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Europe On The Verge Of A Political Crisis

Tyler Durden's picture




 

And the hits just keep on coming, with the Greek government now just one vote away from total collapse

  • ONE GREEK RULING SOCIALIST LAWMAKER QUITS PARLIAMENTARY GROUP - STATE TV MORE - RTRS
  • GREEK MP'S MOVE REDUCES PM PAPANDREOU'S MAJORITY TO 152 OUT OF 300 DEPUTIES - RTRS
  • More resignations/defections from Greek ruling part is possible according to an Official - Dow Jones

As a reminder 151 votes are needed to pass a vote. But that's not all:

  • Senior member of Italian opposition says party has asked president Giorgio Napolitano to form new government before G20 summit in Cannes

Oh yes, Italy, the one place everyone was terrified about before Greece stormed back to center stage with a bang. Result:

  • ITALY 2-YR BOND YIELD SPREAD VS GERMANY HITS NEW EURO LIFETIME HIGH ABOVE 500 BPS
 

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Tue, 11/01/2011 - 08:00 | 1831159 GeneMarchbanks
GeneMarchbanks's picture

Merde...

Question: is the US far behind or not so much?

Tue, 11/01/2011 - 08:23 | 1831199 HelluvaEngineer
HelluvaEngineer's picture

Thank God all of this has been priced in.

Oh, can't log into TOS this morning.  Guess everyone is busy checking their Oct profits?

Tue, 11/01/2011 - 09:45 | 1831880 knukles
knukles's picture

On the verge of a crisis?

LOL

Verge? 

LOL

Somebody jumped over the berm and ain't come back, yet.

Verge?

LOL

Tue, 11/01/2011 - 08:05 | 1831202 Socrate
Socrate's picture

Putain de merde...

Tue, 11/01/2011 - 07:55 | 1831160 Irish66
Irish66's picture

Form new gov't is my favorite of all

Tue, 11/01/2011 - 07:56 | 1831166 JenkinsLane
JenkinsLane's picture

Last chance to get your short feta, long Albanian car transporters trade on.

Greece will be setting the benchmark time in the inaugural "Fastest Time a Country Can Be Cleared of Luxury SUV's" competition.

Tue, 11/01/2011 - 08:13 | 1831228 Schmuck Raker
Schmuck Raker's picture

Did you know Maserati makes a SUV?

Tue, 11/01/2011 - 08:26 | 1831262 JenkinsLane
JenkinsLane's picture

It's a Jeep Grand Cherokee with a body kit.

http://en.wikipedia.org/wiki/Maserati_Kubang

I doubt it will sell much, in Euroland anyway, and second hand values for those that do will plummet. Anyway, the way things are going, Mad Max style, I may well end up getting a Land Rover Defender. I was thinking about getting an armoured SUV last week but decided against it - bit over the top and no good for where I'm planning on heading. 

http://www.mod-sales.com/direct/vehicle/,82,/37043/Land_Rover.htm

 

Tue, 11/01/2011 - 07:56 | 1831170 Ghordius
Ghordius's picture

Yes, sure, as if President Napolitano has any reason to dissolve the Italian parliament after the PM just got his 51st confirmation there and elections are already scheduled. This just shows again that MSM just piles on BS about Italy...

Tue, 11/01/2011 - 07:59 | 1831184 disabledvet
disabledvet's picture

"Ghordian knot" indeed.

Tue, 11/01/2011 - 08:04 | 1831197 Ghordius
Ghordius's picture

no, just Italian Politics as usual. The Prez can dissolve parliament if the current Gov has no majority. Since the PM just won a Motion of Confidence, the idiotic noises from the "senior members of opposition" are only good for foreign idiot-news. MSM at work.

Tue, 11/01/2011 - 07:57 | 1831171 Josephine29
Josephine29's picture

Look at the market impact of this from @notayesmansecon on twitter.

