Quote from nitrene:
He also has a lot of good analysis of other European banks as well. He seems like he is pretty well informed. I started reading him in early August and I've been short Europe ever since.
I really don't see how they can resolve the problem without a TARP-like entity. They have the EFSF but there isn't much left in it, certainly not enough to bail out the French banks.
-Sid
Quote from m22au:
Haven't read this in full yet - an article about how SocGen is effectively locked out of the equity markets for now:
"The Ugly Truth About SocGen's Problems"
http://www.businessinsider.com/socgen-frederic-oudea-new-york-2011-9
Quote from Daal:
I want to be more bearish and believe its 2008 all over again but why haven't the Greek banks been destroyed yet?Its the worse place in the world right now and the banks have not suffered runs other than a gradual deposit outflow. I can't help but to see all of this panic as a short-term bottom that should last for days if not weeks. If this happens they should call it the 'its 2008 again' bottom
Quote from canuckrookie:
I think this is worse than 2008. I agree that in the short term "if the politicos over there get their act together" we could see a short term rally. Problem is if the ECB decides to bail these pigs out they will only be compounding the euro crisis. As the saying goes don't put good money into bad. Technically the ECB can go insolvent if things continue to deteriorate vis a vis the french and german banks. If that happens then the ECB could just print its way out of the mess, but the downside to that will be the trashing of the euro and possibly more downgrades. The increasingly bleak macro picture will only compound the EU debt issues. If you are really sure that this is all just panic without substance then go long some french banks and see what happens in the following days, weeks, months.