Europe Scrambles To Deal With Italy Contagion Fallout, Calls Emergency Meeting As Former ECB Official Says "Very Worried About Italy"

Tyler Durden's picture

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Atomizer's picture

We had better conduct another bank stress test first. LOL

http://www.ecb.int/press/key/date/2011/html/sp110401.en.pdf?458d84712db1f431c7be84974d9371ae

Skittles, unicorns and rainbows will embark change & hope.

Barack Obama Speech from Berlin, Germany

http://www.youtube.com/watch?v=Q-9ry38AhbU

Urban Redneck's picture

EBA revised the old "skittles & unicorns" stress test formulation after that presentation was made, we should now have a new "skittles & unicorns" formulation for the stress test...   

mickeyman's picture

Ireland can bail out all of Europe using gold from leprechauns.

Fish Gone Bad's picture

Why was Slovenia included in this graph?  Is that even a real country?

aminorex's picture

I was surprised more by the position of France, which appears more parlous than Spain.  But OTOH Germany will be subsidising France by purchasing nuclear power.

buzzsaw99's picture

the bernank will bail them out. the federal treserve currency isn't enough of a joke yet.

Popo's picture

Nah, the banking cartel will be perfectly happy to rape Italy for her national treasures. The Duomo will make an excellent office for Goldman Sachs. And Michaelangelo's David would look killer in the lobby of 60 Wall.

Also, there are hundreds of Palazzos in Venice that the boys at Deutchebank would be happy with.

Thanks for playing, Italy.

Djirk's picture

Exactly, not to mention the Chinese who want a villa in Cuomo.

I am not an expert on the Italian finance system, but I would not be suprised if the off balance sheet, FX tricks and shadow banking liabilities are HUGE.

 

 

TBT or not TBT's picture

The Chinese will have their own severe issues thanks to any such collapse. My advice, stock up on iPads because they are super cheap in today's dollars and euros, and After they will be the new currency.

ArkansasAngie's picture

"tomorrow morning the European Council has called an emergency meeting" ???

SSDD

SAME AS IT EVER WAS's picture

Yep, ssdd! Since the great engineered "crash" the nation defualt drama saga started with Dubai, then Ireland, Greece(that one was played well) now its Italy. The finanicial and political drama queen writer make the real housewives series look like a love story in comparision. Total bullshit! BTFD!

Caviar Emptor's picture

Open the money fire hose. Again. Looks like the old fire brigade from 2008 is getting a bit overwhelmed. Unfortunately, 2008 was already a 5 alarm fire (5 continent-cordinated-bailout). So who can we call in now to help? Antarctica? Mozambique? Greenland? Sandwich Islands? 

The only suggestion I have: throw all the bad debt in Gitmo and declare mission accomplished. 

Long-John-Silver's picture

They too are suffering Global Warming. I have no idea how you control Global Warming with Dollars but NASA has been planning to go to Mars for decades. I wonder how that will happen without the ability to launch Space Craft.

snowball777's picture

Knit them into a solar shield...and I'm sure that set in the Mojave is still available. ;)

QQQBall's picture

Problems with pIigs debt?. Who cuddanode, right?

Caviar Emptor's picture

Aren't there some terrorists on Mars we need to go after? 

Long-John-Silver's picture

There have been warnings of Martian invasions for decades.

DeadFred's picture

It is rumored they have Weapons of Martian Destruction.

Transitory Disinflation's picture

We could always have Martian Law declared.

snowball777's picture

Is there oil in those canals?

And do we want to see the dollar as the galactic reserve currency?

Miss anthrope's picture

really, thank you......... golf clapping...................

 

BEST LAUGH ALL WEEKEND... I lead a somewhat desolate existence and seek solace from all here.  ......... tears..........

jerry_theking_lawler's picture

i just figured it out....

South Sudan!!!

Long-John-Silver's picture

and the death of the euro currency of course

 

The US Dollar will follow the EURO over the cliff. All the worlds fiat currencies are tied together like mountain climbers. The PIIGS are dangling and dragging all the others over the cliff with them.

 

Caviar Emptor's picture

It's gonna be a movie cliff hanger all summer-long! Just like in the old movies. 

Dollar is at the top of the cliff trying to pull on a string around it's waist to keep the others from falling down the canyon. But every sweaty step back is quickly followed by two steps closer to the edge. 

Get me some popcorn!

Sudden Debt's picture

Let's just give up that idea of the death of the euro or dollar.

They'll just keep in printing their worries away.

 

We've all seen the 100 year dollar value chart. The dollar has dropped 99% in that time.

So if history is any lead:

In a decade from now, the euro and dollar will be down 99% yet again but they'll both will still be there.

 

The McDonalds DEAL OF THE DAY will only cost 100$!

And the Happy meal will be a 1000$

 

buck777's picture

Im getting a boner

Jack Napier's picture

Still no sign of Jean-Claude Van Damme.. but at least they got the Double Impact part right.

Long-John-Silver's picture

For some reason my wife hates it when I tell her a Damme movie is coming on TV.

MonkeySmoke's picture

the euro will start falling off a cliff in mid-late 2012 and the dollar will follow suit. nothing to see here, except as David Byrne put it "same as it ever was".
http://www.youtube.com/watch?v=I1wg1DNHbNU

Number Yuan's picture

Its very clear the dominoes are going to fall, we can only guess the order.

 

I take the views of Zerohedge and of course Nigel Farage in the UK as the best available.

 

Bye Bye Euro !

FeralSerf's picture

Italy has some rather nice art pieces that would go well in some of the oligarchs' collections.  Maybe Nat could stop over on his way back from his birthday party and make a deal on a present to himself.  A Bernini or a Michelangelo perhaps?

Caviar Emptor's picture

Rumor that they're offering to rename the Coliseum "Juncker Stadium" ..just rumors

bob_dabolina's picture

CTRL+P €1.5 trillion euros 

Select Printer: Bureau of Engraving and Printing CC Ben Bernanke

Intiate eur/dollar FX swaps

Isn't that the playbook they've been using?

Long-John-Silver's picture

these are not the droids you're looking for

Caviar Emptor's picture

Yep. But these guys have egos. They don't like being caught hitting CTRL-P for the fourth time when they swore they weren't doing it in the first place. Embarrass them a few too many times and they start to have in-fights, point fingers, and become more unpredictable. 

And there's the tiniest bit of reason still left in some which tells them that they're redlining the risk of price instability in their own economies. Situation is way more complex now than it was in 2008 when it was "just a bank liquidity crisis"