The Bank Index in Europe Just Had it's Largest Daily Drop Ever

"They're going lower ... avoid these ... don't pick bargains.. there's going to be some European bank stocks that lose all their equity value in 2016 ... like Bear Stearns style... it's a very grim picture.. it's a mess..."


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By Gaius Publius on 5/21/2012 09:15:00 AM

Paul Krugman wrote a Friday column that gives us a chance to review and re-explain the current state of things in Europe. The state of the Europe is stark - poised on perhaps its last precipice.

Here's The Professor's summary (my emphasis and some reparagraphing everywhere; h/t The Stars Hollow Gazette):
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Banks Runs Unfolding in Greece.
Will Spain & Italy Soon Follow?

CNBC
Greeks Withdraw Nearly $1 Billion From Local Banks

CNBC:

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n. The exit of Greece from the eurozone. [Greece or Greek + exit.]

Example Citations:
But the fact the damage would be lighter makes such a Grexit more likely. And with Greece currently struggling to secure reform pledges from its public sector and its wider population, the willingness of overseas creditors to help has diminished somewhat.
-"Greek ( Read more... )

Goldman Sachs has fine-tuned their 2012 forecast for the US a bit, now calling for less odds of recession and continued muddle through, although concern would increase a great deal if the problems in Europe get worse ( Read more... )

BOE Governor Mervyn King today pointed out that the central banker's actions yesterday were not merely a form of easing, akin to lowering interest rates for example, but indeed were an effort to buy time - mere days - for the governments in Europe to arrive at a viable solution, lest the Eurozone - if not the whole world - is thrown into another ( Read more... )

Economic news out of the US over the past few days have gone from just ok to pretty decent, helping set the stage for this big relief rally now underway ( Read more... )