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Friday, May 25, 2012

Grexit Imminent

The long awaited Grexit is now regarded as imminent, with the likely "planned" departure occurring on 2nd/3rd of June. Given that a Grexit ought to catch the markets and people by "surprise", be prepared for the "planned" departure date to be brought froward to this weekend.

French banks are in panic mode, and are now (somewhat late in the day) drafting plans for the Grexit.

In other news, Bankia has suspended its shares and has asked the Spanish government for a bailout of Euro15BN; to add to the pressure on the beleaguered Spanish government, the autonomous region of Catalonia has also asked to be bailed out to the tune of around Euro13BN.

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