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France, Shaking In Its Culottes, Demands Immediate Implementation Of Bailout

Tyler Durden's picture





 

Gee, what a shock - the country which is most on the hook should Greece blow up is now issuing ultimatums. What is funnier is that the object of the ultimatum is none other than France wartime buddy Germany. From Reuters: "The European Union must immediately implement its previously agreed 30 billion euro ($39.96 billion) aid package for debt-stricken Greece, French Prime Minister Francois Fillon said on Wednesday. "We must immediately put in place the 30 billion euros," Fillon told France's lower house of parliament. He added he had "no doubt" that German Chancellor Angela Merkel would adopt the same position as France, concerning Greece." France has about 75 billion reasons to be terrified that Germany will leave it in the dust. Hey Birnbaum: we are better buyers of French CDS in size. We don't care if Goldman is on the other side of the trade.

Wonder why France is so terrified?

Here is your answer: exposure by countries to Greece. Note the blue wedge.

Via Spiegel, h/t Alphaville

 

 


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Wed, 04/28/2010 - 09:47 | Link to Comment kaiten
kaiten's picture

It´s good when one´s country flag is not in there, right? ;P

Wed, 04/28/2010 - 09:50 | Link to Comment Sudden Debt
Sudden Debt's picture

That means your country was already broke BEFORE the crisis when it doesn't appear in the lists.

 

Just give us your address and we'll send you a food package.

Wed, 04/28/2010 - 09:54 | Link to Comment kaiten
kaiten's picture

UnderBridge

TV cardboard box #5

P.O.BOX 911

Wed, 04/28/2010 - 10:42 | Link to Comment SteveNYC
SteveNYC's picture

LOL!!

Wed, 04/28/2010 - 09:56 | Link to Comment Cursive
Cursive's picture

We are the world, so no....

Wed, 04/28/2010 - 10:42 | Link to Comment Arthur Two Shed...
Arthur Two Sheds Jackson's picture

....so let's start givi-i-i-i-i-i-iin'......

Wed, 04/28/2010 - 12:23 | Link to Comment Cursive
Cursive's picture

touche'

Wed, 04/28/2010 - 10:00 | Link to Comment colorfulbliss
colorfulbliss's picture

Where is this country referred to as 'other', I wanna short it!!

Wed, 04/28/2010 - 10:15 | Link to Comment Itsalie
Itsalie's picture

Yes, but why not just short france, the exposure to greece is about the same as "other", plus you have sveral million others just like Fabrice le Fab and Jerome Kerviel constantly intellectually masturbating their own banks to abyss, wouldn't that be almost as good as any short invented by squidies non?

Wed, 04/28/2010 - 09:47 | Link to Comment vote_libertaria...
vote_libertarian_party's picture

US exposure = 16.4B Euros.

Well that is $22B that isn't coming back to some WS bank...errr....I mean investor that bought something from a WS bank.

Wed, 04/28/2010 - 09:47 | Link to Comment Zombie Investor
Zombie Investor's picture

Sacré bleu!

Wed, 04/28/2010 - 09:54 | Link to Comment Mitchman
Mitchman's picture

+10!

Wed, 04/28/2010 - 09:47 | Link to Comment Turd Ferguson
Turd Ferguson's picture

We have moved from the end of the beginning. We are now at the beginning of the end.

Wed, 04/28/2010 - 09:49 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

This is what happens when you decide to bail out banks and not countries.

If France wants to keep their return from sovereign paper then perhaps it needs to take a trip to Frankfurt, not Berlin.

Wed, 04/28/2010 - 09:48 | Link to Comment Sudden Debt
Sudden Debt's picture

You can't drink wine without some good olives!

You thought those where for free?

Wed, 04/28/2010 - 09:49 | Link to Comment jobless_recover...
jobless_recoveriless_BS's picture

Making private loss public again. Freaking politicians in the pocket of financial instutitions. F$#@k this world! I wish I didn't send my $3K check to IRS. I don't want to irresponsible Greece bailed out by my tax money.

Wed, 04/28/2010 - 09:51 | Link to Comment trav7777
trav7777's picture

Well, hell, who does everybody think actually GOT all that money?

The gov isn't a real entity; it's people.  Behind every dollar of spending - or Euro or drachma - was a kleptocrat and a bribe.

