John Ward August 25, 2011 EU crisis

CRASH 2: Slog prediction comes true within hours as Greek banks request emergency liquidity

All at sea in Athens

FTSE, Eurofirst plunge on the news. S&P falls despite Buffet BoA investment

The Greeks have asked the European Central Bank for Emergency Liquidity Action (ELA) and this has been supplied by the Frankfurt-based bank. Sources in Eurozone credit management told The Slog within the last hour that at least one Greek bank is in serious trouble, and the sovereign as a whole may now be very close to outright default.

Earlier today, The Slog posted to the effect that the next thing we could expect to see is bank failures on an increasing scale in Europe. Having written that the process would start within at most weeks, this news suggests it is already under way. The Greek newspaper Imerisia said this afternoon that the ELA sum was ‘to help banks struggling to stay afloat’: not the use of the plural noun.

Meanwhile, in the US ageing White Knight Warren Buffet has invested a staggering $5 billion in Bank of America. But this dramatic attempt to restore confidence in the battered BoA was overshadowed by the news from Athens, and the S&P has already dipped by just under 1%.

7Comments

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1

five mistakes on December 11, 2011 at 9:34 am

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2

The Inspector on August 25, 2011 at 6:06 pm

How intriguing.
It must be extremely difficult to write woefully in the london socialist press about the inequality of british society whilst at the same time blogging about one’s ostentatious and exagerated wealth in the roman villa.
Nice remuneration if you can hack the gossip and hypocrisy.

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3

Caratacus on August 25, 2011 at 6:02 pm

Good Lord, SA, … do you mean that you haven’t already?? Better clean and oil the spud-gun too.

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4

Kit Green on August 25, 2011 at 5:15 pm

This must come to a head before the 15th September anniversary.

It’s Jackson Hole time again. The best of the best are gathering to, as MarketWatch describes it, ‘brainstorm’ ways of dealing with the economy. God help us. MarketWatch goes on to exclusively reveal that,
“The biggest puzzle of all is the sudden demise of the U.S. recovery.”
Sometimes there is no satire nor irony strong enough.
http://golemxiv-credo.blogspot.com/2011/08/why-did-shares-in-european-banks-and.html

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5

nerdman on August 25, 2011 at 5:02 pm

And baked beans. Citibank the pirates of the banking world I hear are in the doodoo,and bless Warren Buffett,it was predicted he would go senile,and it looks to have happened,although the FED may have slipped him a few flims. BoA is in so much trouble with the housing market,and forclosures,its only the corrupt FED keeping them going. $6 billion is a token gesture as you can see by the S&P,just a waste of money.There is so much information out there,its a job to keep up with it,but John seems to have his finger on the pulse,even if the patient is dying.

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6

Tolly PointBee (@tollypointbee) on August 25, 2011 at 5:01 pm

As a Tuscan villa owner I am concerned as the next bleedin heart socialista.

I am having a gold cellar built in the basement of my villa. paying cash to locals for the work.

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7

Sliced Alone on August 25, 2011 at 4:45 pm

Is it time to stock up on the corned beef?

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