London trader wipes 4.5%off Greek bank shares

[anonymous-user]

[redacted]

[Pesty]

I was listening to radio 4 last week and some expert said they could allegedly default on their debt. i don't think it is much of a surprise for anyone.

edit don't sue me

Edited by Pesty on Sunday 24th April 12:33

[Pesty]

errr allegedly

[Durruti]

Well if the Greek government shat their pants about that e-mail, then god knows how they're gonna cope when they discover this little beauty of a Citigroup document is now public domain.

http://www.zerohedge.com/article/citi-expects-76-h...

What're they going to do? - Invade?

Sovereign default is this years must have for any modern economy - once the dominoes start to topple it'll be fun to see where it all stops.

Interesting to see one of the major foreign recipients of Federal largesse rearing its head again - I'm starting to think that Dexia could be one of those old fashioned shell companies that the CIA used to love back in the '60s and '70s.

[JagLover]

I didn't know you could be prosecuted for stating economic reality.

Whether it happens soon or we wait more years Greece will default on a part of its debts at least.

[chris watton]

So, all this money that is costing us millions will never be seen again? Why do it in the first place? isn't this no better than allowing the banks to give mortgages to people who will never pay their debt off?

[Marf]

So he says that in his opinion Greek debt will be reduced in value shortly, investors get their panties in a bunch and sell Greek bank shares in droves, and he gets the blame?

How ridiculous.

[davidspooner]

BREAKING: PH THREAD CAUSES GREEK MELTDOWN

[Silver993tt]

Durruti said:

What're they going to do? - Invade?

no, the UK (i.e you if you are a UK tax payer) will have to cough up even more to help the Greek financial situation.

[paddyhasneeds]

Will the Police be questioning Peston as well?

[FourWheelDrift]

anonymous said:

[redacted]

So now they are worth 4.6% less than fk all?

Actually I'm more surprised anyone was in to read it.

[anonymous-user]

Silver993tt said:

o, the UK (i.e you if you are a UK tax payer) will have to cough up even more to help the Greek financial situation.

Does the uk government themselves actually lend money to Greece? I thought most of the Greek bailout came from our protected contributions to the IMF and through investors and banks etc.

How much Is the UK taxpayer exposed here?

[MrLou]

It's a Daily Mail article, stand down!

[Pesty]

MrLou said:

It's a Daily Mail article, stand down!

HTH

http://www.guardian.co.uk/world/2011/apr/22/papand...

[DonkeyApple]

ASE FTSE 20 and 40 have very low liquidity at present and are thus volatile.

There is also next to no lend on the constituent stocks.

Long and short is that it is a terrible market and only a little downward vol will remove all buyers from the exchange and lead to heavy sell offs.

Especially ahead of a long weekend of closed markets when more can happen and the markets are shut.

It is a non story but good for having a pop at a banker maybe.

Edited by DonkeyApple on Sunday 24th April 20:48

[Ozzie Osmond]

DonkeyApple said:

Especially ahead of a long weekend of closed markets when more can happen and the markets are shut.

Anyone care to translate that into English for me?

All I'm getting is,
1) The markets are closed for the weekend
2) More can happen (WTF?)
3) The markets are closed for the weekend

And this is REALLY IMPORTANT! Because next weekend,

1) The markets are closed for the weekend
2) More can happen (WTF?)
3) The markets are closed for the weekend

[DonkeyApple]

Ozzie Osmond said:

Anyone care to translate that into English for me?

All I'm getting is,
1) The markets are closed for the weekend
2) More can happen (WTF?)
3) The markets are closed for the weekend

And this is REALLY IMPORTANT! Because next weekend,

1) The markets are closed for the weekend
2) More can happen (WTF?)
3) The markets are closed for the weekend

Equity markets are not 24 hours and usually the futures and options markets based on them are not either. And where the derivatives trade on extended hours there isn't enough liquidity to get a hedge away if needed.

Thus, you run a massively increased risk when markets are closed v when they are open.

