Info Europe Information about the demise of the Euro and the role of the European Central Bank ECB

New 2012 - 02 - 17:

[01:00 pm] About a month left to go for Greeks: Report: Insider Documents Detail a March 23 Greek Default Plan; Gov to Freeze Bank Accounts, Eliminate Euro, Restrict Capital Flow read!

A written document giving firm dates and detailed actions for a planned Greek default has been in the possession of two top Wall Street bank currency trading bosses since the second week in January. The Slog has separate but corroborative sources affirming the existence of the document, and a conviction among senior bank staff that – at least at the time – the plan represented “a timetable, not a contingency”. The plan gives a firm date of March 23rd for default to be announced after the close of business.

Senior bankers on Wall Street have been given detailed documentation setting out a timetable to Greek default, including firm dates and technical ‘orders’ about last use of the euro as a currency there. The revelation arrived at Slogger’s Roost last Monday, since when I have been trying to obtain corroboration. This arrived in the early hours of today (Thursday). One of the banks is Barclays Capital (Barcap) run by controversial figure Bob Diamond. The other must remain anonymous for the time being, in order to protect sources.

The document asserts that Greece will officially be declared in default by all the ratings agencies after the close of business on Friday march 23rd. At the weekend all Greek bank accounts will be frozen, with emergency measures detailed to prevent the flight of capital. Included in the paperwork is a list of very limited exceptions to the ‘no withdrawals’ order. All major banks ‘are instructed not to deal with euro exchange as of open of business in Greece on Monday 25th march. All Greek markets will close for one day ‘at least’.

So they plan on reintroducing the Drachma on March 23. This plan seems to exist since january and the big banks are in possession of it.

[05:45 am] Just like in a real dictatorship: Children 'forced to shout Long Live Sarkozy!' when French president visited their school

New 2012 - 02 - 16:

[04:15 am] Mish: EU to Punish Spain for Delaying Austerity Measures, Playing Games with Deficit Projections; Unprecedented Spanish Bond Front-Running; European Job Losses Accelerate

New 2012 - 02 - 14:

[12:15 pm] The mercies of a benign judge: Moody's Downgrades Italy, Spain, Portugal And Others; Puts UK, France On Outlook Negative - Full Statement

S&P will not be that gentle when they start their next downgrade orgy. The S&P judgements seem to be a little more realistic than the other ones.

[12:15 pm] The latest rescue attempt for Greece wasn't very sustainable: GGGB2YR:IND 207.37700 23.95900 13.06%

[12:15 pm] You Greeks will be tortured until you finally quit the eurozone: Greece faces death by a thousand cuts unless it leaves the euro

Lucas Papademos was suitably apocalyptic. If the terms of the second Greek bailout were not approved, the Greek prime minister warned over the weekend, there would be a "disorderly bankruptcy that would create conditions of economic chaos and social explosion.

[12:15 pm] Such a farce: Greece's hopes for quick bailout agreement dashed

Nobody is willing to pay for a country whose people are constantly revolting against the helping hand. Time to let them do their own thing.

[12:00 pm] There's a new banking crisis ahead: European Financials At Worst Levels In Two Weeks

New 2012 - 02 - 13:

[05:00 pm] Too much debt: The Cost Of The Combined Greek Bailout Just Rose To €320 Billion In Secured Debt, Or 136% Of Greek GDP

[05:00 pm] Led by Germany, the Eurozone creditors and the IMF have managed to kill any political stability in this country: A New Era of Political Fragmentation in Greece

[05:00 pm] Zerohedge: The First Dominoes: Greece, Reality, And Cascading Default

[05:00 pm] Enough is enough: Schauble Says Greece Has Been A "Bottomless Pit" And Its "Promises Are No Longer Enough"

New 2012 - 01 - 30:

[03:15 pm] An economic nightmare is descending on Europe: 20 Signs That Europe Is Plunging Into A Full-Blown Economic Depression

[03:15 pm] 63,000 people working in finance: Financial sector represents 38% of Luxembourg GDP

[03:15 pm] No future: Europe's lost generation: how it feels to be young and struggling in the EU

New 2012 - 01 - 29:

[12:15 pm] Do they finally want to quit? Greece plans orderly exit of the Eurozone

Greece plans an orderly exit out of the Eurozone according to two sources close to Mr. Papademos, Greek Prime Minister, who spoke on condition of anonymity earlier today.

The sources confirmed that plans are ready to return to a legacy currency given the current circumstances and that such exit would be dealt with, quote “in as orderly a fashion as possible” unquote.

We doubt that this whole thing will happen in an 'orderly' way, because as soon as this news becomes public, people will withdraw the rest of their money from the banks. So it has to come as a suprise. The new drachma is already printed anyways, so what are they waiting for?

New 2012 - 01 - 28:

[06:30 am] They finally want Greece to declare default: Endgame Begins - UK "Foreign Office Sources Say Merkel Now Thinks Greece Will Default"

New 2012 - 01 - 27:

[11:45 am] Fucking hypocrite: JPMorgan's Dimon says bank stayed in eurozone periphery for 'social reasons'

He and his bank didn't stay in PIGS-papers because of social reasons. It's rather that they don't want to write off their huge losses.

[11:45 am] Bloomberg: Greek Debt Wrangle May Pull Default Trigger

[11:45 am] It's getting really really bad now: UK heading for first double-dip recession since 1975

[11:45 am] Fortunately, they still got their credit cards: UK family debts up by almost 50% in a year

[11:45 am] Greece does not have the capacity to repay even the reduced amounts being negotiated: Turk - Greek Default Imminent as Financial Crisis Propels Gold

New 2012 - 01 - 24:

[01:45 pm] GoldCore: Currency wars - EU bans Iran from trading gold and silver

[01:45 pm] Zerohedge: A Walk Thru For Sovereign Bond Markets In A Post-Greek Default World

New 2012 - 01 - 22:

[07:30 am] Economist: World economy: What if the euro zone collapses?

[07:30 am] Yes, Germany decided that it'll be that way: Europe: They Are Actually Going To Let Greece Default?

[07:30 am] It was only postponed: Weren’t We Facing A Systemic Collapse a Few Months Ago... What's Changed Since Then?

New 2012 - 01 - 20:

[06:45 pm] The Big Picture: Chronology of the Greek Debt Crisis

[12:00 pm] Video: Fiscal Union Treaty to be Forced Through Without Referendums - Farage (Barroso confirms)

[12:00 pm] About new EU taxes: Secret plan revealed for new EU taxes on Britain

New 2012 - 01 - 19:

[07:15 am] AEP: The euro is pushing Italy into depression

Obviously, Italy and Germany can no longer share the same monetary policy. Ergo, Germany should leave EMU, pronto.

The Banca said Italy's economy contracted by 0.5pc in the last quarter of 2011. It will shrink by a further 1.5pc this year, with no growth in 2013.

This is a direct result of the misguided pro-cyclical austerity polices imposed by Angela Merkel and the ECB – the infamous Trichet letter – without offsetting monetary and exchange stimulus.

[07:15 am] NYTimes: Hedge Funds May Sue Greece if It Tries to Force Loss

[07:15 am] Martin Weiss: Why the Cascade of Downgrades Has Barely Begun

New 2012 - 01 - 17:

[11:00 am] The Wall Street Journal reports Portugal's Bond Yields rise sharply after rating cut to junk: Portugal downgraded to junk

[11:00 am] U.S. rating agency Standard & Poor's cut its credit rating of the euro zone's EFSF rescue fund on Monday: S&P downgrades euro zone rescue fund

[11:00 am] If they say so: Fitch Says Greece Will Default By March 20 Bond Payment

New 2012 - 01 - 16:

[03:30 pm] "A Greek default will trigger an immediate “magnitude 10” earthquake across Europe.": Head Of UniCredit Securities Predicts Imminent End Of The Eurozone

[03:30 pm] Video: Marc Faber - 2012 European Crisis!