Greek one year bond yields surge by 40% today to 194% as more bad news emerges about political splits.

Tue, 11/01/2011 - 07:57 | 1831172 creonnoir
creonnoir's picture

NOW it's popcorn time

Tue, 11/01/2011 - 07:57 | 1831174 scatterbrains
scatterbrains's picture

O.T.   but  it seems like CNBC is pulling out all the stops this morning..  I'm guessing to shake off the MF pumping. Their actually bad mouthing their banking masters round robin style.

Tue, 11/01/2011 - 07:57 | 1831175 Stuart
Stuart's picture

Papandreaou is a drunk at the bar who runs when you hand him the tab.... a complete A$$....

Tue, 11/01/2011 - 07:57 | 1831176 Yamaha
Yamaha's picture

Excellent!

Tue, 11/01/2011 - 07:58 | 1831178 Mitch Comestein
Mitch Comestein's picture

October givith, November takith away, bitchez.

Tue, 11/01/2011 - 07:58 | 1831179 wang (not verified)
wang's picture

Napolitano?

Tue, 11/01/2011 - 09:10 | 1831579 Ghordius
Ghordius's picture

It's not Judge Andrew Napolitano, the staunch Libertarian

It's the Prez of the Italian Republic, an ex-communist (Giorgio Napolitano)

Tue, 11/01/2011 - 07:59 | 1831183 Quintus
Quintus's picture

Bring it on.  Waiting for the inevitable is getting awfully tedious.  

Tue, 11/01/2011 - 07:59 | 1831186 Gandalf6900
Gandalf6900's picture

500 reasons to quit the euro

Tue, 11/01/2011 - 07:59 | 1831187 SixFeetFromTheHedge
SixFeetFromTheHedge's picture

I just love the way the Greece 1 year yield is even higher today at 194% than it was when the bailout deal was made.

Open: 154

High:  194

 

O_O

Tue, 11/01/2011 - 08:14 | 1831191 wang (not verified)
wang's picture

Poor old Tom Keene gesting wtih his colleagues - between nervous laughs after a yawner interivew on the US auto industry  things are getting serious folks with futures down 33 - good day for Rosie to be on coming up between 830 and 9am

Tue, 11/01/2011 - 08:39 | 1831340 Everybodys All ...
Everybodys All American's picture

I can barely stand listening to these market shills. Disgusting liars.

Tue, 11/01/2011 - 08:02 | 1831195 Sequitur
Sequitur's picture

Annnnndddd this is why you don't want to blow leverage on margin. Strong hands were able to hold their shorts through the bullshit meltup.

Yep, got me puts. Now LIGHT THIS FUCKING CANDLE. Reward the prudent.

Tue, 11/01/2011 - 09:24 | 1831720 Hot Apple Pie
Hot Apple Pie's picture

Exactly. I'm glad i was buying puts all the way up last week. Taking the express elevator down.

Tue, 11/01/2011 - 08:05 | 1831201 YesWeKahn
YesWeKahn's picture

why you worry, Bernanke has the key to the printer room.

Tue, 11/01/2011 - 08:06 | 1831205 PaperBear
PaperBear's picture

And here come the sellers of paper gold/silver - $1,691/oz & $32.86/oz

Tue, 11/01/2011 - 08:11 | 1831219 cossack55
cossack55's picture

Please, please, please drive silver down to &1.62/oz.  I can rent a heavy-duty pickup from Lowe's.

Tue, 11/01/2011 - 08:08 | 1831207 Mugatu
Mugatu's picture

Robotrader contrarian indicator flashed on EFSF anouncement day last week.  Still time to go short.  Today is the last day - go short before its too late.

Tue, 11/01/2011 - 08:08 | 1831209 Sequitur
Sequitur's picture

Short what. SPY?

Tue, 11/01/2011 - 09:25 | 1831725 Hot Apple Pie
Hot Apple Pie's picture

Since correlation is 1, it doesn't matter what you go short. Well, don't short VIX.

