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Now We 'Know' Greek Banks Are Really In Trouble

"When it gets serious, you have to lie," were the infamous words of one J-C Juncker and today - following the 40-50% collapse in Greek Bank equity capital this week,ECB's Bank Supervision boss Nouy has come out to calm everything down:

  • *NOUY SAYS GREEK BANKS ARE 'PRETTY STRONG',  HAVE STRENGTHENED THEIR BALANCE SHEETS
  • *ECB'S NOUY SAYS GREEK BANKS WILL SURVIVE CURRENT CRISIS

Which, translated for the elites means, "sell-sell-sell." And then - just to add even more pressure, S&P puts Greece on Watch Negative.

  • *S&P SAYS GREECE 'B/B' RATINGS MAY BE CUT ON POLICY UNCERTAINTY

 

Greek bank stocks down 40-50% this week

 

The Greek banks were already in trouble anyway...

 

European Central Bank Supervisory Board Chair Daniele Nouy says in interview with Bloomberg Television that:

while Greek banks are facing a difficult situation now they are “pretty strong.”

 

“A lot of good work has been done to strengthen their balance sheets during the last years. So I think that they will go through this crisis like they went through the previous ones”

 

“They need to manage, in a conservative fashion, their liquidity positions. That’s the main focus right now and they are doing it. There is no doubt about that”

 

“I am following them like a supervisor during a situation that is not as exactly business as usual”

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