ECB Suspends Rating Requirement For Portuguese Collateral

Tyler Durden's picture

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Mongo's picture

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

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."

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!

qussl3's picture

What better way to say that Portugal is bankrupt too.

Fucking stupid.

 

MarketTruth's picture

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

carbonmutant's picture

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

Xibalba's picture

should be good for another 90 SP500 points next week. 

dcb's picture

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

alien-IQ's picture

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

pathetic.

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.

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

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!

TheTmfreak's picture

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

carbonmutant's picture

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

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!!!

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. 

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.

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.

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_...

Cult_of_Reason's picture

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

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.

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...

Dick Darlington's picture

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

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.

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.

hugovanderbubble's picture

Ive never seen such crappy manipulation statements...

 

Trichet is a liar.

scratch_and_sniff's picture

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

JJ McApe's picture

welcome european toxic bank :D

fuu's picture

Good for a $0.40 pop in silver.

Mike2756's picture

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

Racer's picture

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

Clark80's picture

FULL STEAM AHEAD?

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

CreditcalMass's picture

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

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.

qussl3's picture

So its kinda like farting in a lift?

LetThemEatRand's picture

Or worse, sharting in a lift.

NotApplicable's picture

These are not the PIIGS you're looking for.

Move along.

buzzsaw99's picture

I'll bet the ecb pays face value too.

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!

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.

qussl3's picture

"We are concerned about price stability."

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

LOL.

Johnny Lawrence's picture

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

Archimedes's picture

I love the smell of desperation in the morning!

Everybodys All American's picture

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