Author Topic: German stocks plunge 4.0% on Greek referendum call  (Read 2857 times)

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Offline Letsbereal

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German stocks plunge 4.0% on Greek referendum call
« on: November 01, 2011, 04:33:16 am »
German stocks plunge 4.0% on Greek referendum call
1 November 2011
, Frankfurt (AFP)
http://www.google.com/hostednews/afp/article/ALeqM5g6zuQmuBa_4Yr5Iv7J50BZzGK7tg

Banking shares led a plunge of German stocks at the start of trading on Tuesday after the shock announcement of a Greek referendum on last week's EU debt rescue package.
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Offline Nailer

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Re: German stocks plunge 4.0% on Greek referendum call
« Reply #1 on: November 01, 2011, 10:44:29 am »
I am a realist that is slightly conservative yet I have some republican demeanor that can turn democrat when I feel the urge to flip independant.
 
The truth shall set you free, if not a 45ACP round will do the trick.. HEHE

Offline Nailer

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Re: German stocks plunge 4.0% on Greek referendum call
« Reply #2 on: November 01, 2011, 11:30:14 am »
Russia Halted - Stock market shuts down

The global capital market shutdown begins, right on schedule:
 
MICEX EXCHANGE HALTS STOCK TRADING
 MICEX EXCHANGE COMMENTS IN STATEMENT ON WEBSITE
 
http://www.zerohedge.com/news/russia-halted
I am a realist that is slightly conservative yet I have some republican demeanor that can turn democrat when I feel the urge to flip independant.
 
The truth shall set you free, if not a 45ACP round will do the trick.. HEHE

Offline Letsbereal

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Greek cabinet backs PM’s referendum decision
« Reply #3 on: November 01, 2011, 09:04:10 pm »
Greek cabinet backs PM’s referendum decision
2 November 2011
, (Reuters)
http://uk.reuters.com/article/2011/11/02/uk-greece-referendum-idUKTRE7A009X20111102

Greece's cabinet decided early on Wednesday to back Prime Minister George Papandreou's proposal for a referendum on a European Union aid deal, a government spokesman said.

"The cabinet expressed its support," said government spokesman Elias Mossialos. "The referendum will take place as soon as possible, right after the basics of the bailout deal are formulated."

Some ministers leaving the 7-hour cabinet meeting said they had expressed criticism of the decision but decided to support the government ahead of a key confidence vote in parliament.
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Offline Letsbereal

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REMINDER: Here's Who's Freaking Out Now That Greece Will Hard Default
« Reply #4 on: November 02, 2011, 03:18:25 am »
REMINDER: Here's Who's Freaking Out Now That Greece Will Hard Default
1 November 2011
, by Mamta Badkar and Simone Foxman (Business Insider)
http://www.businessinsider.com/reminder-whos-freaking-out-greece-will-default-2011-11?op=1

Excerpt:

German government debt exposure to Greece totals $14.1 billion

French government debt exposure to Greece totals $13.4 billion

UK government debt exposure to Greece totals $3.96 billion

Italian government debt exposure to Greece totals $2.4 billion

U.S. government debt exposure to Greece totals $1.94 billion

Belgian government debt exposure to Greece totals $1.9 billion

Switzerland's government debt exposure to Greece totals $529 million

Spanish government debt exposure to Greece totals $502 million
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Offline Letsbereal

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Why the Greek decision means a complete unravelling of last week's deal
« Reply #5 on: November 02, 2011, 03:36:27 am »
Ambrose Evans-Pritchard: Why the Greek decision means a complete unravelling of last week's deal
1 November 2011
, by Ambrose Evans-Pritchard (Independent.ie)
http://www.independent.ie/opinion/analysis/ambrose-evanspritchard-why-the-greek-decision-means-a-complete-unravelling-of-last-weeks-deal-2922679.html

Excerpt:

GREECE'S astonishing decision to call a referendum – "a supreme act of democracy and of patriotism", in the words of premier George Papandreou – has more or less killed last week’s EU summit deal.

The markets cannot wait three months to find out the result, and nor is China going to lend much money to the EFSF bail-out fund until this is cleared up.

The whole edifice is already at risk of crumbling. Société Générale is down 15% this morning. The FTSE MIB index in Milan has crashed 7%. Italian bond spreads have jumped to 450 basis points.

Unless the European Central Bank step in very soon and on a massive scale to shore up Italy, the game is up. We will have a spectacular smash-up.

If handled badly, the disorderly insolvency of the world’s third largest debtor with €1.9 trillion in public debt and nearer €3.5 trillion in total debt would be a much greater event than the fall of Credit Anstalt in 1931.

(Let me add that Italy is not fundamentally insolvent. It is only in these straits because it does not have a lender of last resort, a sovereign central bank, or a sovereign currency.

The euro structure itself has turned a solvent state into an insolvent state. It is reverse alchemy.)

----

Greece has been subjected to the greatest fiscal squeeze ever attempted in a modern industrial state, without any offsetting monetary stimulus or devaluation.

The economy has so far collapsed by 14% to 16% since the peak – depending who you ask – and is spiralling downwards at a vertiginous pace.

The debt has exploded under the EU-IMF Troika programme.

It is heading for 180% of GDP by next year.

Even under the haircut deal, Greek debt will be 120% of GDP in 2020 after nine years of depression.

That is not cure, it is a punitive sentence.

Every major claim by the inspectors at the outset of the Memorandum has turned out to be untrue.

The facts are so far from the truth that it is hard to believe they ever thought it could work.

The Greeks were made to suffer IMF austerity without the usual IMF cure.

This was done for one purpose only, to buy time for banks and other Club Med states to beef up their defences.
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