ECB Suspends Rating Requirement For Portuguese Collateral

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Thu, 07/07/2011 - 08:57 | 1432063 Mongo
Mongo's picture

The F-A-R-C-E is strong with the ECB

Thu, 07/07/2011 - 09:05 | 1432091 LetThemEatRand
LetThemEatRand's picture

ECB:  "You want us to give more money to the banksters.  You think that QE is good for the economy."

Public:  "We want you to give more money to the banksters.  We thinkt that QE is good for the economy.  Move along."

Thu, 07/07/2011 - 13:24 | 1433138 phungus_mungus
phungus_mungus's picture

Man this is beautiful!

I've got some old McDonalds napkins and a pile of used paper bird cage liners I could cash in!

Thu, 07/07/2011 - 08:58 | 1432065 qussl3
qussl3's picture

What better way to say that Portugal is bankrupt too.

Fucking stupid.

 

Thu, 07/07/2011 - 09:41 | 1432200 MarketTruth
MarketTruth's picture

NINJA loans, once the domain of people, has now gone to countires as they can sell NINJA junk to the ECB.

Thu, 07/07/2011 - 11:45 | 1432700 carbonmutant
carbonmutant's picture

Our paper is so good we don't need a rating...

Thu, 07/07/2011 - 08:59 | 1432070 hedgeless_horseman
hedgeless_horseman's picture

Cash for Junk(ers)!

Thu, 07/07/2011 - 09:15 | 1432134 Paralympic Equity
Paralympic Equity's picture

LOL

Thu, 07/07/2011 - 08:59 | 1432071 Xibalba
Xibalba's picture

should be good for another 90 SP500 points next week. 

Thu, 07/07/2011 - 09:00 | 1432072 dcb
dcb's picture

there is but one rule, and that is to maintain the status quo. all other rules are meaningless.

Thu, 07/07/2011 - 09:00 | 1432074 alien-IQ
alien-IQ's picture

and this is why the E/U just popped? really?

pathetic.

Thu, 07/07/2011 - 09:00 | 1432075 lizzy36
lizzy36's picture

Ahhhhh, the status quo are threatened. So, change the rules of the game.

Must prevent consequences accruing to anyone in the top 2%.

Game to Trichet, set and match TBD.

Thu, 07/07/2011 - 09:06 | 1432097 Josh Randall
Josh Randall's picture

Exactly - these One Worlders are running scared because their poster child of soverign control (i.e. the EuroZone) is crumbling like a cracker into Liesman's 14th bowl of chili

Thu, 07/07/2011 - 09:14 | 1432129 SheepDog-One
SheepDog-One's picture

Exactly, the Euro was supposed to be the shining model for the oncoming total 1 world currency, cant have it all collapse NOW can we? Not on the cusp of the big rug pull out!

Thu, 07/07/2011 - 09:54 | 1432239 TheTmfreak
TheTmfreak's picture

There is already a one world currency. Been around for years. Called Gold.

Thu, 07/07/2011 - 11:47 | 1432718 carbonmutant
carbonmutant's picture

Any bondholder that buys this paper deserves what he gets...

Thu, 07/07/2011 - 09:03 | 1432079 TheTmfreak
TheTmfreak's picture

So in other words, their answer is close their eyes, plug their ears, and pretend everything is ok?

 

Edit: IGNORE ALL RISKS FULL STEAM AHEAD!!!

Thu, 07/07/2011 - 10:06 | 1432273 Raymond Reason
Raymond Reason's picture

Yes, because everything in the world is now perception, PR campaigns, full faith and credit, image is everything.   The economy is healthy if people believe it is healthy. 

Wasting away in Pollyannaville. 

Thu, 07/07/2011 - 09:02 | 1432082 firstdivision
firstdivision's picture

Hey, why not?  They are just following the Fed.  Next step they will buy those directly from banks ala MBS buying spree the Fed went on.

Thu, 07/07/2011 - 09:05 | 1432090 alien-IQ
alien-IQ's picture

yep. each bank will start dumping to it's host government until all the liabilities are squarely on the back of the people. then comes the default.

Thu, 07/07/2011 - 09:02 | 1432083 alexwest
alexwest's picture

no wonder
look at rates : 2- 5 yy rate is over 15%
PORTUGAL IS OVER..
alx

http://online.wsj.com/mdc/public/page/2_3022-govtbonds.html?mod=mdc_bnd_...

Thu, 07/07/2011 - 09:19 | 1432152 Lord Welligton
Lord Welligton's picture

And Ireland is next. 15.9% 2 Year.

http://www.bloomberg.com/apps/quote?ticker=GIGB2YR:IND

 

Thu, 07/07/2011 - 09:08 | 1432089 Cult_of_Reason
Cult_of_Reason's picture

Money printing QE by the ECB should weaken the EUR/USD to at least 1.35

Thu, 07/07/2011 - 09:13 | 1432108 hedgeless_horseman
hedgeless_horseman's picture

Stop it with the market fundamentals.

