Friday, July 08, 2011

Italy Implodes as the Eurozone Breaks Down

Zero Hedge speaks to the next major catastrophe brewing -
Remember Italy? That country we have been warning will be the next casualty as Europe's implosion tsunami sweeps everything in its path? Well, UniCredit is now down over 8%, well beyond the price it was halted at and falling. UCG Sr CDS 250/260; Subs are 458/478. ASSGEN next.
Elsewhere, Banco Populare was just halted and unhalted and is now down 6%.
 The Real Effect
Let's review, from February 2010 -
 I do know that Greece's woes are going to blow out into the eurozone specifically Spain, Portugal, Italy and Ireland as they are all big holders of Greek bonds. This in turn will cause their economies to suffer as the fallout becomes contagious. Yet America plugs along, content to repeat these mistakes as we "integrate" and "harmonize" our way into oblivion.
Let's see Greece is a full fledged nightmare, check. Spain is now rioting, check, Portugal is right behind them, check. Ireland blew up, check. Oh and here's Italy, right on cue. And all of this was predicted before Greece became a household name. Niiiice.

This is part of long-reaching, globalist plan. Take a look -
  • 1957 Establishment of the European Economic Community (EEC) with Germany, France, Italy and the Benelux countries.
  • 1967 Creation of the European Community (EC).
  • 1987 The "Single European Act" provides for the creation of the Single European Market from 1993 and establishes the goal of a Monetary Union.
  • 1990 Start of stage one of European Monetary Union (EMU) with the full liberalization of capital movements.
  • 1991 Conclusion of the "Maastricht Treaty" on European Union (EU), establishment of the timetable for Monetary Union.
  • 1993 Start of the Single Market permitting the free movement of people, goods, capital and services.
  • 1994 Start of stage two of EMU. The European Monetary Institute (EMI) is established.
  • 1998 Decision on EMU participants, confirmation of the starting date; establishment of the ECB. 1999 Start of the Monetary Union with the fixing of exchange rates; the ECB assumes responsibility for monetary policy and operates in euro; start of the currency changeover in the financial sector.
  • 2002 Euro notes and coins replace the national currencies.

Did we mention that  Peter D. Sutherland, (Chairman, Goldman Sachs International) and Franco Bernabè (CEO, Telecom Italia SpA) were at this year's Bilderberg conference? I'm sure they were playing checkers and not throttling maids in their hotel rooms.

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