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| Economy |
| Head Of UniCredit Securities Predicts Imminent End Of The Eurozone |
| 2011-09-28 |
| h/t Instapundit Either the YesMen have infiltrated Italy's biggest, and most undercapitalied, bank, or the stress of constant, repeated lying and prevarication has finally gotten to the very people who know their livelihoods hang by a thread, and the second the great ponzi is unwound their jobs, careers, and entire way of life will be gone. Such as the head of UniCredit global securities Attila Szalay-Berzeviczy, and former Chairman of the Hungarian stock exchange, who has written an unbelievable oped in the Hungarian portal Index.hu which, frankly, make Alessio "BBC Trader" Rastani's provocative speech seem like a bedtime story. Only this time one can't scapegoat Szalay-Berzeviczy "naivete" on inexperience or the desire to gain public prominence. If someone knows the truth, it is the guy at the top of UniCredit, which we expect to promptly trade limit down once we hit print. Among the stunning allegations (stunning in that an actual banker dares to tell the truth) are the following: "the euro is "practically dead" and Europe faces a financial earthquake from a Greek default"... "The euro is beyond rescue"... "The only remaining question is how many days the hopeless rearguard action of European governments and the European Central Bank can keep up Greece's spirits."...."A Greek default will trigger an immediate "magnitude 10" earthquake across Europe."..."Holders of Greek government bonds will have to write off their entire investment, the southern European nation will stop paying salaries and pensions and automated teller machines in the country will empty "within minutes." |
| Posted by:g(r)omgoru |
| #8 A further explanation: This guy is a banker. And currently banks are doing everything they can to scare politicians into upping the amount of taxpayer's money to save their asses. That's why you hear the meme: If Greece fails, Europe fails. Oh, they still want to buy Italian, Portuguese, Spanish bonds. They want the high interests, but not the risks associated with it. Btw Unicredit is the Italian bank that took Duffy's money. Lots of it. |
| Posted by: European Conservative 2011-09-28 21:35 |
| #7 Dale thank you. Don't get me wrong, the banks will continue to rob us of our money and the EU will grab the opportunity to rob us of our democratic rights. |
| Posted by: European Conservative 2011-09-28 19:00 |
| #6 European Conservative Hello again. What a massive right off for so many(Tax payers?). Banks will have to be backed up because of exposure. Some will get their money back but only a small fraction. Most is a loss. No world power is immune to this. My two cents. P.S. I enjoy your comments. |
| Posted by: Dale 2011-09-28 18:20 |
| #5 The Euro may very well break up in the future but certainly not the way this scenario predicts. A Greek default will not trigger much. It's widely expected anyway. |
| Posted by: European Conservative 2011-09-28 17:23 |
| #4 The euro SHOULD break up for the sake of Germans, Greeks and every other people previously forced to use this disastrous political shambles of a currency. |
| Posted by: Bright Pebbles 2011-09-28 16:58 |
| #3 European Conservative Hello! The German response would be something like NO WAY JOSE!. Germany is on the hook now for 69 billion in Greek debt. Germany is on the hook now with Spain for 244 billion. Worldwide for Greece alone its 277 billion. Its the derivatives again but worse. Yes, our numbers look bad as well. Either we duck and cover or tuck and roll.Depends brief possibly. |
| Posted by: Dale 2011-09-28 16:41 |
| #2 May not hurt to fully quote him: “It’s one scenario among many, one which may lead to the breakup of the euro area via a banking crisis,” he said in the interview. “This can still be averted. It primarily depends on the Germans, and secondly on European citizens, especially on how much the Greek population can tolerate.” |
| Posted by: European Conservative 2011-09-28 16:02 |
| #1 And this is the disaster that the US Fed is gearing up to capitalize. And may the Lord have mercy on our souls. |
| Posted by: AlanC 2011-09-28 15:24 |