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No, This Is Not Mount Olympus...

Submitted by Tyler Durden on 02/22/2012 09:32 -0400

...This is a chart of the Greek bank stock index, which has gone from an all out demented euphoria to suicidal depression in 5 days, as the rumor that Greece is "saved" has been replaced with the reality that Greece is still "completely broke" - if you bought on Monday like most momos, on the expectation that the torrid surge higher would continue, you have now lost 24%. We are awaiting the latest January deposit data from the Greek banking system eagerly, as something tells us Greek citizens, who are already congregating at Syntagma square for today's daily riot, did not follow Venizelos' advice to either "WORK, WORK, WORK" or for that matter "DEPOSIT, DEPOSIT, DEPOSIT."

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Wed, 02/22/2012 - 09:34 | 2184299 LawsofPhysics

Wow, anyone successfully trade that?

Wed, 02/22/2012 - 09:36 | 2184314 GeneMarchbanks

Pelosi.

Wed, 02/22/2012 - 09:41 | 2184331 Everybodys All ...

awesome

Wed, 02/22/2012 - 10:34 | 2184587 trav7777

Mount Crashus

Wed, 02/22/2012 - 10:51 | 2184679 Don Birnam

At first glance, I thought this was the Cyclone at Coney Island.

http://www.nickcannonarchives.com/wp-content/uploads/2010/04/RWNC-Cyclon...

Wed, 02/22/2012 - 09:57 | 2184386 WmMcK

Ever try to surf with a waterboard?

Wed, 02/22/2012 - 10:03 | 2184401 ReeferMac

Ha Ha Ha Ha!

Wed, 02/22/2012 - 12:19 | 2185037 taniquetil

The only winning move is to not play.

Wed, 02/22/2012 - 09:34 | 2184301 slaughterer

"Work, work, work" is so pre-Monday night, now it is all about "riot, riot, riot."

Wed, 02/22/2012 - 09:35 | 2184304 YesWeKahn

Mount Everret, going up is easier than coming down, all the dead climbers died on descent.

Wed, 02/22/2012 - 09:36 | 2184310 StrictlyNumbers

When Venzi says DEPOSIT DEPOSIT DEPOSIT... is he inferring they should deposit their savings in the banks that the rioters burned to ground 2 weeks ago? Or does he mean deposit your checks directly into the escrow account to pay Greece's creditors?

Wed, 02/22/2012 - 09:37 | 2184321 Sandmann

No it is his Invitation to Kickback Sponsors

Wed, 02/22/2012 - 09:37 | 2184316 JPM Hater001

Fucking Ephors.

Wed, 02/22/2012 - 09:37 | 2184318 Schmuck Raker

"DIVE, DIVE, DIVE"

Wed, 02/22/2012 - 09:38 | 2184322 dvsteenk

problem is there are no momos, only robots and these appear to suffer no losses, whatever they do

first they pump it, using zero sum algorithms, and they cash in on derivatives that are nowhere in sight, then they release it using the same zero sum algorithms

meanwhile we think we understand what is happening

Wed, 02/22/2012 - 09:39 | 2184325 niktamere

Yes, this is Mount Olympus

Wed, 02/22/2012 - 09:58 | 2184383 unrulian

Right...so who is Zeus?

Wed, 02/22/2012 - 09:44 | 2184327 francis_sawyer

Do I get a free toaster if I open up a new passbook savings account?

Wed, 02/22/2012 - 09:47 | 2184349 Sqworl

No, you get to be a coolie intern for a German family for the summer!

Wed, 02/22/2012 - 09:51 | 2184358 Wakanda

No, but you do get toasted.

Wed, 02/22/2012 - 09:53 | 2184366 WmMcK

And a free glass when I fill up my gas tank?