New 2012 - 01 - 13:

[10:15 am] Due to the European rescue package (ESFS: European Financial Stability Facility): Italy 3-Year Debt Costs Fall at Bond Auction

[09:45 am] FR-banks are practically broke: Europe: How A Handful Of French Banks Will Implode The Euro

[09:45 am] Mish on the un-financeable pension systems in Europe: Europe’s $39 Trillion Pension Time Bomb Explodes in 2012; Simple Proposal to Fix the Problem

Every country but Greece should exit the Euro but keep pension plans denominated in euros. The value of the Euro will sink to zero as Greece goes into hyperinflation. Thus, pension plans denominated in Euros will quickly be solvent. At that point the plans can be converted back to their respective currencies with obligations that can be paid with a few ounces of gold

New 2012 - 01 - 12:

[02:30 pm] This is how far impoverishment has already advanced: Children 'dumped in streets by Greek parents who can't afford to look after them any more'

New 2012 - 01 - 11:

[12:45 pm] It is highly probable that a break -up of the euro zone is coming: How catastrophic would a break-up of the euro zone be?

[12:45 pm] Bloomberg: Europe's $39T pension threat grows

[12:45 pm] Exposure by six major American banks to CDS on Italian debt alone, for example, may be as high as $200 billion: Europe's ticking time bomb: Credit default swaps

New 2012 - 01 - 08:

[04:45 am] This gold is probably already gone or leased to someone else: 90% of Dutch Gold Reserve Is Held Abroad

[04:45 am] Zerohedge: UBS' Releases Most Dire Prediction To Date: Greece To Experience "Coercive" Restructuring With CDS Triggering Around March

[04:45 am] Euro-exit plus national bankruptcy: Germany prepares for a Greek exit of the Eurozone

New 2012 - 01 - 07:

[05:00 pm] Countries that weren't officially in a recession/depression up until today, are now sliding into one: Eurozone strains increase with grim new economic data, Eurozone Crisis Spreads To France As Car Sales Decline

Only 3 years ago economic stimulus packages would have been launched everywhere in such a situation. This time it's different, governments prefer to save money since they are afraid of national bankruptcies - which is the big difference to 2008/2009.

[12:00 pm] Hungary from the entrepreneurial point of view: This is why I don't give you a job

[12:00 pm] Italy apparently imposes capital controls: Has Italy Gone Fascist?

New 2012 - 01 - 06:

[09:30 am] BDI Index is going straight to hell: BALTIC DRY INDEX

[04:00 am] Zerohedge: Presenting Europe's Complete €1 Trillion 2012 Monthly Bond Redemption Schedule

[04:00 am] They start to think about a EU-exit of GB: Britain must now think through European trade options

[04:00 am] Unicredit-Shareholder-Tricks: I'll Hold Yours If You Hold Mine: The Italian Ponzi Comes Home

New 2012 - 01 - 05:

[01:45 pm] HU: dictator Orban is confronted with a sovereign default: Hungary faces crisis as traders fear bond debt default

[01:45 pm] Unicredit -15% today: EURUSD Dips Below 1.28 As All Hell Breaks Loose In Italian Financials

New 2011 - 12 - 31:

[02:15 pm] Max Keiser: Silvio’s 2012 Bunga Bunga Guide to Finance

New 2011 - 12 - 30:

[05:15 pm] 2011 stock market performance: FTSE ends year down 5.5pc but eurozone fares worse

However, shares in London fared far better than those in the eurozone, with Germany's DAX dropping 15pc, France's CAC 40 losing 17.6pc, Italy's MIB slumping 26pc, Spain's Ibex shedding 13.7pc and Greece's ASE 20 tumbling 61pc.

Gold bugs can still be happy about this years performance of their favorite asset, cause gold is in the black.

New 2011 - 12 - 29:

[03:45 pm] Telegraph: Euro-federalists financed by US spy chiefs

[03:45 pm] Zerohedge: 5 Reasons Why 2012 Will Not Be A Replica Of 2011... At Least Not For Europe

[03:45 pm] AEP: Bond sale puts Italy to the test

New 2011 - 12 - 26:

[06:30 am] Zerohedge: Flowcharting The True Cause of The Eurozone Crisis

[06:30 am] My friend Bran from Spain sent a pair of articles in Spanish that highlight the impossible situation facing Spain: Spanish implosion coming up

[06:30 am] New York Times: From the Fed, a shield against Europe

[06:30 am] The eurozone will be a different place from what it is today, even if EU leaders take the serious steps necessary to tackle the eurozone's debt problem: Is the curtain falling on the eurozone?

[06:30 am] Huffington Post: In eurozone, year of deleveraging could prove dangerous

With governments laboring under too much debt and banks hobbled by too little capital, 2012 is shaping up as another year of hard slog for Europe's economy that could yet test the single currency to destruction

New 2011 - 12 - 25:

[12:00 pm] Reuters: ECB cash to give indirect boost via banks

[12:00 pm] And it means more than is apparent: The European central bank loses its virginity

New 2011 - 12 - 23:

[11:30 am] Is a new Falkland war ahead? Flashpoint Falklands: Britain dusts off war plans amid calls to send a nuclear submarine after Argentina joins forces with Brazil and Uruguay to blockade islands

Military chiefs are dusting off their plans for the defence of the Falklands after South American countries banned ships from the islands docking in their ports. Yesterday Argentine President Cristina Fernandez de Kirchner claimed Britain was ready to use its military to steal natural resources 'anywhere, anyhow'.

[05:00 am] There are definitely some other candidates that should be downgraded before: Moody's keeps Austria's triple A rating

New 2011 - 12 - 20:

[04:45 pm] Italy will need to provide €23.5 billion and Spain another €15 billion: Europe is now officially Bazooko's circus

[04:45 pm] Bond market pressure on the euro zone will be “very significant” in the first quarter of next year, European Central Bank President Mario Draghi said on Monday: ‘Unprecedented’ bond pressure to hit eurozone next year

[04:45 pm] Bloomberg: Spanish bad loans surge to highest in 17 years

[04:45 pm] Greece is now officially bankrupt in all but name: Greek Budget Deficit To Pass 10% Of GDP, Country Stops Most Cash Outlays

New 2011 - 12 - 19:

[03:15 pm] Zerohedge: Psssst France: Here Is Why You May Want To Cool It With The Britain Bashing - The UK's 950% Debt To GDP

To call that "game over" is an insult to game overs everywhere. So here's the bottom line: France should quietly and happily accept a downgrade, because the worst that could happen would be a few big French banks collapsing, and that's it. If, on the other hand, the UK becomes the center of attention (recall this is the same UK that allows unlimited rehypothecation of worthless assets, and the same UK that unleashed the juggernaut known as AIG-FP's Joe Cassano - after all there is a reason why the UK has 600% its GDP in financial liabilities - financial innovation always goes there where it is least regulated), then this island, which far more so than the US is the true center of the global banking ponzi scheme, will suddenly find itself at the mercy of the market. At that point the only question is whether the vigilantes will dare to take down the UK, as said take down will result in an implosion in the very fabric of modern finance, much more so than what even a full collapse of France could ever achieve, or if due to the certain Mutual Assured Destruction that would follow a coordinated UK onslaught, the market will simply very quietly proceed to ignore the elephant in the room.

[03:15 pm] AEP: Workers of Europe unite, you've only euro chains to lose

[03:15 pm] Telegraph: If the euro is saved then Britain should quit the EU and say good riddance

On proximity, admittedly the EU gives us tariff-free access to its market, which may help to boost foreign direct investment into the UK. But the cost is high. It starts with our budget contribution, which amounts to about £7bn net per annum. In addition, there is the cost of the Common Agricultural Policy, which may be only about £3bn net, but is probably much more. Then there is the cost of complying with EU regulations, which some estimates suggest could be about £30bn.

Other costs are virtually impossible to quantify – the costs of having our democracy undermined and key national decisions effectively made by the kleptocracy in Brussels.

Admittedly, trade with the EU is very important – about 50pc of our exports go there – but that means that more than 80pc of our GDP does not consist of exports to the EU. Yet this overwhelming part is still governed by the EU’s panoply of ridiculous regulations.

[03:15 pm] We'll see: Eurozone: France to be Stripped of AAA Rating This Week?

[03:15 pm] Next: French credit downgrade could come 'within days'

Standard & Poor’s expected downgrade could create panic in the financial markets and make eurozone crisis even worse

New 2011 - 12 - 16:

[05:45 am] Warning of a worldwide depression, straight from the IMF: IMF’s Lagarde: Europe Debt Crisis ‘Escalating’

Lagarde said that if countries don’t work together, the world will face a situation similar to the 1930s, before the world slid into World War II.

“There is no economy in the world, whether low-income countries, emerging markets, middle-income countries or super- advanced economies that will be immune to the crisis that we see not only unfolding, but escalating at a point where everybody would actually have to focus on what it can do,” Lagarde said.

