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There are reports today that Lloyd's of London (the insurance company) are pulling their cash out of eurozone banks:

From Bloomberg: "Lloyd’s of London, concerned European governments may be unable to support lenders in a worsening debt crisis, has pulled deposits in some peripheral economies as the European Central Bank provided dollars to one euro-area institution. "“There are a lot of banks who, because of the uncertainty around Europe, the market has stopped using to place deposits with,” Luke Savage, finance director of the world’s oldest insurance market, said today in a phone interview. “If you’re worried the government itself might be at risk, then you’re certainly worried the banks could be taken down with them.” Lloyd’s, which holds about a third of its 2.5 billion pounds ($3.9 billion) of central assets in cash, has stopped depositing money with some banks in Europe’s peripheral economies,
http://www.zerohedge.com/news/euro-...anies-lloyds-london-pulls-cash-european-banks
 
Never mind that trader telling the truth about the eurozone on the BBC yesterday, now Attila the Banker tells it how it is.......

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.”
see rest of the article here:

http://www.zerohedge.com/news/step-...edicts-imminent-end-eurozone-and-global-finan
 
Discussion starter · #45 ·
I see Willy Hague has described the Euro as a burning building with no exits, and Doug Carswell is calling for a referedum on EU membership.

The worst bit I think is the EUs concept of a tax on currency market trading in Europe which because most of its done in London will see the UK take the biggest hit, to support a currency we dont use.
 
The scuttlebutt's saying that the greeks are having trouble aquiring the hydrocarbons they need to keep their population alive, 'cause no one believes they will pay for them. Same thing will happen here, if those eurozone numpties take our banks down......

A fascinating article by Reuters this morning really brings to bear the reality that Greece faces as lenders and trade creditors refuse to help (and why should they realistically) with energy needs. The harsh reality that Iran (yes that nuclearized Iran) is the main provider of Greek oil needs surely puts into perspective what seemingly unlikely events can occur when a person, corporation, country, gets desperate. Perhaps we should reflect the other way that while all the world's bankers and money-men refuse to lend Greece money, Iran has truly become the lender of last resort for Greek survival - as it strikes us that energy needs will/should trump a coupon payment any day.

The near paralysis of oil dealings with Greece, which has four refineries, shows how trade in Europe could stall due to a breakdown in trust caused by the euro zone debt crisis, which is threatening to spread to further countries.
quoted from reuters and zero hedge

http://www.zerohedge.com/news/greek-lender-last-resort-iran

That's pretty worrying, it's not that they can't pay, they won't sell oil to them based on the fear that they won't pay.......
 
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