Wed, 04/28/2010 - 09:53 | Link to Comment Sudden Debt
Sudden Debt's picture

Think about all the gratitude and love you'll get back from them for giving them your money.

I bet you'll get a postcard "Greece by night" real soon ;-)

Wed, 04/28/2010 - 09:49 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Hahaha!  Get to learn something new every day!

France and now Italy are catching on that they are getting greeced!

Wed, 04/28/2010 - 09:51 | Link to Comment fUny1
fUny1's picture

Look at it this way: I've been meaning to get back to the city of lights for quiet a while.

It was kinda weird watching our last election night from the wee hours morning Paris.

I wanna be a big spender next time I go there and I'm looking forward towards the euro selling for a quarter before they cancel it.

It'll make up for all the $hity deals we've had to live with in the USA( which includes bailing out their french heavy banksters)

Fabulous Fab, Fabby: don't hate the culture, hate the leverage.

http://funy1.blogspot.com/2010/04/gamblitalism.html

 

Wed, 04/28/2010 - 10:01 | Link to Comment tmosley
tmosley's picture

The purchasing power of the dollar will be diluted such that there won't be that much of a difference.  If you really want to be a big spender, you should probably save in gold and silver...

Wed, 04/28/2010 - 09:51 | Link to Comment Jim in MN
Jim in MN's picture

Ah, yes, terror is terrible indeed...but the dirty little secret is, all the French banks could die this morning and it would make no difference, as France really IS a socialist state.  All that would happen is a bunch of rich weenies would have their mistresses desert them, as they despondently poke at their souffles.

Let them eat grotesquely overfashioned cupcakes.  Don't cry for French "financial wizards".  There aren't any.  Nobody knows how the hell the French economy works in the first place.

Wed, 04/28/2010 - 09:58 | Link to Comment Mitchman
Mitchman's picture

But then where would we go for good bread?

Wed, 04/28/2010 - 10:02 | Link to Comment tmosley
tmosley's picture

Find a good local bakery.  They do exist out there.

Wed, 04/28/2010 - 09:59 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Not to long ago the French system produced real live engineers , since then the mass production of financial engineers has become vogue.

Perhaps this crisis will make the discredited professions fashionable again.

Wed, 04/28/2010 - 10:04 | Link to Comment tmosley
tmosley's picture

The French engineering population has 100% employment in Hell, as you might recall from the old saying (along with the English cooks and the German police).

Wed, 04/28/2010 - 10:26 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Concorde ,PWR reactors ,TGV ,Eiffel Tower ,Ariane 5,Millau Bridge,Airbus,Statue of Liberty,Citroen DS

French design has always been characterised by a economy of energy with exquisite design although their execution is not always up to German Standards - the Germans are sometimes lacking in original design ideas (WWII excepted)

Wed, 04/28/2010 - 11:16 | Link to Comment Jim in MN
Jim in MN's picture

Let's not forget canned food and the metric system...perhaps not engineering per se...and the Exocet anti-ship missile was quite a nasty little item...the Spot satellites....there are many examples....maybe it's the mechanics who are in Hades rather than the engineers

Wed, 04/28/2010 - 12:19 | Link to Comment RonnieHonduras
RonnieHonduras's picture

Let's be fair: Germans have a great artistic history with their building.  Most of that was fire-bombed out of them.  Their comparatively bland rebuilding since WWII reflects their post 2 war state of mind, probably.

Wed, 04/28/2010 - 15:19 | Link to Comment Alienated Serf
Alienated Serf's picture

umm no, it reflects the modernist/brutalist style of the post war era.  also reflected large scale building in a hurry with limitations on expenditure due to the marshall plan being the source of funding.  you will find the same situation in London.  luckily they are tearing down a lot of that crap.

Wed, 04/28/2010 - 23:00 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Point taken Ronnie , my ignorance of German affairs is showing but I am vaguely aware of the flowering of late 19th and early 20th century German Culture.

 

Wed, 04/28/2010 - 10:00 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

C'est vrai.

Wed, 04/28/2010 - 10:20 | Link to Comment Postal
Postal's picture

Nobody knows how the hell the French economy works in the first place.

I think it must have been designed by their military planners...