This might have to do with the euro crash that is soon to come.

New 2011 - 12 - 14:

[03:15 pm] Europe is rapidly running out of time: Mega Fail: 17 Signs That The European Financial System Is Heading For An Implosion Of Historic Proportions

New 2011 - 12 - 13:

[12:30 pm] GoldMoney: The end of the EU

[12:30 pm] King World News: Gold bull & Germany flirting with depression

New 2011 - 12 - 12:

[09:30 am] The banking stocks are screaming “insolvency” : David Morgan – Euro Common Currency Concerns

[09:30 am] Telegraph: Eurozone leaders duck all the big issues

New 2011 - 12 - 10:

[06:00 am] Telegraph: Eurozone banking system on the edge of collapse

The eurozone banking system is on the edge of collapse as major lenders begin to run out of the assets they need to keep vital funding lines open.

New 2011 - 12 - 09:

[09:30 am] They just gave birth to a stillborn child: Why Merkel-Sarkozy Pact is Doomed to Fail

New 2011 - 12 - 07:

[04:00 pm] Zerohedge: Eurozone To Avoid Any Popular Vote In Treaty Change

[04:00 pm] "God" conquers Europe What price the new democracy? Goldman Sachs conquers Europe

New 2011 - 12 - 05:

[04:30 pm] The Wall Street Journal: Confirmed: Not Just AAA Nations, but *All 17* Euro Nations to Be Put on Notice for Downgrade

[04:30 pm] New euro-zone rescue schemes dead on arrival: Weiss Ratings downgrades 5 European countries!

[04:30 pm] Interesting article: It's Your Choice, Europe: Rebel Against the Banks or Accept Debt-Serfdom

In simple terms, this is the stark reality: now that debt and risk have been repriced, Europe's debts are completely, totally unpayable. There is no way to keep adding to the Matterhorn of debt at the old cheap rate of interest, and there is no way to roll over the trillions of euros in debt that are coming due at the old near-zero rates.

Never mind actually paying down debt, sovereign, corporate and private--the repricing of risk and debt mean even the interest payments are unpayable.

Let the banks implode in bankruptcy, clear the worthless "assets" of debt from the books, and let the market price currencies and everything else. The only other choice is debt-serfdom.

New 2011 - 12 - 04:

[12:00 pm] A study conducted by some Fed academics: Could Greece switch to dollar and avoid bankruptcy?

EPIKAIRA magazine refers to a study by the FED according to which if euro-less Greece doesn’t want to sink in chaos, there must be a transitional phase (pegging) from the euro to the new drachma via the dollar. Greece will have to adopt the dollar as its national currency alongside with the new drachma for at least five years.The new drachma will only be used for Swap deals between the US and Greece with an initial exchange rate 30 to 1

This plan is kind of idiotic. Greece doesn't need the dollar. What they really need is debt forgiveness and currency debasement - as quick as possible.

New 2011 - 12 - 02:

[05:45 am] She might change her mind on this matter some day: Merkel fights for euro she says is stronger than D-mark

[04:15 am] SeekingAlpha: The Optimism Invasion And Your Portfolio

[04:15 am] Already wrapped up: Europe’s Massive Christmas Present

New 2011 - 12 - 01:

[02:00 pm] Telegraph: Britain has entered second credit crunch, confirms Downing Street

The US Federal Reserve spearheaded a scheme by central banks around the world, including the Bank of England, to lend money to ailing European banks that were struggling to borrow.

The emergency action to stop the international financial system from freezing up again was prompted by rumours that a European bank was facing difficulties and could not raise money. Panic started to spread through the German bond markets, which threatened to result in a credit freeze for European banks.

Again they aren't making any comments about which bank was concerned by this problem. The only thing that is sure is that this was yet another massive banking crisis which almost got out of hand.

New 2011 - 11 - 28:

[01:15 pm] Forbes is asking this - so the collapse must be near: French Bonds, The Next Big Short?

[01:15 pm] "La Acido Vita - from La Dolce Vita": Egan Jones Downgrades Italy From BB+ To BB, Projects 157% Debt/GDP By 2014

[01:15 pm] Everything on credit: Most Porsche Cayennes in Greece

New 2011 - 11 - 25:

[10:00 am] The next downgrade for a European country, although this one is rather unimportant: Moody's cuts Hungary to "junk," government sees attack

[05:15 am] Bloomberg: France Govt Oats Btan 1 yr

New 2011 - 11 - 24:

[04:15 pm] Not enough money in the world for bailouts: Eric Sprott - This Financial Crisis Will Be a lot Worse Than 2008

[04:15 pm] Whatever your "nightmare" scenario is for such an event, it's not bearish enough: The Game Is About Done

The Greek and Italian "problem" is no longer about Greece and Italy. It has been creeping into Spain and more-recently France, but this morning jumped into Germany and everywhere else "all at once."

Capital has said "no more" to the lies in Europe. While this does not mean an instant implosion it does mean one important thing: The willingness of capital holders to continue to permit deficit spending is coming to an end, and with it the false "GDP" that this lie has "supported" will also come to an end.

When capital is tired of the never-ending lies, system saviors will never be able to mobilize enough gold to meet the exploding demand.

Also see this: Financial Siegfried Line fails: German bond flop means contagion now spreading to Berlin

And this: Eurozone tremors spread to Baltic States: Banks in Lithuania and Latvia collapse

The entire western world will now become infected with the deadly debt disease. All we are waiting for is the UK and the US being caught too. That will be the end. The only thing that will help then will be gold and silver.

[04:15 pm] Belgium is drowning: Belgium Hits Record High Yields As Business Confidence Slumps

New 2011 - 11 - 23:

[02:00 pm] Mish: Showdown in Greece

[02:00 pm] Is there no trust in Germany anymore? "Disastrous" bond sale shakes confidence in Germany

[02:00 pm] News from Germany: Germany's finances not as sound as believed

[02:00 pm] Zerohedge: Europe's "liquidity run" has begun

[02:00 pm] Mish: Two year Italian bond yield hits 7.27%

[02:00 pm] Mike Shedlock: Understanding the Problem, Understanding the Solution

[02:00 pm] Automatic Earth: Why Germany is right to refuse to bail out Europe

[02:00 pm] The last few days have seen a dramatic deterioration in the market for even the highest-rated EU sellers of kangaroo bonds, paper denominated in Australian dollars and sold in Australia by foreign firm: Eurozone debt bomb reaches land down under- Australian bonds head for implosion?

New 2011 - 11 - 21:

[12:15 pm] Doug Noland: ECB To The Rescue?

[12:15 pm] Video: Bilderbergers taking over Europe?

[12:15 pm] Interesting: Long-term interest rate statistics for EU Member States

[12:15 pm] Zerohedge: Buyers Of Last Resort: As Dumping Accelerates, Here Is Who Is Stuck Buying Another €741 Billion In Italian Bonds

New 2011 - 11 - 19:

[03:45 am] Are they already selling the Italian gold to calm down the situation in Italy? Mike Krieger Exposes The Three Card Monti

The backroom deals that are happening right now at the expense of the people of Italy have got to be completely off the charts. As I have said many times before, the reason Europe doesn’t announce a solution is because there is no solution. They also know that the minute they announce massive monetization gold and silver will go no offer and the gig will be up. This is also why the FED hasn’t announced QE3 despite their desire to do so. So the strategy is to announce nothing, sell sovereign gold behind the scenes and perform all sorts of market manipulations behind closed doors. While the sheep in most nations will be completely unaware until way after the looting is over and then they are left with chaos and then a real dictator, the leaders of nations of China, Russia and others know exactly what is happening and will happily take Italy’s gold (and whatever Greece hasn’t already sold without telling anyone).

New 2011 - 11 - 17:

[03:45 am] Clear text: Citi Chief Economist Willem Buiter: A Spanish Or Italian Default Could Happen In A Few Short Days

Citi's Willem Buiter whose succinct analysis a few weeks ago sealed the coffin of the worthless EFSF, has just come out with another knock out punch this morning after telling Bloomberg TV what everyone else knows is true, but is terrified to say out loud: namely that, "time is running out fast." He adds: " I think we have maybe a few months -- it could be weeks, it could be days -- before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging the European banking system and North America with it. So they have to act now." In sum -  a rehash of the Deutsche Bank pitchbook to the ECB we posted earlier, only in Mutually Assured Terms that would make even Hank Paulson blush. At this point Germany has an option: tell Europe to take a hike, or go balls to wall in bailing out 250 million European's early retirement packages. The ball is in Merkel's court, who unlike Citi, JPM, DB, and everyone else, has to worry about this fickle, and potentially pitchfork bearing, thing called "voters."

