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

  • 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:


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GeneMarchbanks's picture


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

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?

knukles's picture

On the verge of a crisis?




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



Irish66's picture

Form new gov't is my favorite of all

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.

Schmuck Raker's picture

Did you know Maserati makes a SUV?

JenkinsLane's picture

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

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.,82,/37043/Land_Rover.htm


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...

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.

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.

creonnoir's picture

NOW it's popcorn time

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.

Stuart's picture

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

Mitch Comestein's picture

October givith, November takith away, bitchez.

wang's picture
wang (not verified) Nov 1, 2011 7:58 AM


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)

Quintus's picture

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

Gandalf6900's picture

500 reasons to quit the euro

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



wang's picture
wang (not verified) Nov 1, 2011 8:14 AM

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

Everybodys All American's picture

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

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.

Hot Apple Pie's picture

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

YesWeKahn's picture

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

PaperBear's picture

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

cossack55's picture

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

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.

Hot Apple Pie's picture

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

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.


Flakmeister's picture

Market fall down, go boom...

wang's picture
wang (not verified) Nov 1, 2011 8:10 AM

now koktok on Bloomberg radio

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

what a snake


PaperBear's picture

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

Cult_of_Reason's picture

Via Dow Jones:

Sarkozy To Hold Emergency Meeting With Ministers

Schmuck Raker's picture

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

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.

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.

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.

1835jackson's picture

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


uhb's picture

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

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.

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.

monopoly's picture

And have a nice day.

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.

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: