Friday, June 10, 2011

Readying the stage?

Trichet Rejects ECB Participation in Greece Bailout

Read Trichet's words, and ask yourself "If you ran the ECB, and knew the Greece was about to break away, what would you say and do to protect your reputation?" There was also a ticker line on Bloomberg TV this morning reporting that Greek banks are running out of deposits as people are moving their savings, but I havn't seen a full article for the story.

Posted by uncle tom @ 10:48 AM (1366 views)
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6 thoughts on “Readying the stage?

  • bloomberg had a headline to the effect that greek banks were facing nationalisation effectively as customers flee

    if greece defaults then rbs will go bust and the knock on effect throughout banks will be another ‘lehmans’

    personally if i were greece i would stick two fingers up

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  • The ramifications of any default, particularly for Ireland and Portugal but also the wider EU, could well plunge us into another double-dip as banks will probably require further bail-outs. Ouch.

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  • Greek banks under siege… http://finance.fortune.cnn.com/2011/06/08/greek-banks-under-siege/

    Nice little comment at the end by Graham Turner, of GFC Economics, referring to the flight of Greek cash overseas:

    “I think Greece is in a league of its own,” says Turner, “but we know there has been significant buying of top end real estate in London by Spanish and Italian investors.” From one house of cards to another, as it were.

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  • And check out this:

    http://www.bloomberg.com/news/2011-06-09/trichet-rejects-ecb-participation-in-greece-bailout.html

    Germany’s finance minister appears to be locking horns with the ECB – but there’s something slightly stage-managed about this.

    – Are they covertly agreeing to disagree in order to force an impasse, and bring the Greek tragedy to a conclusion perhaps?

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  • Hey-ho – Bloomberg have re-used the original link for the second story..

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  • China has already warned the US on debt default. If this happens then you will really see sparks. (I apologise to all those who feel I am simply an Armageddon waster or gold ramper).

    LINK: China warns U.S. debt-default idea is “playing with fire”
    http://uk.reuters.com/article/2011/06/09/us-usa-debt-bondholders-idUKTRE75718320110609

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