The EMU can't possibly win the race to the bottom (our printers are far more insane than their printers), but that probably won't stop them from trying.

Thu, 07/07/2011 - 09:33 | 1432177 youngman
youngman's picture

" stop it with the market fundamentals"

Exactly..how do you invest when the rules change..and they ...TPTB...just do things that when we find out two years later...makes us puke...

Thu, 07/07/2011 - 09:05 | 1432092 Dick Darlington
Dick Darlington's picture

Hahahaa, the eurofanatics are building the biggest bubble ever! Must.preserve.wet.french.daydream.at.all.costs.

Thu, 07/07/2011 - 09:05 | 1432095 aviat72
aviat72's picture

Sold some ES here. This news should spark a rally from the lows, not a break away gap on a market trading above its traditional bands. Things are becoming desperate but so far there is no apparent reduction in risk appetite.

Thu, 07/07/2011 - 09:10 | 1432116 SheepDog-One
SheepDog-One's picture

The sheeple are now so placated you couldnt wake them out of their slumber with a tazer. Just how they want everyone, totaly expecting markets up 1% daily from here on out.

Thu, 07/07/2011 - 09:07 | 1432104 hugovanderbubble
hugovanderbubble's picture

Ive never seen such crappy manipulation statements...

 

Trichet is a liar.

Thu, 07/07/2011 - 09:08 | 1432105 scratch_and_sniff
scratch_and_sniff's picture

just when you think you can relax, out pops another screaming baby.

Thu, 07/07/2011 - 09:21 | 1432156 Lord Welligton
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:)

And each one uglier than the last.

Thu, 07/07/2011 - 09:25 | 1432165 scratch_and_sniff
scratch_and_sniff's picture

yip, this one was ginger.

Thu, 07/07/2011 - 09:08 | 1432106 JJ McApe
JJ McApe's picture

welcome european toxic bank :D

Thu, 07/07/2011 - 09:09 | 1432109 fuu
fuu's picture

Good for a $0.40 pop in silver.

Thu, 07/07/2011 - 09:09 | 1432110 Mike2756
Mike2756's picture

Are they trying a new approach? Raise rates and run the presses at the same time?

Thu, 07/07/2011 - 09:09 | 1432113 Racer
Racer's picture

Smacks of complete and utter desperation to keep the falling plates from falling

Thu, 07/07/2011 - 09:10 | 1432115 Clark80
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FULL STEAM AHEAD?

Just like the Titanic! That wasn't supposed to sink either.

Thu, 07/07/2011 - 09:10 | 1432117 CreditcalMass
CreditcalMass's picture

ECB to the world: PIIGS are bankrupt, but that doesn't matter, ratings mean nothing bitchez.

Thu, 07/07/2011 - 09:11 | 1432121 SheepDog-One
SheepDog-One's picture

By tomorrow the ECB will just say Portugal and the other PIGS can not be found on their maps, they just dont exist.

Thu, 07/07/2011 - 09:14 | 1432131 qussl3
qussl3's picture

So its kinda like farting in a lift?

Thu, 07/07/2011 - 09:24 | 1432160 LetThemEatRand
LetThemEatRand's picture

Or worse, sharting in a lift.

Thu, 07/07/2011 - 09:30 | 1432174 NotApplicable
NotApplicable's picture

These are not the PIIGS you're looking for.

Move along.

Thu, 07/07/2011 - 09:12 | 1432122 buzzsaw99
buzzsaw99's picture

I'll bet the ecb pays face value too.

Thu, 07/07/2011 - 09:12 | 1432124 MiningJunkie
MiningJunkie's picture

Who cares? Buffett just told the world that everything is fine...you gotta luv CNBS. Long and strong looking for Dow 40,000!

Thu, 07/07/2011 - 09:12 | 1432125 Everybodys All ...
Everybodys All American's picture

WOW ... First they complained the ratings agencies didn't do their job and now they complain that they are doing their job too well.

Thu, 07/07/2011 - 09:14 | 1432128 qussl3
qussl3's picture

"We are concerned about price stability."

"We take any crap as collateral and give you cash."

LOL.

Thu, 07/07/2011 - 09:15 | 1432133 Johnny Lawrence
Johnny Lawrence's picture

So if the Portuguese gave them that smelly soup they make, they would accept that?

Thu, 07/07/2011 - 09:16 | 1432136 Archimedes
Archimedes's picture

I love the smell of desperation in the morning!

Thu, 07/07/2011 - 09:16 | 1432138 Everybodys All ...
Everybodys All American's picture

So who in their right mind would buy Portuguese debt. Oh I know Bernanke. What an f'ng joke.

Thu, 07/07/2011 - 09:17 | 1432144 firstdivision
firstdivision's picture

ECB and PBoC

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