[03:45 am] Telegraph: Sir Mervyn King: Britain on the brink of second credit crunch, Bank of England Governor warns

New 2011 - 11 - 16:

[03:15 pm] Maybe they want to hide a recession? Italy Has Something to Hide

[03:15 pm] Zerohedge: Presenting Europe's Remaining 2011 Bond And Bill Auctions... All 104 Of Them

[03:15 pm] Video: Farage: What gives you the right to dictate to the Italian people?

[03:15 pm] Europe is about to see trillions in debt written down: Kyle Bass Best Summarizes The "Profligate Idiots" In Europe: "They Have A German Pope And An Italian Central Banker"

New 2011 - 11 - 15:

[11:15 am] European Crisis Explained

[11:15 am] The truth is, the sovereign debt issue is here to stay: More on Italy's impossible debt reduction...

[11:15 am] SFGate: Italy remains in trouble, Pimco's gross says

[11:15 am] Forbes: Germany votes to allow exit from euro

New 2011 - 11 - 14:

[04:15 pm] Zerohedge: Goldman Sachs international advisor Italy's new Prime Minister

[04:15 pm] Nigel Farage once again indicts the tyrannical role of EU power over its economic and political affairs: Nigel Farage to EU: I want you all fired

[04:15 pm] All over Europe, headlines are declaring that the eurozone is on the verge of collapse: Out Of The Ashes Of The Collapse Of The Eurozone Will A "United States Of Europe" Arise?

New 2011 - 11 - 12:

[04:30 pm] The sell-off continues: Banks to dump more Italian debt: IFR

European banks are planning to dump more of the 300 billion euros they own in Italian government debt, as they seek to pre-empt a worsening of the region's debt crisis and avoid crippling write downs - a move that could scupper the European Central Bank's efforts to bring down soaring yields.

Still reeling from heavy losses on money they lent to Greece, lenders are keen not to make the same mistake twice. Then, under the pressure of governments and a hope that credit default swaps would protect them against heavy losses, they held on until it was too late to sell.

[04:30 pm] The next PIG that is due any day: Markets rise but contagion fears spread to Spain

New 2011 - 11 - 11:

[07:30 am] We doubt that it happens that fast, but we'll see: Prepare For Europe Collapse Before New Year

[04:30 am] Bloomberg: S&P Roils Global Markets With Erroneous Message on French Rating Downgrade

New 2011 - 11 - 10:

[01:45 pm] KingWorldNews: John Roque - Europe is Uninvestable & Gold is the Antidote

[12:45 pm] Recession/depression in 2012, no crash necessary: The EU Delivers A Super-Depressing Growth Forecast, And Says It Might End Up Even Worse

[12:45 pm] Nobody really dares to think of a potential depression, yet: 'Deep and prolonged recession' possible in euro zone

[06:30 am] What we are all watching unfold right now is a complete and total financial nightmare for Italy: A Financial Nightmare For Italy: The Yield Curve For Italian Bonds Is Turning Upside Down

New 2011 - 11 - 09:

[02:30 pm] We already know that: Barclays says Italy is finished - Italy Govt Bonds 10 Year Gross Yield 7.44%

[02:30 pm] Zerohedge: Italian bondage

[02:30 pm] Ciao Silvio: Berlusconi's Last Stand

New 2011 - 11 - 08:

[02:00 pm] Another Spanish bank that needs to be rescued: Banco de Valencia May Need Rescue, Trading suspended in Spanish bank as crisis intensifies

New 2011 - 11 - 07:

[11:00 am] AEP: Europe's rescue fiasco leaves Italy defenceless

[11:00 am] Ciao bella Italia: pigbonds.info

[11:00 am] AEP: Europe's rescue fiasco leaves Italy defenceless

[11:00 am] God's opinion on Italy: Goldman's Roadmap For Europe - The Next Steps

New 2011 - 11 - 06:

[07:00 am] Because everyone's heavily indebted: Europe. Is. Finished.

[07:00 am] The EU 'saving-inspectors' are coming: Italy Threatened with Troika Surveillance; Merkozy Sends Inspectors to Italy to Verify the Italian Books; Berlusconi Under Intense Pressure to Resign

[07:00 am] Businessweek: Greece Must Comply With Terms or Exit Euro, German Lawmaker Says

Hans Michelbach, spokesman for Chancellor Angela Merkel’s Christian Democratic bloc in the finance committee, said Greece now has two choices: compliance with all conditions for further assistance or leaving the euro zone.

He said Greece has “tested the patience” of European leaders and “can no longer expect leniency,” according to an e-mailed statement today.

[06:45 am] Bob Chapman: The Next Stage of the European Debt Crisis; Towards Global Financial Collapse?

New 2011 - 11 - 03:

[01:00 pm] Best thing that can happen to the precious metals: ECB cuts key rate at 1st Draghi meeting

The quarter percentage-point cut takes the bank's main interest rate down to 1.25 percent in an attempt to boost confidence in the 17 countries that use the euro and prevent an expected slowdown in the last three months of the year from turning into an outright recession.

Italians attack problems in a different manner than the rest of Europe does. They aren't as afraid of higher inflation rates as people in other European countries are. We really need even more of those laid-back italians cause' their decisions certainly result in even bigger price explosions in gold and silver, and make hyperinflation more likely.

We are probably going to celebrate this decision tonight with a tasty pizza, big portions of spaghettis, italian ice cream and a fine bottle of italian wine.

[12:30 pm] A referendum for everyone: first in Greece, next, in Italy: Game Over Berlusconi? Italian Anti-Crisis Bill Fails

[12:30 pm] AEP: Italy's 'shock therapy' as eurozone manufacturing buckles

New 2011 - 11 - 02:

[04:30 pm] This is where the real boom takes place: VALUE: 232.585 % !!!!!! Greece Govt Bond 1Year Yield

[04:30 pm] Kick'em out: Commentary: Europe should let Greece default

[04:30 pm] AEP: Revenge of the Sovereign Nation

New 2011 - 10 - 31:

[06:00 am] The panic sell-off of Italian bonds begins: OH CRAP: Look What's Going On In Europe , pigbonds.info

Berlusconi's Bunga Bunga country is about to go under.

[06:00 am] This means that people don't have to pay any taxes for the goods they exchange: Barter Society Emerges in Greece As Crisis Deepens *Video*

New 2011 - 10 - 29:

[06:30 am] Backlash in Europe - everyone's fighting for his own well-being: The Greeks are revolting again: German flag burned on the streets as they react angrily to historic Eurozone deal

New 2011 - 10 - 26:

[01:45 pm] This seems more realistic than anything else we are hearing these days: Marc Faber: Greece is bankrupt & bond investors should have to take losses of 90 percent on their holdings

[04:15 am] Zerohedge: The Beginning Of The European Endgame

[04:15 am] Telegraph: Eurozone debt crisis: talks break down as Angela Merkel rejects rescue deal

[04:15 am] We wouldn't invest in junk bonds, too: Brazil Refuses To Buy European Bonds, Dashing Hopes For A BRIC-based European Rescue

New 2011 - 10 - 25:

[11:15 am] GoldSeek: Gartman: EU debt plan to hurt currencies

[11:15 am] What did you expect? Spain Slips on Deficit, Will "Never Make Deficit Targets", Nor Will Portugal; Firepower Insufficient

[11:15 am] The dominoes of debt are toppling in Europe, and there is no way to stop the forces of financial gravity: The European financial crisis in one graphic

[11:15 am] Zerohedge: FT reports Italian government on brink of collapse

New 2011 - 10 - 23:

[03:45 pm] Wait until they fall: The European Financial Crisis in One Graphic: The Dominoes of Debt

[09:30 am] That's when the global financial system will blow up: If Europe Should Fail

if Europe should fail this is what we can expect to happen - European banks will crash and burn and take down major US banks, which are already walking wounded basket cases anyway. We are likely to see a lengthy unscheduled "bank holiday" - banks will slam their doors and if your money is still inside their vaults then you are out of luck. Major disruptions in supply and distribution of food and fuel in particular will trigger general panic, and riots and mob violence will spread rapidly - what we have seen on TV happening in Greece will suddenly happen on the streets of the US and many other countries. Stockmarkets will crash in a manner that will make 2008 seem like a "walk in the park". Virtually every asset class and investment will crater - especially commodities, stocks and Real Estate. The euro will be vaporized. The tidal wave of funds liberated by this mass panic are going to have to go somewhere and normally we would expect them to go into the US dollar and Treasuries, but with US banks failing even this cannot be relied upon.

