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Peripheral Europe Cheat Sheet - Update

Tyler Durden's picture




 

Ahead of what is shaping up to be a brutal March for Europe, here is a refresh of all the key European data. Keep this handy as there will be much selling (and, respectively, much buying by the ECB) over the next month. From Nomura: "We refresh the Cheatsheet in the lead-up to a period of key events for euro sovereigns. On 25 February Ireland is set to hold elections, which could ultimately be positive for the sovereign in settling some of the political turmoil that is gripping the country in the post-bailout world. The upcoming ECOFIN (14/15 March) and EU Council (24/25 March) meetings are crucial for the future of the crisis resolution mechanism based on the proposed timeline of the EU treaty change."

 

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Wed, 02/23/2011 - 19:55 | 990880 mynhair
mynhair's picture

Spread 'em, bitchez!

Wed, 02/23/2011 - 20:15 | 990919 gwar5
gwar5's picture

I hope Ireland elects the party that rescinds the bailout and defaults on their terms.

Wed, 02/23/2011 - 20:15 | 990920 mynhair
mynhair's picture

Ya, pull an Iceland.

Wed, 02/23/2011 - 20:26 | 990936 THE DORK OF CORK
THE DORK OF CORK's picture

Not a chance - the elite of Ireland along with various transfer junkies have grown to depend on the teet of Europe - they will not jeopardize their deposits and income stream.

They will dutifully present the young dumb paddy boy to the European cardinals and he will quietly take it up the arse.

Wed, 02/23/2011 - 20:32 | 990955 French Frog
French Frog's picture

How finely put; a true poet

Wed, 02/23/2011 - 21:03 | 991031 Caviar Emptor
Caviar Emptor's picture

++ Sadly

Wed, 02/23/2011 - 20:57 | 991013 unununium
unununium's picture

An interesting stat in the cheat sheet is that only 50% of Ireland's govt revenue goes to pay interest on the debt, while over 90% of Italy's does.

Doesn't make it right to bail out AIB senior bondholders, though.

Thu, 02/24/2011 - 09:49 | 992464 jus_lite_reading
jus_lite_reading's picture

Not a chance. The whole EU is the second biggest scheme in the history of mankind to control the people. It has failed in every way but only requires a few in charge to keep the pressure on the people. Think France circa 1789.

Wed, 02/23/2011 - 20:25 | 990935 sabra1
sabra1's picture

Bob Chapman:

Sources at the United States Embassy in Beijing China have just CONFIRMED to me that the United States of America has tendered to China a written agreement which grants to the People's Republic of China, an option to exercise Eminent Domain within the USA, as collateral for China's continued purchase of US Treasury Notes and existing US Currency reserves!

The written agreement was brought to Beijing by Secretary of State Hillary Clinton and was formalized and agreed-to during her recent trip to China.

This means that in the event the US Government defaults on its financial obligations to China, the Communist Government of China would be permitted to physically take inside the USA land, buildings, factories, perhaps even entire cities to satisfy the financial obligations of the US government.

Put simply, the feds have now actually mortgaged the physical land and property of all citizens and businesses in the United States. They have given to a foreign power, their Constitutional power to "take" all of our property, as actual collateral for continued Chinese funding of US deficit spending and the continued carrying of US national debt.

This is an unimaginable betrayal of every man, woman and child in the USA. An outrage worthy of violent overthrow.

I am endeavoring to obtain images or copies of the actual document but in the interim, several different sources both in the US and in China have CONFIRMED this to me.

Wed, 02/23/2011 - 20:29 | 990946 fragrantdingleberry
fragrantdingleberry's picture

Pretty smart move. It's a new take on selling the Brooklyn Bridge.

Wed, 02/23/2011 - 20:31 | 990953 malikai
malikai's picture

VERY hard to believe.

Wed, 02/23/2011 - 20:32 | 990956 papaswamp
papaswamp's picture

WTF?!...is he for real?

Wed, 02/23/2011 - 20:37 | 990968 zaphod
zaphod's picture

+1 Funny,

 

But seriously, this is all just a sham designed to let China screw itself. There is no way future generations of americans can/will/should pay back these debt obligations to foreign capitals. In the end China is not getting their money back. Not sure if they see this or not, but it simply is true.

 

Every time the sh*t hits the fan, the US Gov changes the rules of the game.

Example 1) gold/silver removed as currency and FED is created.

