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| Europe |
| Deutsche Bank And Unicredit Pull Out Of Greek Repo Market, |
| 2010-02-08 |
| Bailout rumor refusal - check, bank/country run - check, collateral pulls - check. If anybody tells you there is everything in common between Greece and Lehman/AIG, believe them. The latest escalation in the Greek crisis comes courtesy of Greek daily Banking News which notes that the latest nail in the Greek coffin comes from formerly major Greek players, Deutsche Bank and Unicredit, which over the past 2-3 weeks have ceased accepting Greek collateral and have pulled out of the Greek repo market altogether. Google translation: We came to where big banks like Deutsche Bank German and Italian Unicredit Group does not accept bonds as collateral Greek and refuse to lend in the repo market for Greek banks. It should be noted that Greek banks say when we mean big banks too big. In the last 2 to 3 weeks 3 -4 Greek banks have been requested by Deutsche Bank and Unicredit Group to lend in the repo market, but refused on the grounds that they do not want to risk having to Greek bonds. |
| Posted by:tipper |
| #10 *** cough *** cough ***... Once more, Boyz, wid feeling, IRELAND STANDS ALONE, agz future post-WOT, post-OWG Britanistan + Europistan. [DANNY BOY, MOTHER MCCREE themes here]. NO? "IRISH SPRING" TV commercial Babes??? |
| Posted by: JosephMendiola 2010-02-08 22:01 |
| #9 See also BHARAT RAKSHAK > DEUTSCHE BANK SAYS:GREECE "DRESS REHEARSAL FOR THE US". * SAME > TWENTY [Made-In-America] REASONS GLOBAL DEBT BOMB WILL EXPLODE SOON | WHICH WILL TRIGGER THE GREAT DEPRESSION II. * SAME > TEN REASONS WHY OBAMA IS FAILING INVESTORS, + THERE BUT FOR THE GRACE OF GOD GOES BRITAIN. NUTSHELL > IOW, Britain needs a ROSWELLIAN/SEVERE-IS-BEING-POLITE BAMMER BAILOUT, espec iff it hopes to avoid the econ chaos which in LT may devol into LONDONISTAN, BRITANISTAN, ANDOR EURABIA??? |
| Posted by: JosephMendiola 2010-02-08 21:56 |
| #8 Beware of Greeks bearing debt. |
| Posted by: DMFD 2010-02-08 19:09 |
| #7 I'm waiting for Barry in the finest traditions of FDR, to issue an Executive Order prohibiting the private ownership of GOLD and precious metals. Everyone knows GOLD ownership has become the domain of the evil rich and famous who have wildly inflated it's true value ($ 415. per ounce) and created undue hardships on the working and non-working classes. |
| Posted by: Besoeker 2010-02-08 18:50 |
| #6 That is the US in 20-30 years Try 6 to 12 months. Once default looks inevitable for Greece, and IMO it is already (baring a German bailout), the effect will cascade for all sovereign debt. Interest rates will climb steeply for all countries that have the potential for future default. And as interest rates climb the point of no return to default comes rapidly closer to the present. The slippery slope gets steeper and steeper. We are already at the point where the US is buying most of its own debt cos no one else will buy it. Ditto the UK. This temporarily and artificially suppresses interest rates at the cost of future inflation. A country buying its own debt, which means printing money to do so, will inevitably lead to hyperinflation, but I repeat myself. |
| Posted by: phil_b 2010-02-08 18:02 |
| #5 Spain Turkey United kingdom Portugal Ireland Dubai |
| Posted by: Bright Pebbles 2010-02-08 18:00 |
| #4 That is the US in 20-30 years We're being optimistic NS? |
| Posted by: g(r)omgoru 2010-02-08 16:59 |
| #3 Watch Greece carefully. That is the US in 20-30 years if we don't get Medicare, Social Security and the general socialist trend of the country addressed soon. |
| Posted by: Nimble Spemble 2010-02-08 16:27 |
| #2 A new acronym, PIIGS Portugal, Italy, Ireland, Greece, Spain, in reference to their debt (government bonds). |
| Posted by: phil_b 2010-02-08 16:00 |
| #1 Being Greek is going to be like the euphemism called Greek. |
| Posted by: Bright Pebbles 2010-02-08 13:52 |