Wed, 04/28/2010 - 10:07 | Link to Comment doublethink
doublethink's picture

 

Without horse or fancy wagon
He crossed Europe up and down
Poverty was his companion
As he walked from town to town

To bring back the straying liars
And the lost sheep to the fold
He brought forth the Preaching Friars
Heaven's soldier's, brave and bold

One day, in the budding Order
There was nothing left to eat
Suddenly two angels walked in
With a loaf of bread and meat

Dominique once, in his slumber
Saw the Virgin's coat unfurled
Over Frairs without number
Preaching all around the world

Grant us now, oh Dominique
The grace of love and simple mirth
That we all may help to quicken
Godly life and truth on earth

Dominique, nique, nique s'en allait tout simplement
Routier pauvre et chantant
En tous chemins, en tous lieux, il ne parle que du bon Dieu

 

http://www.youtube.com/watch?v=gZupHlrSDwc&feature=related

 

Wed, 04/28/2010 - 09:57 | Link to Comment Alexandra Hamilton
Alexandra Hamilton's picture

Swiss banks dispute the 64 bln figure. They, i.e. Credit Suisse, UBS and a few others are saying, this was mostly held by EFG Group, which since has moved its HQ from Switzerland to Luxembourg. 

The EFG Group has indeed moved, however, the EFG Bank and its parent EFG International are still domiciled in Switzerland.

Wed, 04/28/2010 - 09:58 | Link to Comment Cursive
Cursive's picture

This makes me more certain that there will be no bailout.  The little brother who has been kicking the back of your seat for the whole trip and getting you in trouble with your mother now wants your help.  Yeah, that's gonna work.

Wed, 04/28/2010 - 10:00 | Link to Comment Mitchman
Mitchman's picture

Who is Andere?

Wed, 04/28/2010 - 10:05 | Link to Comment brooklynlou
brooklynlou's picture

Tony 'Andy Boy' Andere. Loan shark out of the Bronx ... and he's PISSED.

If you open the papers one day and learn that everyone in Greece 'fell down the stairs' and broke their legs at the same time, you'll know why.

Wed, 04/28/2010 - 10:05 | Link to Comment tmosley
tmosley's picture

"Other", I believe.

Wed, 04/28/2010 - 10:07 | Link to Comment bullwinkle
bullwinkle's picture

Mmmm.........multi colored pie!!

Tarte de merde.....okay not so mmmm.

Better dig in cause the longer you wait the worse it's going to taste.

Wed, 04/28/2010 - 10:17 | Link to Comment Alexandra Hamilton
Alexandra Hamilton's picture

Appropriate to the situation, naming it a crêpe, pronounced 'crap', seems in order. http://en.wikipedia.org/wiki/Cr%C3%AApe

Thu, 04/29/2010 - 00:22 | Link to Comment akak
akak's picture

Before responding to "Harry Wanger", please be aware of just whom and what you are dealing with in this person:

http://www.minyanville.com/businessmarkets/articles/AAPL-apple-gm-psycho...

His real name is James Kostorhyz, and he is here posing as a troll in dishonesty and in disregard for the fundamental purposes of this forum. He is NOT posting here in good faith, but is purposely antagonizing those with independent, anti-establishment views and opinions for his own selfish and cynical purposes, as part of a study on "the psychology of permabears". 

He believes that anyone who opposes the current widespread fraud, corruption and rampant lies within our societies and governments are "utopian" and unrealistic, pollyannish dreamers.

And for those ZeroHedgers who are advocates of sound money backed by gold, this bankster shill is already out there with one of the most disingenuous, dishonest pieces of pro-establishment propaganda on the topic, expounding on how such financial integrity is "impossible", and merely "the rants of an ideological fringe":

http://finance.yahoo.com/news/The-Gold-Standard-Solid-as-minyanville-285...

 

Please do NOT respond to this reprehensible troll, here or anywhere else on ZeroHedge.  He is NOT here in good faith, and should be shunned!

Wed, 04/28/2010 - 10:14 | Link to Comment HarryWanger
HarryWanger's picture

Fed decision should run us back over 1200. SPX looks pretty strong this morning relative to Dow and Naz. Is all it takes is "low rates for an extended period" language in the statement to rocket SPX higher.

Wed, 04/28/2010 - 10:23 | Link to Comment Al Huxley
Al Huxley's picture

Not today.  The bull spell has been broken, everything isn't automatically interpreted as 'bullish for stocks' right now.  Give the selloff a couple of days to run itself out.

Wed, 04/28/2010 - 10:24 | Link to Comment glenlloyd
glenlloyd's picture

Harry, quit living in a vaccum.