And gold and silver prices are going to explode. Soon in this theater.

[09:30 am] The Troika report: Greece: Debt Sustainability Analysis

[09:30 am] Zerohedge: Revised Troika Forecast Sees Total Greek Debt-To-GDP Peaking At 186%: Here Is What Happens Next

[03:15 am] The euro chickens issue an ultimatum to the banks: Europe's leaders threaten Greek default if banks won't take haircut and accept losses of £120bn

Europe's leaders are threatening to trigger a formal default on Greek debt and risk a “credit event” if banks refuse to accept losses of up to €140bn (£120bn) on their holdings.

140 billion euros aren't enough either and the banks and insurance companies will certainly not write off these losses voluntarily. And politicians will certainly not risk a Greek default, since this might bring down the entire system.

New 2011 - 10 - 21:

[06:15 pm] Ciao bella Italia: Italian bond yields reach point of no return

[06:15 pm] Crazy: Italy Govt Bonds 10 Year Gross Yield

[06:15 pm] Video: Are we headed for another Lehman moment in Europe?

[06:15 pm] Mish: Euro summit statement "leaked" draft looks like Swiss cheese

New 2011 - 10 - 20:

[09:15 am] Bloomberg: EU banks vow to slash assets by $1 trillion

[09:15 am] GoldSilver: FT Reports Europe To Sacrifice Its Banks To Bailout Sovereigns - Under €100 Billion In Bank Recap Funding Available

New 2011 - 10 - 18:

[09:15 am] Zerohedge: Deutsche Bank Warns France May Be Put On Downgrade Review Before Year End, Moody's Announces That France's Debt Metrics Have Deteriorated And Are Now The Weakest Of All Aaa-Rated Peers

New 2011 - 10 - 16:

[05:00 am] golemxiv: Foreign riot police now operating in Greece

[05:00 am] keeptalkinggreece: Greek Unions Threaten with “Bloodshed”

[05:00 am] El Greco: 172 % !!!!!!!!!! Greece Govt Bond 1Year Yield

New 2011 - 10 - 14:

[05:30 am] "Stress Test": Credit Suisse Buries European Banks, Sees Deutsche Bank And 65 Other Bank Failing Latest Stress Test, €400 Billion Capital Shortfall

New 2011 - 10 - 12:

[10:45 am] The latest article from Bix Weir: 5 Days Left of Market Manipulation?

Here's what I wrote on Friday related to the DEXIA issue...
"One of the largest derivative players in Europe is imploding as we speak. This will destroy ALL derivative markets across every continent. Watch for a bailout followed by massive market manipulation next week... followed by a total collapse."

The bailout happened as expected this weekend and now we are in the "massive market manipulation next week" part. Stock markets are being pumped up by the banksters to hide the truth and to support the world's financial system a bit longer...but it will fail.

"Our data suggests that the most likely target date will be October 17th (a Monday), after very shocking developments emerge on October 15th."

This falls right in line with my "Time Line" article that I wrote back in July:

"The markets may start to seriously convulse by late September/early October with the realization by the public that there never was a real recovery and it was all the hocus-pocus of Larry Summers and Austan Goolsbee with their "Behavioral Economics Model".

What follows will be the total and complete destruction of all paper and electronic "assets" over a period of chaotic months. All the pieces are in place to take down the banksters once and for all but it won't be pleasant. It's more like ripping off a bandaid.

We agree with him on the issue of a complete destruction of all paper and electronic assets, but we do not think that the collapse will go down this week or next. We think that the system still has about two "good" years left to go, because banks and governments still have one or two aces up their sleeves which they will make use of, e.g. low interest rates, the possibility of printing infinite amounts of money, the confidence (or rather 'blind faith') of the people in these institutions, etc.

[10:30 am] It is over. Only the final act remains to be written: There is No Solution

New 2011 - 10 - 11:

[02:00 pm] The Harpex container ship index is moving downward again: Harpex

This is a sign that the global economy is shrinking again.

[02:00 pm] Sounds a little conspirative: British Banks Face Collapse

[02:00 pm] Bloomberg: Dexia Breakup Shows Constraints of Saving Banks

[02:00 pm] Extraordinary: Greek 1 Year Bond Yields Pass 150% For The First Time Ever; Presenting The Hyperbolic Bond Curve

[02:00 pm] AEP: German push for Greek default risks EMU-wide 'snowball'

Germany is pushing behind the scenes for a "hard" default in Greece with losses of up to 60pc for banks and pension funds, risking a chain-reaction across southern Europe unless credible defences are established first.

Although Greece's 10-year bonds are trading at a 60pc discount on the open market, European banks do not have to write down losses so long as there is no formal default and the debt is held in their long-term loan book. The danger arises if banks are forced to "crystallize" the damage before raising their capital buffers.

Critics say Germany is making a policy blunder by treating the crisis as a Greek morality tale, losing sight of EMU's deeper structural woes.

Everyone can see that the Greeks are broke, except for the MBAs in the banks and insurance companies, who are not yet willing to write off their greek crap. As soon as the default is official, they'll have to do a revaluation of their greek assets on their balance sheet, which should be somewhere close to - 0.

New 2011 - 10 - 09:

[05:00 am] Some people already know what's ahead: Economic Apocalypse Goes Mainstream: Meltdown In Two To Three Weeks; It Will Spread Everywhere; Most Serious Financial Crisis Ever; Worse Than Great Depression

Do they also know who is going to be made responsible for everything, when it happens?

[05:00 am] The problem is bigger than Dexia: The British Government believes that the French urgently need to inject money into three of their banks if another set of bank collapses is to be avoided

[05:00 am] "Dexia's funeral will be announced on Sunday," a source told Reuters: France pushes Germany on EU bank rescue deal

France and Germany will make a high-stakes attempt to settle their differences over who pays for a multi-billion pound rescue of eurozone banks on Sunday, with the French pushing for help from the eurozone's emergency fund.

New 2011 - 10 - 06:

[11:15 am] Careful, this has not happened yet: And So It Begins – The First Major European Bank Has Been Bailed Out And More Bailouts Are Coming

And so it begins. The first major European bank bailout of 2011 has now happened. French/Belgian banking giant Dexia has failed and both governments have pledged to participate in a rescue plan. But Dexia will not be the last major European bank to fail. Even now, governments all over Europe are feverishly developing plans to bail out major national banks in the event that the current financial crisis goes from bad to worse

We are starting to see this all over Europe. Nobody wants to loan much money to European banks right now because it is unclear what is going to happen next in Europe and it is uncertain which banks are stable and which are on the verge of collapse.

All they have done so far is to express their intention to rescue Dexia, and nothing more than that. They didn't make any payments to this bank up till now. FR and BE are looking for rescuers themselves, cause' they can't handle the problem on their own.

PS: FR and BE could bailout Dexia if they immediately started to save the required amount of money elsewhere in their national budget. But this is nearly impossible, as far as domestic policy is concerned.

But now major politicians all over Germany are declaring that Germany is done contributing money to the European bailout fund.

And without Germany, the rest of the eurozone is not going to be able to continue the bailouts.

But now it appears increasingly likely that if someone is going to leave the euro it might be Germany.

But if Germany left the euro it would absolutely implode. German economic strength is the primary thing holding the euro up at this point.

It's time to withdraw money from the European countries, except for Germany, the Netherlands, Austria and Finland.

[11:00 am] Telegraph: German Chancellor Angela Merkel backs moves to recapitalise eurozone banks

[11:00 am] How serious the situation of the banks really is: Le Figaro Discloses France Has Prepared An Emergency "Just In Case" Nationalization Plan For "2 Or 3" Banks

What money do they intend to use in order to put this glorious plan into action? We're talking about real large amounts of money, probably for Dexia, Societe Generale, BNP Paribas etc. That would very likely cost them more than 500 billion euros, on top of the EFSF liabilities. Good luck Mister Sarkozy!

