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Summarizing The Collapse In The Italian Banking Sector In One Chart
Two words: default risk. And one more word: record. Below is the equivalent of another 1000 words.
Courtesy of Reuters
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Is that a flushing sound I hear coming from the boot of Europe?
Spagetti Bitchez
Looks like MAMA MIRACOLI has left the building...
UPDATE: ITALY'S PM SPEECH TO PARLIAMENT POSTPONED [AFTER ITALIAN MARKET CLOSE] TO 17.30 GMT
Soft default, almost soft, almost in underpants
http://www.entendance.com/forums/viewtopic.php?f=7&t=568&p=18501#p18501
Thats twice today its been postponed. It was original set for 1pm GMT. Maybe it won't happen at all, maybe its a bit like the tortoise and hare race in Xeno's paradox, the hare can never win with incremental movenments....
It's siesta time. Maybe at 17h.
This won't last another week without 'intervention'
Cue Black Swan Netanyoohoo anyone? Or is he still fending off the Cottage-cheese revolution... (watching aliens want ANSWERS y'know)
CDS are not the solution - except if you think a bullet in your head will cure your migrane. They should be outlawed or treated as insurance.
I expect those three Banks will have to be cut to pieces soon.
Hey, we could write some options on those CDSs, make a mint!"
-Dick Fuld
Look, look the "World Parasite" is pushing back the CHF to continue life beoynd means, they might have activated FED open window for some amuniton.
now french banks...
don't worry about those. dutch and german taxpayers will provide liquidity transfusions.
The funny thing is, how can the buyers of these CDS's know that their counterparty (i.e. their "insurance contract") will even be solvent when the time comes to collect? Unless of course the gov'ts come bail them out (like what happened with AIG).
Because it's a bankster's game. OTHER PEOPLE'S MONEY. Casino Bets Banking, nothing more. Churn and skim and bonuses hurray!
bella ciao
http://www.youtube.com/watch?v=N34NMghM7_k
This afternoon Silvio will inform the parliament. Buy our BungaBungaBonds before 5.30pm cause after his speech all the world will buy them.
Another attempt to talk the market up. Will fail and then we will get rumours of trillion euro efsf as a last ditch attempt to extend and pretend
With Merkel on holiday in the Italian Alps, RESCUE is near - like those German paratroopers that bailed out Mussolini in 1944.
Hmm, or is it Hanibals elephants descending from the mountains and marching towards Rome ?
Hannibal's elephants? Is that a euphamism for "snookie"?
drizzle drazzle, drizzle drone time for the euro to come home. It's going to take a miracle for this shit hold together much longer.
...aaahtz ah lotta mozzarella. http://www.youtube.com/watch?v=zGa9y7mq0rI&feature=related
Tyler--
I know the Italian banking sector is toast, and I know what I think about Italian equities. I'd love to see you do a piece on the Italian sovereign/economy v the Italian private sector/equities. What happens to the private sector given the outcomes: austerity (bailout), EMU dissolution, and outright default.
http://www.youtube.com/watch?v=sFacWGBJ_cs&feature=related
Black hole of Berlusconi bunga play. "You lose, I win and walk away with the cake whatever the game."
Berlusconi is Italy's N°1 Oligarch, and what happens to Italy is no skin off his nose. His is an allegro cantabile laugh, becoming senza molto allegro, like that of Vincent Price, when top man is top Oligarch and rips his mask off at the end of the show.
That way 'my country' becomes 'my company' and 'I can pilfer it and then declare it bankrupt! The Commercial courts will always support me.'
They'll sing moderato adagio, "He tried so hard to save country... What a Horatio on the bridge. Mama mia!" They will engrave his glorious epitaph for the ages 'Il cavaliere' on his mounted statue. There will never be an enquiry of why and how it collapsed so fast!
Bravissimo! What a Thriller we are heading for now.
Italy's greatest export markets remain unaffected. pasta, heroin, and 13 year old sex workers will continue to support the broader economy in such "uncertain times" Proud day for Italians everywhere.
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