Wed, 02/22/2012 - 10:22 | 2184514 francis_sawyer

"You'll get nothing & like it"

~Judge Smails

~~~

http://www.youtube.com/watch?v=5jn1p7SXM1w

Wed, 02/22/2012 - 09:58 | 2184389 unrulian

you get an empty Bottle and a rag

Wed, 02/22/2012 - 10:22 | 2184471 francis_sawyer

Fight Club chemistry 101:

http://www.myspace.com/iamjacksalterego/blog/4294745

Wed, 02/22/2012 - 17:27 | 2186412 StychoKiller

If you buy a Greek toaster, you get a free bank!

Wed, 02/22/2012 - 09:39 | 2184328 Ancona

I'm going long riot dogs.

Wed, 02/22/2012 - 09:40 | 2184330 Kaiser Sousa

meanwhile n the "land of the free".....

For boomers, it's a new era of 'work til you drop'

By JOHN ROGERS
Associated Press

"Forty years into that run, the 60-year-old communications specialist for a Wisconsin-based insurance company has worked more than a half-dozen jobs. She's been laid off, downsized and seen the pension disappear with only a few thousand dollars accrued when it was frozen.So, five years from the age when people once retired, she laughs when she describes her future plans."I'll probably just work until I drop," she says, a sentiment expressed, with varying degrees of humor, by numerous members of her age group."

http://hosted.ap.org/dynamic/stories/U/US_AGING_AMERICA_CHANGING_WORKPLA...

Wed, 02/22/2012 - 11:46 | 2184917 Vampyroteuthis ...

Everyone bitchez about the Boomers! How about Gen X and Y who never get a chance to start a career. They won't work until they drop. They just never get a chance to work or do any of the things that Boomers took for granted!

Wed, 02/22/2012 - 10:26 | 2184333 HD

Greece can't be broke. They just got pre-approved for the platinum Troika card.

Wed, 02/22/2012 - 09:41 | 2184334 DogSlime

Tasty yield on Greek 1 year right now - 750%. Delicious.

Where else can you get a return like that?

Wed, 02/22/2012 - 10:25 | 2184542 Rynak

What "return"?

Wed, 02/22/2012 - 09:41 | 2184337 mick_richfield

In an era when nearly all 'investors' are momentum 'investors' it seems pretty obvious that your best investment is canned food and a secure water supply.

Wed, 02/22/2012 - 09:46 | 2184345 LawsofPhysics

You are correct sir. I would only add "the means to defend them both" to your list.

Wed, 02/22/2012 - 09:52 | 2184362 cossack55

I'm afraid your additional recommendation has just put YOU on a list.

Wed, 02/22/2012 - 09:55 | 2184376 LawsofPhysics

Like anyone who has military experience, I am sure I made that list long ago.

Wed, 02/22/2012 - 09:55 | 2184377 WonderDawg

LoP was on the list long before that post, as were most of us.

Wed, 02/22/2012 - 09:42 | 2184340 Martin W

BROKE BROKE BROKE

Wed, 02/22/2012 - 09:44 | 2184343 HurricaneSeason

TOGA! It wasn't over when the Germans bombed Pearl Harbor and it isn't over for the Greeks now.

Wed, 02/22/2012 - 09:49 | 2184352 PR Guy

So.... the Frankfurt Group replaces elected governments with its hand-picked technocrats. Then it subverts the rule of law by determining that the value of a bond is a function of who owns it, not who issued it. Then it announces that it has saved Greece when the opposite is true.

What's next?

I was looking at some IMF thing earlier. Labour costs fell 2.5% in Greece in 2011...... but the rise in the value of the Euro wiped all that gain out. Those guys are on a hiding to nothing. Falling incomes, rising prices, rising taxes, etc. Sounds like a recipe for a failed state to me. Then the Germans will have to stop a mass exodus within the EU. Maybe build a wall around them to stop them escaping. Hey, it worked for one half of Germany for a few decades. Maybe try that pony trick again.

Wed, 02/22/2012 - 09:51 | 2184354 AC_Doctor

It looks like the wave that sunk the Poseidan.

Wed, 02/22/2012 - 09:50 | 2184355 falak pema

Shorting mount olympus is a risky game as you end up in Hades; the bull has along memory and a longer urge to purge Europa's innards. She mooowed like hell when he did it.

Wed, 02/22/2012 - 09:52 | 2184360 Freewheelin Franklin

I think someone wrote a song about it. Like to hear it? Here it goes:

http://www.youtube.com/watch?v=QYdq0ABH3so

Wed, 02/22/2012 - 09:53 | 2184364 jesus_quintana

Trades about EUR 200m a day too. Somebody got their nuts handed to them.

Wed, 02/22/2012 - 09:55 | 2184370 Tom Green Swedish

Crap is the new big investment in 2012. We'll see how well it does. For some reason this year

Athens Stock Exchange General Index went up 18 percent. Must be undervalued.

Wed, 02/22/2012 - 09:54 | 2184372 azzhatter

I thought Mount Olympus hung himself in India? Oh......wait...... my bad

Wed, 02/22/2012 - 09:57 | 2184382 Temporalist

Of course that's not Mt. Olympus, it's Venizelos pitching a tent for Merkel.

Wed, 02/22/2012 - 10:00 | 2184394 Martin W

I wonder why Greeks still keep so much money in their bank deposits...

Wed, 02/22/2012 - 10:02 | 2184400 ZeroPoint

I find it amazing they haven't had a bank holiday yet.

Wed, 02/22/2012 - 10:04 | 2184406 bentaxle

Not Mount Olympus. But is it Iranian missile trajectory, Tehran to Jerusalem?

Wed, 02/22/2012 - 10:05 | 2184407 lolmao500

Well damn I didn't sell... fuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu!

Wed, 02/22/2012 - 10:10 | 2184427 Dr. Engali

Obama's 44% dividend tax coming to you soon.

http://online.wsj.com/article/SB10001424052970204880404577225493025537660.html?mod=WSJ_hp_LEFTTopStories

Wed, 02/22/2012 - 10:09 | 2184429 Martin T

Around 17.1% of the Athens index is made up of financials loaded with Greek Bonds. Given National Bank of Greece has marked up their bonds to only 18%, if losses amount to 75%, that will cost them another 8 billion euros worth of losses for an equity buffer of 6.3 bios euros...Oh dear...

http://macronomy.blogspot.com/2011/08/markets-liquidity-iv-greek-credit.html

You probably guess what the values of these Greek financial stocks are...

http://macronomy.blogspot.com/2011/06/european-issues-and-greek-jinx-macro.html

""Greece's main stock market index, the ASE, declined 232 points or 15.62 percent during the last 12 months. From 1987 until 2011 the ASE market value averaged 2019.58 points reaching an historical high of 6355.04 points in September of 1999 and a record low of 97.36 points in January of 1987."
Source Trading Economics

http://macronomy.blogspot.com/2011/08/markets-update-my-slim-fast-greek.html

So what do you get when you merge two weak banks together? Easy, a larger weaker bank.

For Greek banks, that's all folks!

Martin T

Wed, 02/22/2012 - 10:11 | 2184443 Ted Baker

RUMOUR HAS IT:-

US AND UK BANKING TO START DUMPING HUGE AMOUNT OF UNDERWATER ASSETS THAT WERE BACKED BY MORTAGES AND REAL ESTATE - THE LATTER IN EUROPE AND UK....

QE IN UK IS ALREADY IN THE SYSTEM AND MORE TO COME BUT IT IS EXPECTED THAT THE US WILL FOLLOW SUIT....

GBP AND USD TO STRUGGLE...GOLD THE WINNER FOLKS AS WELL AS THOSE EMERGING MARKETS CURRENCIES AND SECURITIES

Wed, 02/22/2012 - 10:21 | 2184496 Zymurguy

Tylers, can we get an update of the information you provided a week or two ago showing the decline of personal bank deposits?

Is there a site or some other reference I can look at?

Wed, 02/22/2012 - 11:30 | 2184857 Scalaris

Shit-storm, meet gravity. Again.

Wed, 02/22/2012 - 11:48 | 2184925 Red Raspberry

Time to buy?

Wed, 02/22/2012 - 11:48 | 2184927 Red Raspberry

Time to buy?

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Thu, 02/23/2012 - 08:10 | 2188500 wEiRdO

In the Greek banking sector nowdays there is a conflict of interests.

On one side there is the Troika-Governement which wants the bank stock prices low, so that by refinancing the banks by issuing comon stock, when the time comes (2-3 years) to sell, they ll make a handsome profit.

On the other hand we have the banks which due to the impending increase in their capital stock for refinancing, for obviouis reasons want the prices as high as they can get them.

The soaring increase was created by the banks themselves, and the momentum was carried further by small time investors...

No, This Is Not Mount Olympus...

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