Posted on 04/07/2010 9:11:57 AM PDT by Cheap_Hessian
According to information Commerzbank was concerned about the Greek bonds accepted as guarantees of Greek bonds. Commerzbank has provided some liquidity to Greek banks are more concerned about the Greek bonds. Based on a reliable source in the recent past, foreign banks have applied to withdraw repo with Greek banks even offer powerful bonus.
(Hattip Zerohedge)
If repos are being yanked from Greek banks they're finished. This is the overnight lending market and that, coupled with depositor runs (which, as soon as Greeks figure this out, will accelerate dramatically) will drive a stake through the heart of these institutions.
The simple fact of the matter is that Greece, like Lehman and Bear, came out into the market and lied about both their position and ability to manage what was going on.
(Excerpt) Read more at market-ticker.denninger.net ...
Ruh roh...
Looks like the PPT is working overtime today.
If we don’t have enough trillions, we’ll have to go to our fallback position of talking of quadrillions.
Socialism BUMP.
This is exactly where the Kenyan communist Ubama wants to take America, all in the name of “reparations” and “social justice”. Wow... What a sick scumbag that guy is.
Google doesn't have a Bankerese-to-English translation. Does anyone have a good website that can tell me what this means?
May as well use the catch-all “bajillions”.
I think it means foreign banks now thing Greece’s debt is “unsafe at any price”
Wikipedia’s got one.
http://en.wikipedia.org/wiki/Repos
I couldn’t follow it either. It looks to be a scam in which desperate borrowers manage to borrow without it showing up on the books anywhere.
In this case, it appears the “foreign banks” have decided they don’t want to play that game anymore.
Hummmm, you mean the VAT(value added Tax) didn’t work????
And what we have here is tantamount to the foreign banks saying "We've just figured out that you couldn't pay us if you tried"?
I think so.
Dontacha know that Germans were nazis 70 years ago?? That’s what screwed the hardworking Greeks... /s
Maybe,just maybe,its a good thing if Greece is beaten to an economic pulp? Maybe thats the only way to correct the impalances in the labor force? Perhaps it will be a great lesson for the rest of the world as in nobody wants to be the next Greece? Just saying,its not a huge economy and if you wanted to pick a country to try and correct the wrongs Greece would be right around the top of the list.
That’s why, IMO, Germany etc will let Greece go bankrupt and SUFFER, to send a clear message (about spending, debts and telling the truth) to others
If my college Greek serves me correctly... that sign says...’Hope & Change!”
Not to worry until the Greek people figure out that their country is in trouble, when they start a run on the banks look out. Kati Bar the Door.
Oh no, where will I get all those great Greek.....um, well made...er high tech...ah...
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