? I think sooo..

Idiocracy's picture

Alla Milanese

"Ala Milanese" means "Milanese wing"

Zero Govt's picture

well get some quick, they're nose diving and it''s going to look like the aftermath of a pizza fight if this carries on

Carl Spackler's picture

Loudspeaker:  Paging Dr. Bernanke. Stat.

Dr. Bernanke:  Nurse, get another $1 trillion Euro-USD swap ready before the patient flat lines.

Taterboy's picture

They needs a good dose of Hopey-Changey! That's what saved us. I know this to be true because the nighty news tells me so.

SheepDog-One's picture

ZIS is zee 'price ztabileetee'?? Seems money printing has little/no effect anymore. Your move, Maniacal Monetizers...I'd suggest you choose carefully.

spartan117's picture

Maybe the Fed will sell all its gold for those precious FRNs?  Seems like they are in big demand lately.

DoChenRollingBearing's picture

The Fed should just do the opposite.  They should put out a call that they will buy any and all gold for some arbitrary high price (say $5000 or even better $10,000).

That would get the ball rolling nicely!

bshirley1968's picture

"Hey, Ben, we have a $16 trillion pound anvil hanging over our heads, what should we do?"  "I know, add a couple of trillion to it and maybe it will go away."

The lunacy is a funny as it is scary.  "....choose carefully"  They have left themselves with that as their only choice.  They will monetize and then monetize some more.  They are the proverbial one trick pony.

navy62802's picture

Maniacal Monetizers ... nice, I like that term.

Slope of Hope's picture

That's a one spicy meatball!

Jupiter's picture


This makes sense, as the only market participants left are those that are dependent on easing.


You get what you ask for.



LawsofPhysics's picture

You are correct sir.  Producers of real goods and services have no need for QE, only paper-pushers who add no real value to the system.  The financial sector is the single largest bubble in need of popping, and pop it will.  The more they ease, the bigger the pop.

Zero Govt's picture

absolutely correcto ...this can kicking just makes the inevitable inevitably crapper

politicians never solve problems, they just make them bigger and more expensive

Bubble Ben needs a helicopter not to help Main Street but to escape from it

StychoKiller's picture

You get what you subsidize.  Fixed it for ya!

GerritB's picture

Bring out your 6pack Jo, your in for a ride!

The Swedish Chef's picture

Mega LTRO in 3, 2, 1...

Acet's picture

Obviously this has nothing to do with the Italian banks having bet the house and then more on Italian Treasuries and it's all the fault of speculating short-sellers! /sarc


dracos_ghost's picture

Italy needs to create a stock called AAAPL. That'll save 'em.

PontifexMaximus's picture

Iprada, igucci , igeox, iluxottica won't do it....what a pity!

j0nx's picture

No worries, Ben is waiting in the wings to provide liquidity. Americans can afford another $1.00 more for gas at the pumps and another 20% increase in their food costs since they still haven't put 2 and 2 together to determine what's driving the increases in the first place. Mush bitches, mush!

kahunabear's picture

No problem; we've been decoupled. Bullish! Just buy more iPad 3s and spend more time on FB. Everything will be just fine.


God forbid if people stop buying iPads we're DOOOMED!

WVO Biker's picture

Luckily I found out last Thursday that the new Ducati Panigale motorcycle does not make the advertized horsepower and I immediately shorted the Milan Stock Index. Sorry I don't want one any more.

Beretta, anyone?  

ebworthen's picture

Insolvency has a way of leaking through the bulkheads, eh?

LongSoupLine's picture

yep, especially when the "bulkheads" are made of bullshit.

LongSoupLine's picture

but, but Monti said...


Oh wait...he's former Goldman.  Ya gotta do the opposite.

PontifexMaximus's picture

What a shame, i better stay at the costiera amalfitana, having lunch alla taverna del capitano , enjoying the view sul golfo

lizzy36's picture

But just 2 weeks ago Super Mario Monti said the crisis was over. 

He wouldn't lie would he? 

q99x2's picture

Make mine a LTRO.

John Bull's picture

Dear Comrades,


Does somebody have a good hint where to find European intrest rates (for free)?



i-dog's picture

Things are hotting up...just in time for summer....

junkyardjack's picture

Where is the Plunge Protection Team?!?!

bogey4's picture

I prefer my carnage a la Milanese with a nice old Barolo.

The Onion Of Twickenham's picture

I'm sorry... didn't you get the memo from Le Petit General (aka M. Sarkozy)? All of the Eurozone's problems have now been resolved! Ne rien pas ici, allez-vous.

slewie the pi-rat's picture

somebody order some bankster consolidations?

they're almost ready to come out of the "kitchen"

theMorgue's fingerprints here from "breaking" the swap index?

if we ever get a cogent report of what the hell that guy actually pulled we might know more, but it's prob a "secret"

so, we'll hafta wait a bit longer and see of this is indeed the "trigger" for the "consolidations/"liquidations" which many (including yer trooly) have seen as the denoument of the LTR0 'ali shuffle'

oh, yeah, this will be bit of a washout, but i doubt very much if the ongoing bankster programs, speeches, appearances and shows indicate anything except a plan coming together

this is quite welcome to slewie~~destroying some "paper wealth" can be quite "creative" according to someMasters

i have been saying since feb that the markets are "screwed down tight"

i see today as no different

these "markets" are doing what theCabal wants them to do, when theCabal wants them to do it

with the possible exception of some of the recent trolling, i haven't seen anything quite this choreographed in 65+ years

doesn't meant they'll have a handle on it "tomorrow" but imo they have a handle on it, today

Olympia's picture

Those who won all battles shall lose the war.

Bilderberg Group and the crimes against humanity.


This is how things work in all countries. Whatever used to belong to their people, today it belongs to the multinational companies of the Club. People were betrayed by their given leaderships and they lost everything. Capitals and markets were handed to the Club bosses. If you understand what is going on in Greece, you can understand what is going on in Britain, France, and Germany etc..



Nussi34's picture

The Spaghettis will be fried!