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Greek Stocks Plummet To 20-Year Lows

Tyler Durden's picture




 

The Athens Stock Exchange broad index of Greek stocks just dropped to its lowest level since 1992. It is now around 90% lower than its 1999 and 2007 peak levels. The index of Greek banking stocks is rumbling along the lowest levels on record down over 97% from its 2007 highs. Where is the Greek Whitney Tilson (or Dick Bove) when they need him?

ASE Index at 20 year lows...

and Greek banking index at record lows down 97% from its 2007 highs...

Charts: Bloomberg

 

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Tue, 05/08/2012 - 09:51 | 2406257 goldencross10
goldencross10's picture

If US markets don't rip higher on this, something clearly wrong.

Tue, 05/08/2012 - 09:59 | 2406300 junkyardjack
junkyardjack's picture

People have to park their money somewhere

Tue, 05/08/2012 - 10:25 | 2406445 Dr. Engali
Dr. Engali's picture

That's assuming they have money in the first place.

Tue, 05/08/2012 - 11:14 | 2406684 French Frog
French Frog's picture

Something's clearly wrong ... isn't that what ZH has been demonstrating for a few years now?

;-)

Tue, 05/08/2012 - 10:13 | 2406384 ACP
ACP's picture

97%?

Proof that Greek bonds have a better return than Greek stocks!

Tue, 05/08/2012 - 09:52 | 2406263 Cognitive Dissonance
Cognitive Dissonance's picture

Reminds me of that old off beat TV show called "Twin Peaks".

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

Tue, 05/08/2012 - 09:57 | 2406292 azzhatter
azzhatter's picture

awesome show

Tue, 05/08/2012 - 10:16 | 2406391 Whoa Dammit
Whoa Dammit's picture

Reminds me of what us Southerners refer to as "store boughts" lying on the beach. 

Tue, 05/08/2012 - 09:52 | 2406264 midgetrannyporn
midgetrannyporn's picture

Too bad benopolis printopolis isn't there to save them.

Tue, 05/08/2012 - 09:52 | 2406266 whatsthepoint
whatsthepoint's picture

Of the 200+ sovereign states on Earth, are there any that utilize a currency(money) that isn't fiat?

Tue, 05/08/2012 - 09:55 | 2406286 CvlDobd
CvlDobd's picture

Perhaps but they are most likely subject to the boom bust cycle versus uninterrupted prosperity us fiat users enjoy.

Tue, 05/08/2012 - 10:02 | 2406267 silver500
silver500's picture

25% of the index is Greek Coca Cola and another 10% is a goverment backed gambling cartel, OPAP.

The third placed company HELLENIC PETROLEUM is also goverment controlled

Tue, 05/08/2012 - 10:17 | 2406401 machineh
machineh's picture

One-fourth of the ASE is based on fizzy brown sugar water? DOH ...

Anyhow, the ASE's 89% decline since Nov. 1999 now equals the U.S. Dow's 89% decline from Sep. 1929 to July 1932.

DEPRESSION, bItCHeZ!

By contrast, Spain's IBEX is down 'only' 55% from its late 2007 high. Que rico!

Tue, 05/08/2012 - 10:18 | 2406405 Whoa Dammit
Whoa Dammit's picture

At least their index isn't dominated by iApple.

Tue, 05/08/2012 - 09:53 | 2406271 Bastiat009
Bastiat009's picture

How many times has Greece been saved again?

Tue, 05/08/2012 - 09:54 | 2406274 CvlDobd
CvlDobd's picture

Dear Fundamental Equity Bulls,

This is your future.

Sincerely,
Civil Disobedience

Tue, 05/08/2012 - 09:55 | 2406282 monopoly
monopoly's picture

And they are selling their gold. The only curency worth anything. And I just bought more. :)

Tue, 05/08/2012 - 09:55 | 2406285 JailBank
JailBank's picture

Can't invest the money removed from banks and stuffed under the mattress.

Tue, 05/08/2012 - 09:57 | 2406291 Quinvarius
Quinvarius's picture

Buffet said stocks are better investment than gold when paper money collapses.  Case study results are in.

Tue, 05/08/2012 - 09:58 | 2406297 azzhatter
azzhatter's picture

Isn't he dead already? Or do you mean Jimmy

Tue, 05/08/2012 - 09:58 | 2406302 Debtless
Debtless's picture

This is Sparta.

Tue, 05/08/2012 - 09:59 | 2406305 Watson
Watson's picture

Any ideas as to the ownership distribution of the ASE-30? There really has been some wealth destruction!

Tue, 05/08/2012 - 10:01 | 2406311 razorthin
razorthin's picture

When the US market responds in kind, recovery can begin.

Tue, 05/08/2012 - 10:02 | 2406317 RoadKill
RoadKill's picture

Can anyone recco a good Greek etf or some other good way to BUY Greece?

I know Ill grt junked for this BUT before this is over we will have an opportunity to biy GOID Greek companies for pennies on the dollar (or drachma).

Im serious. Im not saying this is the bottom, but when we bottom their will be relatively debt free asset heavy companies that are undervalued. But my Etrade Intl acccount doesnt include.Greece.