[10:45 am] Apparently they still have money to buy some lil' gimmicks: What? Greece To Buy 400 Tanks From The US

New 2011 - 10 - 05:

[12:45 pm] The Frogs are done: France wants European solution for Dexia

French Finance Minister, Francois Baroin, is seeking a European solution for the financial bailout of Dexia rather than a Franco-Belgian solution, according to his statement earlier today.

So it looks like the problem is so big that they can't handle it on their own. Or in other words, if just the two of them would try to manage the situation, France would have to take out a big loan which might result in an escape from all bonds. Final stage.

[12:45 pm] The hoard of money they pretend to have, but in fact - haven't: FinMin: “No Liquidity Problem till Mid-November”, Provided Greeks Pay The Emergency Taxes

The truth is that all the money is coming from the ECB - on the quiet.

New 2011 - 10 - 03:

[12:30 pm] We doubt that: CRASH 2 ANALYSIS: GERMANY COULD LEAVE EURO BEFORE GREECE – SOURCES

[05:45 am] Telegraph: Banking crisis set to trigger new credit crunch

[05:45 am] Belgium: Dexia Nationalization Imminent?

If anyone still believes Merkel and Sarkozy want to save Greece should read this article in the Sunday Times - it's all about saving the banks!
"France and Belgium battle to save Dexia as fears grow of delay to next bailout payment for Greece"

So another bank is about to collapse because it has too many greek trash papers on its balance sheet. Then why don't the Belgians and the French rescue Greece all by themselves?! Why is everyone else supposed to pay for them?

[05:45 am] Music about Europe in "Shocktober": Europe -- The Final Countdown

[05:45 am] Zerohedge: 100% Debt Discharge Decision In Greece Sets Troubling Precedent For Local Banks

New 2011 - 09 - 30:

[09:00 am] The Daily Bell: Barroso Says EU Will Overcome

[09:00 am] Zerohedge: Greek Banana Republic Status Upgraded To AAA After Sit-Ins At Eight Ministries Prevent Troika Inspections

New 2011 - 09 - 29:

[05:15 pm] Zerohege: How the Collapse Will Play Out and How to Play For It

[05:15 pm] News can't hurt us: News to expect in the coming days and weeks

[05:15 pm] Very interesting article: SUPER HOT: Insider Reports Germany Printing Up Marks will Abandon Euro

News to expect in the coming days and weeks...

•The Germans announce they are re-introducing the Deutschmark. They have already ordered the new currency and asked that the printers hurry up.

To get a sense on how deep an insider she is, check out this gossip she also reports:

Apparently, Lagarde and Trichet spent a day after Jackson Hole, in a heated argument with Lagarde pushing for a more realistic assessment of the Eurozone debt and of the true condition of Eurozone bank exposures to the debt. Trichet, in contrast, believes that it is possible to buy time and lead the market to believe a resolution is possible. Lagarde’s view is that many European banks are fundamentally insolvent and that’s why they are taking liquidity directly from the ECB. This is before the defaults even occur. Trichet’s view is that the banks might be able to earn their way back to health if they had more time. The cynical view is that Trichet does not want the Euro to end or a bank crisis on his watch. It is said that this was the principal issue that led to Jurgen Stark’s resignation: Stark and Lagarde favor facing the facts as soon as possible whereas Trichet does not want his legacy marred and or he believes that it is always worth buying a little more time.

[06:45 am] And vice versa: European sovereign debt crisis threatens American economy

[06:45 am] Daily Bell: Enabling euro-elite fears downturn

[06:45 am] Zerohedge: Deputy PM Says Tax Limits of Greek Society Exhausted

[06:45 am] Rather you count on Gold and Silver to save you: Don’t count on Markozy to save you

[06:45 am] Market Oracle: Euro-Zone prepares to print trillions in advance of Greece debt default

New 2011 - 09 - 28:

[04:30 am] Telegraph: Chancellor George Osborne to miss deficit reduction target, says Pimco managing director Mike Amey

Pimco does not expect a disorderly break-up of the eurozone but Mr Amey said Greece would probably have to take a "sabbatical" from the single currency, where it temporarily left the eurozone but remained within the European Union.

"Our expectation is that Europe is going to be a low-growth, fiscally austere economic region for the next multiple years," he said. A disorderly break-up of the eurozone would have disastrous consequences for the global economy, with multiple banks in a "Lehman-type event", he said.

[04:30 am] Ain't that funny? Greeks Sought Irish Central Bank Counsel. No, Seriously!

[04:30 am] The funding hole was €109 billion two months ago, and it is €172 billion now: FT Report That Greek Bailout Package On The Verge Of Collapse After Surge In Greek Funding Needs Sends Stocks, Euro Plunging From Highs

New 2011 - 09 - 27:

[04:00 pm] A prognosis: Stansberry: Here’s What Will Happen Next

[10:30 am] Can happen anyday: A First In History: The Coming Simultaneous European Banking Collapse

So far I have not met a critical member of the financial industry recently who disagreed about the high possibility that the failure of one of Europe's top 25 banks may start a simultaneous European banking collapse because markets are intertwined as never before.
When one of these banks cannot meet its obligations, leaving countless counter parties without expected funds, the dominoes will fall at unprecedented speed in a realtime financial world.
It all could happen within 24 hours from the breakdown of a major bank to a Europe-wide market holiday in an attempt to stop the unstoppable: The reduction of the banking sector to a size that meets the needs of the economy and not the needs of the bankers.

The question is: which day exactely?

[10:30 am] Because capital markets shut them out: Europe's Banks Face New Funding Squeeze

[10:30 am] We never, ever, thought that countries like Greece or Spain could default: In European Banking Crisis, Inaction Isn't an Option

..so this entire banking crisis came as a complete surprise for this troop of monkeys.

New 2011 - 09 - 25:

[04:15 pm] French banks are broke: France Resets The Rumormill: "No Plan To Recapitalize Banks" ... Until Tomorrow

Well, that's just great work there Noyer. This time next week we will have fact, not rumor, that France has been forced to inject (thanks to evil, nasty speculators) E360 billion into its financial sector, now that the market and the bond vigilantes know that it can push France that much more without committing M.A.D.

360 billion euros will be necessary over the next few days.

[06:45 am] Greek Video (with English subtitles): Debtocracy: Exposing the Greek Debt Crisis

The main message: We're not going to pay back our debts.

New 2011 - 09 - 23:

[09:00 am] Panic: IMF chief tells Europe: you must bail out the banks again

[09:00 am] Bloomberg: El-Erian Says World Is on Eve of Next Financial Crisis Over Sovereign Debt

[09:00 am] The eurozone's banking crisis is on the verge of becoming a global economic catastrophe: Bank Shot

[09:00 am] Telegraph: Fear gauge enters the red zone

Europe's debt crisis risks escalating out of control as the world economy slides towards a double-dip slump with few shock absorbers left to limit the damage.

New 2011 - 09 - 22:

[10:45 am] There are "signs of an institutional bank run" in France that may be followed by regular people: French Bank Woes Add to Euro Pressure

[07:00 am] The European Central Bank said it will lend dollars to one euro-area bank tomorrow, a sign it remains difficult to borrow the currency in markets: ECB lends $500 million to one euro bank amid market tensions

New 2011 - 09 - 21:

[07:30 am] The country's finance minister sets tough conditions before emerging economies can provide aid: Brazil Says Europe Must 'Save Itself'

New 2011 - 09 - 20:

[08:15 am] NEXT: S&P downgrades Italy

[08:15 am] Zerohedge: Interactive infographic of the doomed European financial system

New 2011 - 09 - 19:

[04:00 pm] PIIGS exposure of the banks: Here's Who's Really Desperate For The Eurozone Bailout To Work

[06:15 am] Germany is the paymaster of Europe: Paymaster Germany and the endgame

[06:15 am] Zerohedge: More horrible news for Merkel

[06:15 am] Will they get an answer? The Dutch Ask Their Central Bank: "Where Is Our Gold?"

New 2011 - 09 - 17:

[05:15 am] “We are under a new type of German occupation": Fake Deficit Employed to Impose Harsh Austerity Measures

It's very easy to escape from this 'state of occupation': quit the Euro and reintroduce the Drachma.

