Banking panic in Croatia is reality

One bank down, four to follow

My patience is over.

I have completely lost faith in croatian banks. More so, I have lost faith in Croatian Central Bank who failed to act properly on the recent Credo Bank banruptcy.

More so, I have lost faith in some croatian investment funds who never disclosed information that they had parked the money of their clients in no name - zombie banks.

The whole system is not stable anymore, although many state officials tried to calm down public and try to prevent panic.

Now we need to wait and see. Financial disease spreads faster than I thought before and in places where you wouldn't expect normally.

Extraordinary times, indeed.

Bank runs started in Europe ?

Siemens has no faith in European banks anymore. Siemens Bank roll on.

In a shocking representation of just how bad things are in Europe, the FT reports that major European industrial concern Siemens, pulled €500 million form a large French bank, which is not BNP and leaves just [SocGen|Credit Agricole] and deposited the money straight to the ECB.

What is it if it's not bank run ?

The implications of this are quite stunning, as it means that even European companies now refuse to work directly with their own banks, and somehow the ECB has become a direct lender/cash holder of only resort to private non-financial institutions!

As Bloomberg reports further on the FT story, in total, Siemens has deposited between 4 billion euros and 6 billion euros, mostly through one-week deposits, with the ECB, FT says, cites the person. It isn’t clear from which bank Siemens withdrew its deposits, per the FT... but it is hardly difficult to figure out.

BNP Paribas isn’t the bank involved, FT reports, cites unidentified person familiar with the bank. This story should be having far more impact on the EURUSD than any rumors about Greece lying it will fire all of its public workers only to make sure Eurobanks can survive one more day.

Second Leg Of A Global Bankruptcy

As much as Euro project is dead, there are another cracks in the global financial meltdown that started in 3rd quarter of 2008.

Bloomberg, the leading financial news provider, gets it right and in a plain language:

There will be a lot of grand rhetoric about the importance of the European project. Stern condemnations of the speculators will ring out across the continent.

Don’t listen to a word of it. The euro has turned into a bankruptcy machine. Once the markets have finished with Ireland, they will simply move on to Portugal and Spain, and after that to Italy and France.

There is a domino effect at work, and, with each rescue, the fault lines within the euro grow wider and wider. This process isn’t going to stop until the euro is taken apart.

Dear readers, I'll have to say this - Frankfurt now leads the main role in the finances and Germany got deserved satisfaction that Frankfurt was right from the start. In that name, I'll eat Frankfurt wurst , cheers !

ZEC FINANCIAL

2 days late




Zec Financial is up and running ;)
Catch me if you can ! :)))

17 August 1976, Columbus (NE) Telegram, pg. 19, col. 3:
“Buy when blood runs in the streets,” said Mark Nobel, quoting baron Rothschild.