Wed, 04/28/2010 - 15:27 | Link to Comment Alienated Serf
Alienated Serf's picture

speaking of vaccums, harry's mother probably should have taken advantage of one awhile back....

Wed, 04/28/2010 - 10:31 | Link to Comment fuggetaboutit
fuggetaboutit's picture

harry every time you speak i get more convinced you are 9 years old sitting at your dads desk in spider man pajamas

so, your theory is, with all these sovereign issues coming to a head, earnings season largely gone and thats the best it will be for YEARS - stimuli, easy comps, last of the low input costs all in the rearview mirror now -- that the fed repeating exactly what everyone has known they are gonna say for weeks is a reason to buy stocks?

if youre not 9 years old, please at least assure everyone you have no responsibility for anyone else's money

Wed, 04/28/2010 - 10:50 | Link to Comment Turd Ferguson
Turd Ferguson's picture

While I'm always interested in contrarian opinions, you, sir, are risking financial ruin if you are putting your money where your mouth is.

Wed, 04/28/2010 - 11:57 | Link to Comment wintermute
wintermute's picture

au contraire.

 

I'm waiting for Harry to confirm that he loaded up with 100 S&P futures (stops are for wimps) before going public with his deep analysis...

Wed, 04/28/2010 - 10:20 | Link to Comment Mercury
Mercury's picture

Now that I've ordered all this rich, expensive food and three bottles of wine, I demand we split the bill..

Wed, 04/28/2010 - 10:20 | Link to Comment yabs
yabs's picture

the whole thing rests with germany
Without them there is no real bailout but if they do bailout they will have court case after court case
Its Unconstitutional and illegal to do this bailout in Germany and unlike the US there is some rule of law in Germany

Wed, 04/28/2010 - 11:07 | Link to Comment Nihilarian
Nihilarian's picture

This is what happens when you bailout a bankster in the Alps.

Wed, 04/28/2010 - 11:03 | Link to Comment mephisto
mephisto's picture

This is how it ends, with France approving a bailout that Merkel can't push through the German parliament. Imagine Paulson/Bernanke going to congress and asking for Tarp money for foreign banks only...   

Wed, 04/28/2010 - 11:05 | Link to Comment Me XMan
Me XMan's picture

Shit gonna hit the fan today?

Wed, 04/28/2010 - 11:22 | Link to Comment Turd Ferguson
Turd Ferguson's picture

Maybe not today. Today is, predictably, the day of the CNBS-reported relief rally that all of the hedgies and TBTF trading desks will sell into. Unloading their positions to the chump general public.

Watch for the bottom to resume dropping out later this week. Look at today's action in gold as an indicator.

Wed, 04/28/2010 - 11:37 | Link to Comment SheepDog-One
SheepDog-One's picture

Anyone just see Germany said 'Nein', the dollar and gold spike with the DOW in seconds going from +50 to -0-? How anyone says they 'play this market' is way beyond me, like a traveling gypsy casino I'll just say 'No thanks'.

Wed, 04/28/2010 - 14:11 | Link to Comment Miles Kendig
Miles Kendig's picture

Let France shake.  Let's see if Germany can find it within themselves to stand.  The greatest gift to pan-European stability that Germany could bequeath is to offer Greece to option to restructure their bonds held by the German central bank and its member institutions.  Focus your attention Germany!  The sooner we all come to terms with this totally unsustainable Ponzi the better it will be for us all.  It is time for Germany to lead since France seems incapable of doing so.  Again.  No wonder Christine has been so quiet since her "some need to do more" comment.  peace

Wed, 04/28/2010 - 23:04 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Miles your comments are spot on as  usual.

Thu, 04/29/2010 - 23:03 | Link to Comment Miles Kendig
Miles Kendig's picture

Praise indeed.  Thanx.

Fri, 04/30/2010 - 22:04 | Link to Comment Privatus
Privatus's picture

The Hungarian dwarf is being awfully quiet. He'd better do something soon for the banks that own him. You don't delegate these kinds of things to Christine, as talented as she is.

Fri, 04/30/2010 - 23:40 | Link to Comment omi
omi's picture

I'm sure exposure is less than that as this includes only the long exposure and doesn't count the hedges. Please produce a report on hedges and put the two together in another report. Only then it would be a meaningful analysis.

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