[04:45 am] Something evil awaiting the French banks? Someone Does NOT Want To Be Long Over The Weekend

In the last few minutes of the European week, major financials have been crushed. It appears that someone (or perhaps a lot of 'someones') really do not want to be long into the weekend. Credit Agricole is -11% on the day, having fallen 12.3% in the last hour!!

New 2011 - 09 - 15:

[06:00 pm] The banking crisis is not over - Bloomberg: Deposit Flight at European Banks Means Risk Piling Up at ECB read!

European banks are losing deposits as savers and money funds spooked by the region’s debt crisis search for havens, a trend that could worsen economic and financial conditions.

In Germany, deposits by financial institutions, which account for one-third the total, declined 12 percent over the same period and 24 percent since the September 2008 collapse of Lehman Brothers Holdings Inc., ECB figures show. In France, where the erosion started last year, the same type of deposits, which make up half the total, are down 6 percent since June 2010. They have fallen 14 percent since May 2010 at Spanish banks, where they account for one-fifth of the total.

Huge amounts of capital have been withdrawn over an extended period of time. This will further accelerate the banking crisis of the last weeks - a bank run is possible anytime.

[01:00 pm] The yield of El Greco lowers today: 2Y 63%

Either the ECB is monetizing this junk or "hope" is arising again.

[01:00 pm] WSJ: Europe Lending Woes Deepen

[01:00 pm] The parasites in Brussels fear their own demise: Eurozone crisis could rip EU apart: officials

New 2011 - 09 - 14:

[11:15 am] Société Générale and Crédit Agricole: Greek Crisis Hits France: Moody's Downgrades Two Top Banks

A bankruptcy of the SocGen within the next 3 days isn't unlikely.

[11:00 am] Looks like someone is really desperate for some cash: BNP Paribas plans $96B of asset sales

[10:45 am] Because they are fully loaded with PIGS-bonds: Europe's banks are staring into the abyss

[10:30 am] Germany's economy minster has said an 'orderly default' for Greece can no longer be ruled out and branded the country's deficit-reduction measures "insufficient": Greek Downfall Would Be EU Setback

[10:15 am] Already had a laugh today? Greece Govt Bond 1Year Yield VALUE: 147.498%

The Greeks certainly no longer think that this is funny.

New 2011 - 09 - 13:

[04:15 pm] Forexcrunch: BNP Paribas Executive Admits “Access Denied” For Dollars

We already knew that European banks and French banks in particular had trouble accessing US money markets. But now, an anonymous executive in France’s largest bank, BNP Paribas, admitted that the bank has no access to dollars. Quite worrying.

Unbelievable. BNP Paribas is not the worst bank in France and furthermore it is a Primary Dealer of the FED. This signifies that the whole situation of the French banks must be horrible. This is an absolute alarm signal for the banks in Europe.

So if anbody's still looking for reasons why the Euro is doomed to collapse, here they are. The banks are done.

[01:15 pm] Tomorrow? Btw, our sources out of Greece says that Greece will default by this Wednesday

[01:15 pm] The markets start to realize that the other countries let Greece down - Bloomberg: Germany May Surrender in Fight to Save Greece

[01:00 pm] The collapse of the system is already on the way: 20 Signs Of Imminent Financial Collapse In Europe

[01:00 pm] Mish: Juncker Lies to Forefront; Greece Hikes Property Tax via Electricity Bills; European Banks Sink; Downgrades Coming

New 2011 - 09 - 12:

[04:15 pm] Why not a D for Default? Why the Eurozone and the USA Deserve a CCC Rating

According to the authors of this article, the CCC stands for: Corruption, Crisis and Chaos. This hits the nail right on the head.

[12:00 pm] El Greco 1-y: 106.818%, 2-y: 63%

The one-year bonds are above 100%. Now that's what we call a yield.

New 2011 - 09 - 09:

[01:45 pm] So the bankruptcy of Greece is already a sure thing: Germany Said to Ready Plan to Help Banks If Greece Defaults

Just like in the US in 2008, the government will bailout private institutions. However, French banks are even deeper in the shit than German banks.

[01:45 pm] EL GRECO : VALUE: 57.049 % | 1 year Greek bonds @ VALUE: 97.644 % ...a total mess.

[01:45 pm] High noon this weekend, hope you are ready: Market Chatter Of Greek Default Over The Weekend

New 2011 - 09 - 08:

[09:15 am] LOL, look at this chart. (Greece Govt Bond 1Year Yield)

source: Greece Govt Bond 1Year Yield

New 2011 - 09 - 07:

[11:30 am] Zerohedge: The PIIGS Fleecing Of Europe Continues Even As Italy Promises To Implement Another "Austerity" Package Imminently

[11:30 am] Ain't that crazy? Greek 1-year bond yield hits 88.48%

[11:30 am] Bloomberg: Court rejects German challenges to euro rescue

New 2011 - 09 - 06:

[08:00 am] Deutsche Bank chief warns value of billions of euros of loans has plunged: European banks face collapse under debts, warns Deutsche Bank chief Josef Ackermann

[08:00 am] Worries grow over state-owned banks on grim outlook for lenders: Default insurance costs at RBS, Lloyds hit high

[08:00 am] Swiss act to curb strength of currency from eurozone flight to safety: Franc plummets as Swiss put floor under currency

New 2011 - 09 - 05:

[04:45 am] Google: Rate hikes shelved as ECB battles debt crisis

[04:45 am] Mish: Italy needs to rollover record €62-billion bonds

New 2011 - 09 - 04:

[11:30 am] This is what the Greeks really need: Game Over? Senior IMF Official - "I Expect A Hard Greek Default This Year"

New 2011 - 09 - 02:

[06:45 am] Telegraph: When Debt Levels Turn Cancerous

Now we know where the tipping point lies. Debt becomes poisonous once it reaches 80pc to 100pc of GDP for governments, 90pc of GDP for companies, and 85pc of GDP for households. From then on, extra debt chokes growth.

[06:45 am] Telegraph: UK riots: David Cameron attacks BBC and pledges more money for problem families

[06:45 am] Shady prospects: The Future of the European Union May Be Decided in Less than a Week

New 2011 - 09 - 01:

[06:00 am] Zerohedge: Greece Itself Now Openly Ridicules Europe's Lies Of Greek "Stability"

[06:00 am] Bailout 3.0: Greek Bailout #3 Coming? Barroso Working On "New Greek Program"

[06:00 am] Goodbye: More Bad News For Euro Banks: SocGen, Intesa And Unicredit Kicked Out Of Stoxx 50 Index

New 2011 - 08 - 31:

[11:15 am] Ain't that crazy? Greece Govt Bond 1Year Yield

Greece Govt Bond 1Year Yield = 61%

New 2011 - 08 - 29:

[07:30 am] Offering criticism on foreign policy: Merkel vulnerable as euro, Libya backlash builds

[07:30 am] Telegraph: Euro bail-out in doubt as 'hysteria' sweeps Germany

German Chancellor Angela Merkel no longer has enough coalition votes in the Bundestag to secure backing for Europe's revamped rescue machinery, threatening a consitutional crisis in Germany and a fresh eruption of the euro debt saga.

[07:30 am] EL GRECCO @ 60%: Greece 1-Yr Rate 60%; Finland Retains Collateral Demand; Multiple Veto Points; ECB "Litmus Test" Coming Up; Germany Accuses ECB of Treaty Violations

1.Kiss a larger EFSF goodbye unless 17 nations all agree to raise the pool to a collective to the proposed €2.2 trillion from the current €440 billion pool.
2.Kiss a larger EFSF goodbye unless Greece offers hard collateral
3.Kiss a larger EFSF goodbye unless German courts rubberstamp the EU summit deals
4.Kiss a larger EFSF goodbye unless 90 percent of investors agree to the deal

In other words, kiss a larger EFSF goodbye, expect a test of the ECB's Italian, Spanish, and Portuguese bond purchasing power, and expect a German court test that in-and-of-itself would settle this matter once and for all.

Even if the German courts approve the deal, there are still more than 17 points of failure, counting investors.

One way or another Greece will default. The sooner the better, actually.

Sovereign default! Greece is just the beginning of a international debt crisis. No country can afford to pay such rates. Without foreign aid, Greece would be already bankrupt.

New 2011 - 08 - 28:

[04:30 pm] It's questionable whether she still has that much time left: September 23: The Beginning Of The End For Merkel... And The Eurozone?

