The wait is almost over.
After two previous taxpayer funded bailouts, and nearly five months of foreplay since the third largest Italian bank failed the latest European stress test at the end of July, in which the Italian government in September vow that "bailout for Italian banks has been 'absolutely' ruled out", a third bailout, as we previewed earlier today, is now imminent.
Submitted by Simon Black via SovereignMan.com,
In 524 BC, a group of pirates set sail for Sifnos, an ancient Greek island famed for its vast gold and silver mines.
The mines of Sifnos were unparalleled in the ancient world.
They produced so much gold and silver that the local government at Sifnos could erect countless monuments, invest in new public works, and still easily have a substantial balance remaining at the end of each year to distribute to the citizens.
There’s a lot to be worried about going into 2017 both in terms of financial markets and in terms of geopolitical concerns.
Productivity decline most since 1993? ... no Problem - Buy the Fucking Bankrupt Bank dip...
The day started off with Italian authorities telling BMPS to prepare for a state bailout, which enabled this total farce...
Events were breaking yesterday, but as Bloomberg's Richard Breslow mocks, not nearly as quickly as the narrative that tried valiantly to explain the price action.
After the fact. We all know what happened. The Italian referendum sent the euro and risk into the sewer in the hours following the result.