Example 2) FDR takes the gold

Example 3) Nixson closes the gold window and breaks last remaining gold promises to foreign governments

.....

Example 4) Massive foreign debt obligations are defaulted on in some manner so as to effectively not be paid.

 

History books will include this in another chapter to the madness of crowds and rank it right up there with tulips.

 

Wed, 02/23/2011 - 21:23 | 991086 notadouche
notadouche's picture

Snopes disagrees with you.

Wed, 02/23/2011 - 21:53 | 991179 dondonsurvelo
dondonsurvelo's picture

This is why we have guns. 

Thu, 02/24/2011 - 01:18 | 991869 Ura Bonehead
Ura Bonehead's picture

You forgot the part of the Embassy communication that said the U.S. reserves first right on which land and assets to turn over.  We've decided to first give them Illinois, Ohio and Wisc in order to solve the current union issues.  $2 a day and a bowl of rice for each worker!!  Complain again and they will take away the rice!!

[Of course, sabra1's post of insane]

Thu, 02/24/2011 - 09:53 | 992484 jus_lite_reading
jus_lite_reading's picture

LMAO! Sorry I had to junk you for this trash.

If the US gubmint ever tried ANYTHING like this, it would be pitchfork and pikes time and I'd "jump out me wheelchair and join the cause."

The other reason this is JUNK is because it would have to pass a Senate vote and jump through a whole bunch of loops to get passed.

Finally, although our gubmint is corrupt through and through, they still want to keep certain things "American..."

Wed, 02/23/2011 - 20:29 | 990945 americanspirit
americanspirit's picture

And what rough beast, its hour come round at last,
Slouches towards Bethlehem to be born?"

W. B. Yeats

Wed, 02/23/2011 - 20:44 | 990984 Arkadaba
Arkadaba's picture

Funny - Jesse also invoked the same poem a few days ago and have to admit it has been going through my head as well:

 

"Turning and turning in the widening gyre

The falcon cannot hear the falconer;

Things fall apart; the centre cannot hold;

Mere anarchy is loosed upon the world,

The blood-dimmed tide is loosed, and everywhere

The ceremony of innocence is drowned;

The best lack all conviction, while the worst

Are full of passionate intensity...

And what rough beast, its hour come round at last, 

Slouches towards Bethlehem to be born"

http://jessescrossroadscafe.blogspot.com/2011/02/thought-on-day.html

 

But the key line in my opinion is the following:

Things fall apart; the centre cannot hold;

Wed, 02/23/2011 - 20:42 | 990981 goodrich4bk
goodrich4bk's picture

On its face this post is ludicrous.

Eminent domain is the power any government has to taking private land for the government's use.  Our Constitution requires only that the owner receive "just compensation" for the taking.  If that is what Hillary just assigned to China, good luck with that, boys.  Who do you think will be the first judge to allow the Chinese Communists to take an American citizen's land to satisfy the debt of the U.S. Government?

 

As for the statement that the government has just "mortgaged" our property to pay for its debts, that was done a long time ago by both parties.  "We" are the taxpayers who must pay the treasury bonds when due.  But technically speaking, there is no "mortgage" the government can enforce.  Rather, the government can only tax us and, indirectly, take our property if we fail to pay the taxes.  This may appear to be the same thing to some people, but a mortgage it is not. 

 

 

Wed, 02/23/2011 - 23:29 | 991535 Steroid
Steroid's picture

There are lots of prime federal land in Alaska and the mountain states. No judges are needed for that.

Wed, 02/23/2011 - 21:53 | 991180 Caviar Emptor
Caviar Emptor's picture

Bankrupt bailing out the insolvent. And China sits back. With gold. Grinning.

Thu, 02/24/2011 - 01:24 | 991890 Ura Bonehead
Ura Bonehead's picture

And yet, the agencies still have everyone in 'the zone' at investment grade (save Greece).  Gotta love those ratings, huh?

Thu, 02/24/2011 - 03:30 | 992102 fajensen
fajensen's picture

They keep missing Denmark!!!

Denmark's combined private and public (remember: private debt is now assumed by the state since defaults must never happen) debt level makes Greece, Spain, Ireland and the UK *combined* look like prudent misers.

AND - to top it - Denmark is running a currency peg where the DKK is pegged to the EUR via central bank intervention. This has never blown up before, the pegging a small currency to a much larger one??

Denmark is the polonium in the EUR takeaway meal!

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