[03:45 am] But where shall they take it from? Christine Lagarde: EU banks must raise more cash

Christine Lagarde, the head of the International Monetary Fund (IMF), has called for European banks to be forced to raise more cash as the world economy enters a "dangerous new phase" which could end in recession.

The situation must have become really critical.

New 2011 - 08 - 26:

[06:45 am] Banks are already trading with the Greek Drachma on a "When-Issued (WI)" basis: Greece Activates Last-Ditch Liquidity Rescue Package To Preserve Its Financial System

[06:45 am] Now in all US media: Is a downgrade of Germany’s credit rating next?, Germany Downgrade Possible in Three Months, Says Aberdeen Asset

[03:30 am] 'El Greco' is going through the roof: VALUE: 45.907 %

New 2011 - 08 - 24:

[01:15 pm] That's where the big banking crisis is coming from: Euro Bank CDS Surge To All Time Record After Collapse In German IFO Business Survey, Discord Over Eurobonds, Greek 2 Years Over 40%

It's not surprising that stocks get lifted and that the gold price gets beaten down heavily. This will soon turn around.

[01:15 pm] 'El Greco' is already above 40% today: 2-year

New 2011 - 08 - 23:

[03:45 pm] The new Greek VAT - directly out of the madhouse: Greek VAT Insanity: 6.5% for Foreigners, 23% for Greeks

New 2011 - 08 - 22:

[02:00 pm] They live from hand to mouth, with maxed out credit cards: UK household finances are 'worse than during height of recession'

New 2011 - 08 - 21:

[02:00 pm] It'll be over soon: We've been warned: the system is ready to blow

[01:45 pm] He also categorically excludes the return to the Drachme (former Greek currency): Greek prime minister rules out snap elections

[04:15 am] This goof-off would like to get rid of the markets, if he could: Financial markets are overreacting, says EU president Van Rompuy

[04:15 am] The Polish are already nasty about a eurozone government: Euro Zone Needs More than Kaffeeklatsch, Poland Says

Probably because they wouldn't play a major role if it became reality.

New 2011 - 08 - 19:

[06:15 am] The dollar-shortage in Europe is back again: Cue Panic As Fed Resumes Liquidity Swap Lines, Lends $200 Million To Swiss National Bank, Most Since October 2010

Just as in autumn 2008, because the banks don't trust each other anymore.

[05:00 am] More paying countries are asking Greece for collateral: Finland puts Greek bailout package under pressure

But the Tuesday deal has sparked a domino effect - Austria, the Netherlands, Slovenia and Slovakia have all indicated that they want the same treatment.

The GR-bailout is starting to crumble.

New 2011 - 08 - 17:

[07:00 am] This is no surprise: Angela Merkel and Nicolas Sarkozy fail to calm markets despite eurozone concord

New 2011 - 08 - 16:

[01:15 pm] Another small step on the way to a world government: Merkel, Sarkozy Propose Eurozone Government

[05:30 am] Amateurs at work: Merkel, Sarkozy to try to tame debt crisis

New 2011 - 08 - 15:

[02:15 pm] They are still supporting the markets, by pumping in some more liquidity: ECB in record $32 billion bond buying spree

The current state of the markets could hardly be worse than this. The central bank has to buy bonds in order to avoid a massive sell-off. Remember: as soon as the bonds get sold-off, the entire financial system will collapse. A bond sell-off means that people lose confidence in the creditworthiness of a country, or to be even more clear, market participants doubt that the countries are ever able to pay back their debt, plus interest. No one can say how long these bond buying programs work, but one thing is sure: when they don't work anymore, you better be invested in gold and silver.

[02:00 pm] So kick em': Majority of Dutch want Greece out of euro zone - poll

[08:00 am] Wondering how long it takes until they change their mind on this issue: Germany reiterates 'no' to eurobonds

Finance Minister Wolfgang Schaeuble told German news magazine Der Spiegel in its edition dated Monday that so-called eurobonds are out of the question as long as the currency zone's 17 nations still run their own fiscal policy, and that different interest rates for eurozone nations were needed to provide "incentives and the possibility of sanctions to enforce solid financial policy."

New 2011 - 08 - 14:

[07:15 pm] Spain ain't paying its bills anymore: Spanish Authorities Accumulated 50 Billion Euros of Unpaid Bills, Spain’s Defense Ministry Cannot Pay 26 Billion Euros of Debt

[07:15 pm] Employees weren't paid since may - police without squad cars: Spanish towns face funding crisis, rack up debts

[07:15 pm] This is what the markets and rating agencies absolutely don't like: French economy shows zero growth

[07:15 pm] Trichet tells Italy how to economize: Trichet's Secret "Dragon Transfer" Letter to Italy PM; Watch France CDS Rates as France is "New Italy"; Trichet Illegally Usurps Judge-and-Jury Power

Trichets "secret" letter was obviously passed on to the Italian media. The result is clear: total indignation. We're sorry for you Italy, but after you are broke, the money lenders tell you what to do, and at the moment it is Mr. Trichets ECB.

New 2011 - 08 - 10:

[08:15 pm] Telegraph: Bail-outs chip away at France and Germany too

Investors have begun to question whether France and Germany can credibly underwrite the debts of southern Europe without losing their AAA ratings and succumbing to the crisis themselves.

New 2011 - 08 - 09:

[05:30 pm] Good Bye EL GRECO: Greek Bank Run Continues Unabated: €3.8 Billion In June Outflows Bring Total Deposit Base To Mid-2007 Levels

New 2011 - 08 - 07:

[02:30 pm] There are rumors that Italian bonds need to be restructured: Caution: This Had Better Not Be True

Let's make sure we understand what's at stake here: If this is true then the ECB and Italy had better put a stop to it right now. Like before Europe opens. This means that if the "rumor" is false the banking authorities need to get on the air right now and refute it with hard facts, not platitudes and denials.

If there is a deposit run on Italian banks that is not immediately stemmed it will result in a severe and probably intractable liquidity crisis that will (1) shut down lending in Italy and (2) result in one or more of the involved banks blowing up as it goes under regulatory capital minimums - or worsea, simply runs out of liquid funds period.

So what, does this mean that Italy is broke?

New 2011 - 08 - 06:

[08:15 pm] France is the next downgrade candidate: PIMCO: "U.S. Downgrade Heralds A New Financial Era"

Time for deeply introspective Op-Eds galore. Not too surprisingly, the first one comes from blogging powerhouse Pimco, and its chief literary superstar, Mo El-Erian, titled "U.S. Downgrade Heralds a New Financial Era." While Mohamed's outlook is mostly politically correct fluff, he does bring up the absolutely spot on point that FrAAAnce is about to become FrAAnce, which also means that Germany's worst nightmare: that of backstopping the EFSF entirely on its own, is about to become reality.

Perhaps it's already going to happen next week.

New 2011 - 08 - 05:

[07:15 pm] Further confirmation of a bank run: EURCHF Crashing After Hours On Italian Bank Run Concerns

[07:15 pm] The Italo-CDS is rising heavily: CITLY1U5:IND

New 2011 - 08 - 04:

[02:15 pm] The panicking idiots are looking for scapegoats: Italy prosecutors seize Moody's, S&P documents

This will result in a fast downgrade of Italy. Italy is now in the hands of the bond market and the rating agencies will react soon.

[02:15 pm] The European Central Bank is monetizing italian bonds: ECB to protect Europe by buying bonds

The European Central Bank is expected to signal it is stepping into the eurozone debt crisis on Thursday by reopening its purchases of government debt, amid fears the turmoil will claim the economy of a nation that is "too big to bail".

So it must already be really bad.

New 2011 - 08 - 03:

[04:00 am] Zerohedge: The Vespa Has Crashed Into The Mountain: Italy Burning

New 2011 - 08 - 01:

[01:15 pm] The Italian PIG on its way to the slaughterhouse - AEP: How to Ruin Italy

[11:00 am] Greece is the Trojan horse that is destroying the European Union: The Big Fat Greek Gravy Train: A special investigation into the EU-funded culture of greed, tax evasion and scandalous waste

[09:45 am] The economic upswing at its best: HSBC to cut 30,000 jobs in global overhaul

[09:00 am] It's going down again, worldwide: Europe, Asian factory growth stalls in July

Also see this: Baltic Exchange Dry Index (BDI)

Zerohedge: Global Manufacturing Collapses To Worst Levels Since Mid-2009, Markets "Shrug It Off"

Previous posts: Sep 11 (2010) until July 29 (2011)