Market Update: Easy Come, Immediately Go!!! DOW JUST LOOSE +100 POINTS IN HALF AN HOUR!!! Greek Bonds On Verge of Bear Market!!!
POMO begins: smallest of the month at $0.75 – $1.00 billion
Banca Pop Milano halted down
Gregor Peter‏@L0gg0l2 min
reason for sell-off: $$ rumor — Greek govt in emergency cabinet meeting
Greek bonds on verge of bear market
Restart Greek TV or the Eurozone gets it
Gregor Peter‏@L0gg0l1 min
GREEK PM SAMARAS TO ASK FOR VOTE OF CONFIDENCE IN PARLIAMENT AS GOVT COALITION CRUMBLES — @stokokkino1055 h/t @YanniKouts
Market Update: Easy Come, Immediately Go
The potential catalyst this morning (via ekathimerini):
Earlier, PASOK issued a statement saying that Samaras had raised the possibility of closing down ERT during a meeting with Kouvelis and Venizelos on Sunday. Samaras, PASOK, claimed said this was the only way Greece would meet its commitment to the troika to fire 2,000 civil servants this summer so it could qualify for more bailout loans.PASOK claims that Kouvelis and Venizelos voiced their objections. The legislative act has not been signed by any of their ministers. Sources at Democratic Left told Kathimerini that if the government collapses as a result of ERT’s closure, it would be Samaras’s fault.
Greek bonds are now -17% from their highs 2 weeks ago and Greek stocks -25%!!
Things In Greece Are Once Again Going Bump In The Trading Day
We have been gently reminding readers for the last few weeks that Greek bonds and stocks have not been dancing to the same tune as the European Union’s leaders’ proclamations of victory but today it seems the fears are spilling over into other assets. With the closure of the nation’s state-owned TV station ERT, it seems the coalition is rapidly coming unglued. The highest of high beta liquidity-fueled momentum dash-for-trash trades are discovering that large crowds and small doors don’t mix as the marginal ‘flow’ is slowing (or feared to slow). Greek stocks are now notably underwater for the year (after being up almost 28%) and Greek bonds are down almost 17% from their highs just a few weeks ago…