Looks like I might be wrong on the above commentary. Unlike Friday, US stocks are finding it more difficult today to ignore bad news relating to Europe.
I agree re Italy. Also, as I mentioned elsewhere, if Tremonti goes and Bunga Bunga Boy gets to be in charge, it's time to abandon all hope. I can only imagine who's gonna be the next finance minister in his cabinet. Ruby Rubacuore?
Greek bank deposits continue to decline http://www.bloomberg.com/news/2011-...decline-to-191-9-billion-euros-in-may-1-.html Hard to not see how this is not very bearish for the EUR. Up to this point some EU citizens have taken comfort on the fact that they can simply move their deposits to other countries in the EU for protection(Germany, etc). But I have a hard time seeing that continue if the larger pigs join the bailout line(Italy and Spain, Spain 2y seems to be up 40bps today). Of course, some people are just idiots and they wont move their money out of the currency not matter how bad things get but some will and this will exert downward pressure on the EUR exchange rate
snap Daal: http://www.elitetrader.com/vb/showthread.php?s=&threadid=198211 I am short NBG, not just because of the Greek govt debt problem, but because of the ongoing bank run.
This could work as well. But I'm thinking maybe a long on Bunds would be better than than everything else. But its kind hard size the trade on IB(GBL seems to be worth â¬128K) EUR is easy to size so I'm using that but I might buy bunds at some point
Do you have any info on the Swiss banks exposure to the pigs?I just can't believe they will escape from losses, so I might have to get out of the CHF