Tue, 05/08/2012 - 10:23 | 2406424 machineh
machineh's picture

Your contrarian instinct is solid.

But if Argentina's 2002 crisis is any guide, you should wait for the devaluation.

Then visit Greece in person and buy busted real estate for pennies on the dollar or euro (which will be in high demand).

Tue, 05/08/2012 - 11:17 | 2406701 RoadKill
RoadKill's picture

GREAT POINT.

WHO EANTS TO FORM A BUYERS GROUP? We all go to Greece for 2 weeks in Jan 2013. That should be a seasonal and generational low. We bring food, meds and liquor on a private plane. Trade it for beach front property.

We will be FILTHY RICH...

Tue, 05/08/2012 - 12:21 | 2406953 NorthPole
NorthPole's picture

That's assuming the Greek Communist Party which may very well be ruling the place in a few years wont go Kirchner on you and nationalize your ass or impose ruinous property taxes. Wanna take the risk?

Tue, 05/08/2012 - 10:02 | 2406323 Peter Pan
Peter Pan's picture

You just know they have given up when you go to the Athens Stock Exchange site and you will find that some of the information relating to turnover, capitalisation etc has not been updated since NOVEMBER 2010.

Tue, 05/08/2012 - 10:05 | 2406333 docj
docj's picture

Que the Central Bank Cartel in unison doing their best Kevin "Remain calm, all is well!" Bacon impression in 5... 4... 3...

Tue, 05/08/2012 - 10:08 | 2406347 Dr. Engali
Dr. Engali's picture

That will be the U.S markets in the near future. When that happens then I will buy hand over fist.

Tue, 05/08/2012 - 10:09 | 2406352 q99x2
q99x2's picture

Devalue the Drachma.

Tue, 05/08/2012 - 10:10 | 2406363 GeneMarchbanks
GeneMarchbanks's picture

You mean the one that doesn't exist?

Tue, 05/08/2012 - 11:00 | 2406626 Drachma
Drachma's picture

I'm in the basement, under the matress.

Tue, 05/08/2012 - 12:46 | 2407060 theTribster
theTribster's picture

Now that made me laugh, a true LOL. +1

Tue, 05/08/2012 - 10:09 | 2406354 paddy0761
paddy0761's picture

So this explains why gold is down. The clever Greeks are now making the switch from gold back into stocks. Isn't that what we are supposed to do, switch back after a 90%+ decline in equities?

Tue, 05/08/2012 - 10:11 | 2406367 Frastric
Frastric's picture

This is proof that a totally collapsed stock market is not a death knell to the economy. It happened to Japan after all...

Tue, 05/08/2012 - 10:39 | 2406531 Vince Clortho
Vince Clortho's picture

Remember this is Greece.  

Your point is valid concerning the relationship of the stock market to the economy, to an extent.

But Larger economies in Europe may not travel quite the same path as the Greeks.

And The U.S. has the additional consideration of the dollar currently being the world reserve currency.

Tue, 05/08/2012 - 10:16 | 2406389 diwolf
diwolf's picture

You propably cant do much wrong buying greece stocks (ex banks) now ?

Tue, 05/08/2012 - 10:18 | 2406402 Sutton
Sutton's picture

I went long Greece/short Apple 1 year ago.  I raided my customer accounts to remain solvent and the schnooks at the CME have not noticed.  Can't lose!

Tue, 05/08/2012 - 10:29 | 2406460 youngman
youngman's picture

Someone has lost a lot of money.....and I bet a lot has left the country....and I would think gold and silver are doing pretty well in Greece...

Tue, 05/08/2012 - 12:33 | 2407021 kanenas
kanenas's picture

You can't buy gold in Greece over the counter. You need to register your interest with the BoG and then there is a quota. There is a black market, but you know how black markets go. Or you can set up a 'shop' that is willing to buy gold, on a discount, from starving people. There is a boom of that sort lately. 

 

And before someone says, jump on a plane and go shopping in Germany, there is a limit of 10.000€ that can go undeclared on a returning flight. 

Tue, 05/08/2012 - 10:37 | 2406512 sockratte
sockratte's picture

Can we already buy? lol

Tue, 05/08/2012 - 12:08 | 2406922 elamar
elamar's picture

Makes no sense to leave the eurozone when you can default on all debt except interbank and trade lines. Remember the private sector bonds have all been restructured now its all EU  debt. Even if they default they cant get kicked out of the euro but gives Germany a huge headache . Once they anounce a moratorium the stock market will rally. The temptation for Portugal and Ireland will be tremendous.

 

Tue, 05/08/2012 - 12:25 | 2406992 penexpers
penexpers's picture

Don't worry!

Greece's exports of fish and olive oil will pull them out of this!

Don't forget about their booming tourism industry!

Tue, 05/08/2012 - 13:06 | 2407157 Nottingham
Nottingham's picture

If Greece is the harbinger for the USA, then when US stocks finally crash, who will then have ANY MONEY at all, to pay $2000 for an ounce of gold?   Help!    I'm a gold owner with acute paranoia that everything is going to go down, when US equity values crash.   thanks....

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