“Technology company Apple is now worth as much as the 32 biggest euro zone banks,” Steve Slater reports for Reuters.
“Earlier on Friday the DJ STOXX euro zone banks index fell 4 percent, valuing its 32 members at $340 billion,” Slater reports. “In contrast, Apple’s market capitalization has soared to $340 billion on the back of the success of innovative technology products like iPods, iPhones and iPads.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “master cylinder” for the heads up.]
MDN: Please learn to write a cogent title to your article. Try: “Apple Inc. now worth as much as THE 32 biggest euro zone banks COMBINED.”
I’m Irish. (Who woulda thought?) I’m going to petition Steve to buy Ireland. The economy will be much better run, for sure. We can have passports and be citizens of Cupertino-Ireland.
You can add Italy to the list. I’m half-Irish and half-Italian
I’m greek so I say buy Greece, I’m thinking they could get it for a steal right about now. Possibly even free!
Trivia maybe, but Apple had a plant in Ireland, back in the day when they maid their own stuff.
Is this surprising? Those Euro trash banks weren’t worth much more than RIM anyway.
Of *course* Apple is worth more. Most (if not all) of those Euro-zone banks have massive debt holdings for struggling European countries. At least five countries – the so-called PIIGS (Portugal, Ireland, Italy, Greece and Spain) – are in financial difficulty.
This should be a lesson to the US. Greece’s debt-to-GDP ratio is roughly 150%. With its most recent borrowings, the US debt-to-GDP ratio has reached 100%. If the US continues as it is – slow growth and trillion dollar annual deficits – within five years it will itself approach 150%.
Not to worry. Before that event horizon arrives, Greece will have merged with Turkey. Two turkeys do not an eagle make.
Greece and Turkey have been mortal enemies since that slut Hellen of Troy spread her legs once too often.
Streetwalking was legal in Greece in 1000BC?
Please, the US has its own currency. There’s no risk of default like these other countries that are in a monetary union.
I am afraid you are ill-informed. It is the world that has been pulled over your eyes to blind you from the truth.
The U.S. currency is backed only by the “full faith and credit” of the country. Take that away and the USD loses value. If the U.S. could not borrow money, then it is likely that it would, indeed, default on its debt obligations.
The only thing propping up the value of the USD and the ability of the U.S. to continue borrowing huge quantities of money at very low rates is the fact that the other major currencies suck even worse. The Euro was set to be a serious challenger before the PIIGS brought it down. Now only Germany stands between the Euro and disaster.
Don’t even start, because we end up talking about bank system in the USA and the debt that US goverment has.