Tue, 11/01/2011 - 08:10 | 1831212 ArkansasAngie
ArkansasAngie's picture

At some point in time politicians will realize that they are betting on the wrong horse. 

Papa may be trying to get ahead of the tidal wave. 

The handwriting is indeed on the wall.  Insolvency is a bitch ... especially when it is non-voluntary.

 

Tue, 11/01/2011 - 08:10 | 1831214 Flakmeister
Flakmeister's picture

Market fall down, go boom...

Tue, 11/01/2011 - 08:10 | 1831215 wang (not verified)
wang's picture

now koktok on Bloomberg radio

if the Greeks vote against this the pay checks will stop and a generation of poverty

what a snake

 

Tue, 11/01/2011 - 08:10 | 1831216 PaperBear
PaperBear's picture

Setting up things nicely for the non-Federal non-Reserve to say we have to 'rescue' capitalism.

Tue, 11/01/2011 - 08:11 | 1831218 Cult_of_Reason
Cult_of_Reason's picture

Via Dow Jones:

Sarkozy To Hold Emergency Meeting With Ministers

Tue, 11/01/2011 - 08:17 | 1831242 Schmuck Raker
Schmuck Raker's picture

I'm not sure I needed Dow Jones for that one.

Tue, 11/01/2011 - 08:12 | 1831221 Flounder
Flounder's picture

Tyler, thanks for keeping our head in the game this past year.  Reality does suck sometimes.  Perhaps in the aftermath of all this our governments will be fiscally prudent.

Tue, 11/01/2011 - 08:12 | 1831222 dynamictrader
dynamictrader's picture

i second that. If bernanke heads to towards his helipad. Watch out for the metals, maybe he bypasses the helipad and walks past it, Its in the Interest of the US Dollar. The Euro was a pain in the spine all along.

Tue, 11/01/2011 - 08:22 | 1831255 Freewheelin Franklin
Freewheelin Franklin's picture

Why won't this EU "experiment" just die, once and for all?

 

DIE DIE DIE DIE DIE, bitchez, snitchez and market glitchez.

Tue, 11/01/2011 - 08:22 | 1831257 1835jackson
1835jackson's picture

Greed is good.....or is it? One rotten apple in the barrel.....I could go on.

 

Tue, 11/01/2011 - 08:23 | 1831261 uhb
uhb's picture

i love  the smell of burning bank share in the morning, esp when im short :)

Tue, 11/01/2011 - 08:26 | 1831270 msmith
msmith's picture

The European crisis will continue to be the catylist for the markets to return to the larger bearish trend.  The SPX is looking to make a large gap open lower.  Looking for a correction before the move continues though. The DX is clearly bullish and GC has returned to the bearish correction.  "Risk off" is here as expected.  http://bit.ly/vkwvub

Tue, 11/01/2011 - 08:33 | 1831304 Note to self
Note to self's picture

"larger bearish trend" - he he he.  People are going to be jumping out of windows soon.  That's pretty freakin' bearish.

Tue, 11/01/2011 - 08:28 | 1831278 monopoly
monopoly's picture

And have a nice day.

Tue, 11/01/2011 - 09:24 | 1831716 MFL8240
MFL8240's picture

Glad to see this it will flush all the speculators out of Paper Gold and in short time Real Gold will turn higher.  This game with the dollar is so fucking laughable that one has to wonder just how crazy this whole thing is.  Physical Gold and Silver are the only assets to be holding.

Tue, 11/01/2011 - 09:42 | 1831852 Grand Supercycle
Grand Supercycle's picture

As mentioned for some time, the bullish USD weekly chart continues to exert it’s influence and according to my analysis this will continue.

DOW chart showing bearish megaphone pattern warned of resumption of downtrend:

http://stockmarket618.files.wordpress.com/2011/10/2011-10-31_dow_dy_x.png

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