On Last Week's Underreported Failed Hungarian Auction

Tyler Durden's picture

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GoinFawr's picture

a béka segge allat.


Crisismode's picture

I'm Hungary.


What's for dinner?




Baked or Fried?



Oracle of Kypseli's picture

I am also Hungary and I want Swiss Greece on my Turkey and a Danish

Mitchman's picture

The euro's at 1.2182.  Incredible.

Schlep's picture

Maybe they can get in this sure winner of investing.

Breaking News Alert
The New York Times
Sun, June 13, 2010 -- 9:22 PM ET

U.S. Discovers Nearly $1 Trillion in Afghan Mineral Deposits

The United States has discovered nearly $1 trillion in
untapped mineral deposits in Afghanistan, far beyond any
previously known reserves and enough to fundamentally alter
the Afghan economy and perhaps the Afghan war itself,
according to senior American government officials.

The previously unknown deposits -- including huge veins of
iron, copper, cobalt, gold and critical industrial metals
like lithium -- are so big and include so many minerals that
are essential to modern industry that Afghanistan could
eventually be transformed into one of the most important
mining centers in the world, the United States officials

brushfire's picture

On the other hand, when dealing with a continent in which traditional monetary policy is impossible, all other solvency metrics flow together like connected vessels.

very well put. intervention is useless. the collapse is either massively deflationary or hyperinflationary. pick your poison and buckle up.


Cleanclog's picture

Austrian banks have more exposure to Romanian and Bulgarian sovereign debt (over $80B) than French bank have to Greece (about $77B).  And Greeks have about $40B in exposure to Bulgaria, Romania.  Still think this will be contained?  Aid packages cannot take care of this spiraling shuffle board.  Debt has gone tilt to assets that can support.

Fazzie's picture

   When one Eurozone politician commits a Keynesian no-no, ie telling the truth, another one rushes in to patch things over with the official extend and pretend mantra of more debt is the responsible course of action, expressing opinions to the contrary is "misjudged".

   Dammit, that auction would have went of without a hitch, with investors falling over one another for Hungarian IOUS, if some jackass would have just kept their trap shut!!

 Now it couldnt be that the auction failing underscores some real issues, could it?? Naw, it was one guys comments.


QEsucks's picture

 TD, I think you lost the captcha. That's 164 mill US. 213 forint= 1 USD.

 GoinFawr: Under a Frog's Ass?  Shouldn't you be citing procreation with a horse?

 Never heard beka, just lo.

GoinFawr's picture

GoinFawr: Under a Frog's Ass?  Shouldn't you be citing procreation with a horse?

Heh, nem Qe, but while it might be considered 'low' to shag a horse (unless yer a 'Scottish King in training' or some'at like) you have to admit that it is at least literally not as low a place as the space beneath a frog's ass. Which is where the Hungarian economy is/has been headin' for some time

Some of my family are Magyar, and when things are not going so well for her there's one who will always say this. It's probably a dated expression; she's gettin' up there in years.

Rider's picture

The market don't F care about failed auctions.

Like in the subprime mess, bad news kept comming for months, until the banks were bankrupt and liquidity absolutely gone, the pump monkeys propped up the market til the very end, looks like another moonshot Monday is brewing.


Cleanclog's picture

Moonshot on Afganistan because of metals/mineral find.   Cuz our companies have invested so deeply?  I don't think so.  But it does expain Russia's interest in 1980.  Sigh


Zina's picture

Now that Belgium will be split in two, who will pay for Belgian public debt??

a) The "old" Belgium

b) The "new" Flanders republic

c) None of the above