Them crazies at Zero Hedge are at it again. The head of UniCredit global securities Attila Szalay-Berzeviczy had this to say:
“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.”
The Zero Hedge guys have it pegged: Welcome to the Apocalypse…
The Zero guys have more at the link. Batten the hatches boys because we are in for a hell of a storm.
Cross Posted at Power and Control
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One response to “To Tell The Truth”
Here is some anecdotal support.
A certain piece of rural California property, 20 acres of potential vineyard foothill land with a deeded water right of 11″, which at 7 gallons per minute per inch of water equals 4,620 gallons per hour, or 110,800 gallons per day, or 40 million gallons a year, with 2 old but livable houses, with a Bank of America mortgage and back property taxes exceeding $225,000 is being dumped by B of A in a move to raise cash with bids starting at $60,000. Bidding over 2 months has only got them up to $85,000 and it ends this Friday.
That is how desperate the banks are to raise cash.