The Portuguese Dominos Begin to Fall - Is Anybody Noticing?Submitted by Smaulgld.com on Fri, 07/18/2014 - 16:22
Last week I reported here on the Daily Paul that the holding company of the largest Portuguese Bank had defaulted and that the fourth largest Bulgarian Bank was set to collapse.
The media and market shrugged off these "jitters" characterizing them as isolated and contained.
Then Portuguese Telecom reported that they were out $1 billion because of the Portuguese bank holding company default. This had the effect of them having to take a reduced stake in a merger.
Earlier this afternoon we learned that the holding company of the second largest Portuguese bank had gone bankrupt.
Does anybody really think the bank failures in Portugal and Bulgaria are isolated and contained issues that won't cascade into the global banking system?
The stock market continued to rise today and the gold and silver markets remained depressed in light of the news.