Greece Post Mortem: Worst Day Since 1987 Crash, Banks Destroyed, Bond Yields At Post-Bailout Highs


Greece Post Mortem: Worst Day Since 1987 Crash, Banks Destroyed, Bond Yields At Post-Bailout Highs

As the sun sets in Athens, we thought a moment of reflection was worthwhile. Greek stocks are now down 13% – the biggest single-day drop since (drum roll please) the crash of 1987… led by total carnage in Greek banks (down 15-25% on the day). Greek bond yields exploded, 3YR +183bps to a new post-bailout high at 8.32% (and inverted to 10Y).

1 thought on “Greece Post Mortem: Worst Day Since 1987 Crash, Banks Destroyed, Bond Yields At Post-Bailout Highs”

  1. All of these suffering small countries still using the US dollar are far more prone to accept loans from BRICS, and adopt the open basket of currencies offered by them. It is far more convenient, and loans from all sources will be much appreciated. There are 28 countries in the EU, at least half are suffering.

    From memory, I can recall a few: Belgium, Greece, Cyprus, Spain, Portugal, Italy, Ireland…..and there are far more I cannot recall…….all of these nations are vulnerable and in need of funds. The US offers nothing but threats, and the dollar is falling in value in any case.

    When some of the nations of the EU go with BRICS, it will open the door for more to follow. The loss of dollar domination in the last large economic body will cause the collapse of the dollar.

    You see, I remember what Putin said about hitting Syria. He said if the US (or it’s only ally, Israel) attacked Syria, he would hit back. One needs only look at how he has operated over the past four years to recognize he meant what he said. But, all his moves against the US have been economic, not military, and this is what has set the US back on its heels………Putin is a real chess player. Chess isn’t just about war, it is about winning…….and he understands the game very well. The fools that thought Obama was a chess player ought to look at a real one. If I were young and healthy, I would emigrate from the US, this is quickly becoming a terrible place to live.

    When the dollar collapses, and we are now down to weeks, it will shock and amaze most Americans who have listened to US media propaganda. For those of us who have followed the real news, none of it will surprise us.
    The EU is really hurting, it is in deflation, and it needs the E120 billion Russia used to pump into their GDP before they followed the fool sanctions of the US. I think that will end shortly, along with the use of the dollar.

    Putin is fighting one war, a war of intellect, Obama is desperately trying to keep the US going using military threats and attacks to do so. He doesn’t have a clue……he is no chess player, he is a corporate stooge, and way above his competent abilities………..he is floundering in games he doesn’t understand.

    Putin is striking back. OPEC is now the ally of Russia, so they kept production going at full speed regardless of the US request to cut back production. This is just another strike back at the US, not Russia. Putin has China, India, Brazil, South Africa, South America, Central America, Canada, Switzerland, Qatar, and many other allies. The US has the hated Israel…..and nobody else.

    Even the EU key members, Germany, France and the UK are finding ways to trade without the dollar. Germany told the US to back off of Russia, and they are bound to join BRICS, the financial benefits are just too great, and much needed by the EU.

    The game is up. Nothing the US does will change a thing…….


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