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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 atual 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.” In other words: welcome to the Apocalypse...
Originally posted by jtma508
My guess is we're going to see more and more people in 'high places' come out with the truth as the S gets closer TTF. These people don't want to get caught on the wrong side when people lose their minds. Wasn't it just yesterday that the personal info of senior financial people was leaked on the net? These kinds of folks will 'come out' hoping that compared to their colleagues they'll look like they're on 'our side'.
It's going to be a long, cold winter.
Originally posted by TechUnique
reply to post by SpaDe_
Personally I think the UK has a good a chance of holding out. As much as is possible anyway, but any country using the euro (most of Europe) has a VERY rough road ahead of them. I'm glad we decided to keep the £pound. Perhaps in foresight of what was to come..
Still there will come a point when even the £pound will fall..edit on 26/10/2010 by TechUnique because: (no reason given)