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Strategies & Market Trends : Heinz Blasnik- Views You Can Use

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From: Eva	3/8/2011 12:13:02 PM
	1 Recommendation of 4904

update -- trotsky, 10:54:08 03/08/11 Tue Lost Dignity and Cheap Tricks in Euroland Portugal's prime minister Socrates fears Portugal may 'lose its dignitiy' if it were to accept a bailout - but apparently, it has only ? 4 billion in cash reserves left, so dignity may take a backseat to commercial necessity. Meanwhile, the disintegration of Greece is increasingly reflected in CDS spreads on Greek debt, which reach new crisis highs. Bailed out, but still likely to default - the EU's 'guarantees' may in the end prove to be of dubious value. Italian banks meanwhile are eager to escape tighter Basel capital requirements by resorting to cheap tricks - in this case, they want their stakes in the Bank of Italy increased in value to reflect the higher value of the gold on the central bank's balance sheet. The problem is only that they can't really use this capital to pay off creditors in extremis. Italy's politicians are already succumbing to the banks' lobbying efforts. The world's foremost authority on Ponzi schemes meanwhile agrees that this is what the current system amounts to. Various charts updated. acting-man.com If interested in the PM's scroll down to last 2 charts

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