You factor in the nights and normal weekends to your risk assessment but long weekends make you jittery and so more likely to take on a hedge or close out ahead of the close if spooked by a bit of news.

Many equity funds are restricted from shorting or derivative exposure anyway so all they can do is reduce exposure or close out.

There is no liquidity in Athens at present so the slightest spike in selling ahead of a weekend will cause buyers to pull their orders thus instantly lifting all buy side pressure and leaving the price to fall hard.

It's a particularly crap equity Market to be in as there are no volumes and it is very undeveloped with a weak derivatives Market and high local exchange taxes that heavily restrict liquidity.

On top of this the two main banks Marfin and EFG have not only been lending hard in their own economy but also that of eastern Europe. All in they are pretty fked. Most tier two banks are owned by major EU banks who ultimately could pull the pin and right them off quite easily.

All in it makes for a jittery sector within a jittery Market in a jittery country within a jittery continent.

[DonkeyApple]

Ozzie Osmond said:

Anyone care to translate that into English for me?

All I'm getting is,
1) The markets are closed for the weekend
2) More can happen (WTF?)
3) The markets are closed for the weekend

And this is REALLY IMPORTANT! Because next weekend,

1) The markets are closed for the weekend
2) More can happen (WTF?)
3) The markets are closed for the weekend

Equity markets are not 24 hours and usually the futures and options markets based on them are not either. And where the derivatives trade on extended hours there isn't enough liquidity to get a hedge away if needed.

Thus, you run a massively increased risk when markets are closed v when they are open.

You factor in the nights and normal weekends to your risk assessment but long weekends make you jittery and so more likely to take on a hedge or close out ahead of the close if spooked by a bit of news.

Many equity funds are restricted from shorting or derivative exposure anyway so all they can do is reduce exposure or close out.

There is no liquidity in Athens at present so the slightest spike in selling ahead of a weekend will cause buyers to pull their orders thus instantly lifting all buy side pressure and leaving the price to fall hard.

It's a particularly crap equity Market to be in as there are no volumes and it is very undeveloped with a weak derivatives Market and high local exchange taxes that heavily restrict liquidity.

On top of this the two main banks Marfin and EFG have not only been lending hard in their own economy but also that of eastern Europe. All in they are pretty fked. Most tier two banks are owned by major EU banks who ultimately could pull the pin and right them off quite easily.

All in it makes for a jittery sector within a jittery Market in a jittery country within a jittery continent.

[DonkeyApple]

Ozzie Osmond said:

Anyone care to translate that into English for me?

All I'm getting is,
1) The markets are closed for the weekend
2) More can happen (WTF?)
3) The markets are closed for the weekend

And this is REALLY IMPORTANT! Because next weekend,

1) The markets are closed for the weekend
2) More can happen (WTF?)
3) The markets are closed for the weekend

Equity markets are not 24 hours and usually the futures and options markets based on them are not either. And where the derivatives trade on extended hours there isn't enough liquidity to get a hedge away if needed.

Thus, you run a massively increased risk when markets are closed v when they are open.

You factor in the nights and normal weekends to your risk assessment but long weekends make you jittery and so more likely to take on a hedge or close out ahead of the close if spooked by a bit of news.

Many equity funds are restricted from shorting or derivative exposure anyway so all they can do is reduce exposure or close out.

There is no liquidity in Athens at present so the slightest spike in selling ahead of a weekend will cause buyers to pull their orders thus instantly lifting all buy side pressure and leaving the price to fall hard.

It's a particularly crap equity Market to be in as there are no volumes and it is very undeveloped with a weak derivatives Market and high local exchange taxes that heavily restrict liquidity.

On top of this the two main banks Marfin and EFG have not only been lending hard in their own economy but also that of eastern Europe. All in they are pretty fked. Most tier two banks are owned by major EU banks who ultimately could pull the pin and right them off quite easily.

All in it makes for a jittery sector within a jittery Market in a jittery country within a jittery continent.

[Slaav]

Keyboard stuttttt stuttt stuttter?