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New Global Effort To Patch European Insolvency Holes Buys One More Day

Tyler Durden's picture

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Tue, 01/11/2011 - 07:56 | 866696 TLT
TLT's picture

I think governments are well aware of the situation.

"They" aren't going to let Europe "die" alone.

We'll have hell on Earth sooner or later, if the financial system doesn't change.

Tue, 01/11/2011 - 08:41 | 866738 EscapeKey
EscapeKey's picture

Why would the financial system change, considering it's been so good to the people in control of it?

Tue, 01/11/2011 - 08:00 | 866697 breezer1
breezer1's picture

how do you say house of cards in portuguese? 

Tue, 01/11/2011 - 08:01 | 866698 TLT
TLT's picture

Please edit your comment and also ask how do you say in spanish, italian...

Tue, 01/11/2011 - 12:16 | 867174 Bahamas
Bahamas's picture

castello di carte ...in Italian

Tue, 01/11/2011 - 11:31 | 867069 All is chosen
All is chosen's picture

it can be done, but on a sunny day in the quiet hills of the south-west Algarve, with solar panels having fully charged the batteries; & the solar shower up to temperature; & a glass of red in my hand, who cares? :) - (please give generously; it's not our fault that the dozen or so (interlinked & oh so kind to each other) mafia families that have bled this small country dry since joining the EU, are still very much in charge; together with their dictatorial arrogant public sector operatives that us peasants pay for). 

Tue, 01/11/2011 - 08:02 | 866699 Wheatman
Wheatman's picture

No Tyler, it buys at least 3 days.

Tue, 01/11/2011 - 08:26 | 866718 Josephine29
Josephine29's picture

Actually it looks like the ECB has found a friend in its purchases of Portuguese government debt. I will let the excellent notayesmanseconomics take up the story.

The Portuguese government is not answering questions on the subject but Bloomberg helpfully tells us there is some one billion Euros of this in issue. Everyone will suspect China bought this bond but whilst we are waiting for more information let me give you a suggestion why Portugal has made a move even Greece rejected. The lack of a coupon means that she will have no interest payments to make which helps her deficit numbers.


If you cant sell your debt then do it privately at a price you do not announce!


Tue, 01/11/2011 - 08:36 | 866732 SAME AS IT EVER WAS

Global QE2...BTFD!

Tue, 01/11/2011 - 08:47 | 866745 ZackAttack
ZackAttack's picture

Vendor financing. That always works.

Tue, 01/11/2011 - 08:48 | 866749 Rodent Freikorps
Rodent Freikorps's picture

This is so unfair. Isn't there a third world country we can buy. How come the Asians get good fire sales?

Tue, 01/11/2011 - 11:00 | 866989 AnAnonymous
AnAnonymous's picture

Third world countries are sold out. The US bought them all with debt.

Tue, 01/11/2011 - 09:14 | 866785 Id fight Gandhi
Id fight Gandhi's picture

Someone forgot to buy spanish bonds, yields are soaring.

Tue, 01/11/2011 - 09:21 | 866792 yabs
yabs's picture

WTF? How can Japan the most bankrupt nation in an increasingly bankrupt world "buy" anything?

Isn't this like bernie madoff bailing out Enron?

What a f*cking chirade

Tue, 01/11/2011 - 11:01 | 866994 AnAnonymous
AnAnonymous's picture

I buy your debt, you buy mine. Apparently, you can walk a long way with that.

Tue, 01/11/2011 - 09:39 | 866826 oogs66
oogs66's picture

From what I can find, Japan is going to buy EFSF debt.  Why is this a big deal?  Even the most bearish people (me included) have not argued that EFSF wouldn't be able to sell AAA rated paper that the ECB would finance!  It might shave a few bps off the EFSF funding rate, but this is not real news, its a no brainer, and don't chase the rally sparked by Japan buying AAA quasi government debt.

Tue, 01/11/2011 - 10:19 | 866906 Rider
Rider's picture

Is this madness never ending?

They buy one day, then a year and this has been going on for decades now.

Perhaps they found the Perpetual Ponzi Machine.

Tue, 01/11/2011 - 10:26 | 866923 yabs
yabs's picture

how much longer can this contin ue?

its like they are defeating nature and mathamatics themselves

I am pig sick of it


Tue, 01/11/2011 - 10:48 | 866974 holsfhf
holsfhf's picture

if the big bernank wants a weak dollar in return to get a strong euro   ... why don't the big bernank buy some of the yellow stuff .... that will make the correlations go bonkers

Tue, 01/11/2011 - 11:55 | 867113 yabs
yabs's picture


looks like krakatoa may be about to blow its load

but its opk the coffee will be ok


Tue, 01/11/2011 - 12:36 | 867235 Rodent Freikorps
Rodent Freikorps's picture

No coffee, no peace!

Do NOT follow this link or you will be banned from the site!