Global lenders face 'killer losses' on Greek debt

[Mr. Bigglesworth]

http://www.telegraph.co.uk/finance/financialcrisis/9268573/Global-lenders-face-killer-losses-on-Greek-debt.html


Maybe the title should be Owned by the commies.

[LongBlade]

There is a certain irony here that the Greek flag took its colors because way-back-when its King had Bavarian roots, and therefore took its colors from Bavaria...now part of Germany holding the financial Sword of Damocles over their heads.

[Mr. Bigglesworth]

The run on the Greek banks is going. 30 something % of deposits were withdrawn on Monday...


Why do I suspect Soros shorted the Euro expecting this a few months back? I saw an interview of him back then where he was saying there is still time for the "bazooka" response to work. It sounded like BS then.

[LongBlade]

The run on the Greek banks is going. 30 something % of deposits were withdrawn on Monday...


Why do I suspect Soros shorted the Euro expecting this a few months back? I saw an interview of him back then where he was saying there is still time for the "bazooka" response to work. It sounded like BS then.

Well there ya go.

I don't see much good news here. The money will start to flow back to the US - but for the wrong reasons. I'm trying to come up with a silver lining and not getting much.

[Gusington]

^Europeans who don't like the EU should be thrilled?

[LongBlade]

^Europeans who don't like the EU should be thrilled?

Except when it all goes *boom* it's going to be enormously uncomfortable.

I don't foresee nations coming to blows - yet - but this is Bad News. The entire southern front of the EU is melting down. France just elected a Socialist who is probably going to send their spending over a cliff and take France with them. Heck, the Germans just saw the SDP (socialists, too) take over in a big state election a few days ago. That could foreshadow a huge problem for Germany, which so far has been the sober man of the EU.

Now imagine this: X country decides to hold Y responsible for its economic woes. Don't think it can happen? Milosevic didn't really have a good reason to start a civil war in Yugoslavia, but he managed to get one anyway. It wouldn't be too difficult for some outlying EU nation to try to blame a neighbor. I don't think it's likely, but I would now be breaking out my contingency plan envelop and at least look at it.

[son_of_montfort]

Why is it always the Greek peninsula and the Balkans in history? I mean really!

[LongBlade]

Why is it always the Greek peninsula and the Balkans in history? I mean really!

Who was it that said, "History doesn't repeat itself, but it does rhyme?" I think he was right.

[Steelgrave]

I have to wonder just how the Greek populace think this is all going to end? I don't see a result that is going to make them happy. And now with France turning hard towards the left again.....European markets are about to start resembling a slasher movie I think.

[Steelgrave]

Why is it always the Greek peninsula and the Balkans in history? I mean really!

Who was it that said, "History doesn't repeat itself, but it does rhyme?" I think he was right.

Nice!

[LongBlade]

I have to wonder just how the Greek populace think this is all going to end? I don't see a result that is going to make them happy. And now with France turning hard towards the left again.....European markets are about to start resembling a slasher movie I think.

Yup.

Greece is about to learn that you cannot just default on your debts and expect nothing to happen. It's all warm-and-fuzzy now but it won't end well.

How badly this chapter ends is up to them, but it will either be:

A) Bad

or

B) Worse

[Gusington]

It really is always Greece or the Balkans, at least for the last 100 years. If this were 1912 a war would have already started and Germany would have embargoed Greece.

Which would have attracted the negative attention of Great Britain.

Hey who knows it may all end up that way anyway and in 2014 us Americans will be singing 'Over There' again.

But I hope not. It wasn't supposed to end this way!!

[OJsDad]

And the US is hell bent to follow the EU off the same cliff.

[Hartford688]

The run on the Greek banks is going. 30 something % of deposits were withdrawn on Monday...


Why do I suspect Soros shorted the Euro expecting this a few months back? I saw an interview of him back then where he was saying there is still time for the "bazooka" response to work. It sounded like BS then.

Per the Financial Times today is was 0.75% of deposits:

http://www.ft.com/cms/s/0/3d588c2e-9f3c-11e1-a455-00144feabdc0.html#ixzz1v3coHjK8

Greek banks have seen a steady outflow of deposits this month, reflecting savers' concerns over the failure of political leaders to form a coalition government and the prospect of another inconclusive election, which will be on June 17.

Athens-based bankers said withdrawals exceeded €1.2bn on Monday and Tuesday – 0.75 per cent of deposits – as President Karolos Papoulias failed in two final meetings with conservative, socialist and leftwing leaders to form a national unity government.

================================================

Though frankly, I don't doubt there is the potential for that to ramp up over the coming weeks...

[Marty Ward]

And the US is hell bent to follow the EU off the same cliff.

The EU will cushion the fall  8)