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Portugal "Insolvency Sweeping Under The Rug" - Friday Edition

Tyler Durden's picture





 

It's a day ending in Y. Meaning it is time for the ECB to go ahead and sweep another billion or so Portuguese bonds under the rug. Because you can't have the 10 Year yield at all time highs (as in yesterday) and for that relentless stream of lies emanating from every ECB bureaucrat's orifice to be taken seriously, can you. We give the ECB another month before they realize what the SNB figured out long ago: it's best to give up when it comes to direct market manipulation. We are confident Portuguese bonds will hit another all time high yield by the middle of next week. And at some point European taxpayers may just ask what all their money is being spent on.

 


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Fri, 02/18/2011 - 10:54 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

If it's anything like them Persian rugs, there will be people in the street soon demanding that the banksters stop messing with their monie.

Fri, 02/18/2011 - 10:55 | Link to Comment Sudden Debt
Sudden Debt's picture

And at some point European taxpayers may just ask what all their money is being spent on.

NOP, WE'RE JUST GLAD WE ARE ALLOWED TO PAY TAXES!!

 

 

Fri, 02/18/2011 - 11:13 | Link to Comment Azannoth
Azannoth's picture

It' for a good cause, like Attack submarines for Israel

"Unglaublich: Der deutsche Steuerzahler zahlt U-Boote für Israel!" http://info.kopp-verlag.de/hintergruende/deutschland/unglaublich-der-deu...

 

Fri, 02/18/2011 - 10:55 | Link to Comment Sueco
Sueco's picture

Apparently European countries can afford higher interest rates... get this farse over with already

Fri, 02/18/2011 - 10:55 | Link to Comment Ragnarok
Ragnarok's picture

It's nice to know other taxpayers around the world also have soar bums, misery likes company.

 

Side note: When the waitress says "Would you like it Thai Hot?" just say no, you'll thank me in the morning.

Fri, 02/18/2011 - 10:56 | Link to Comment doomandbloom
doomandbloom's picture

when the see the $ falling too low...they bring out bad news about Europe...and vice versa...

the great balancing act...

Fri, 02/18/2011 - 11:12 | Link to Comment Hammurabi
Hammurabi's picture

DoomDoom you absolutley right

Fri, 02/18/2011 - 10:59 | Link to Comment Ratscam
Ratscam's picture

Mr. Hildebrand (Mr. Ben Shalom B. of Switzerland) incurred currency losses of CHF 31bn (roughly USD 32bn) in 2010. With the help of gold the final loss for the SNB was CHF 21 bn.

Great fucking government banking wankers. Any private company would have fired any of their sorry asses.

Fri, 02/18/2011 - 11:00 | Link to Comment jus_lite_reading
jus_lite_reading's picture

Now, I don't claim to be the brightest individual on the face of this earth but shouldn't the "markets" be even a little down on-

China curbing lending

EU debt crisis exploding

The Middle East going to hell in a hand basket

etc

etc

etc...

 

And YET-- US Treasury's Geithner says the global economy is in better shape than its been in last 2 to 3 years --AND-- the so called "markets" are GREEN!

GOODNESS GRACIOUS!

BUY MORE SILVER!

 

Fri, 02/18/2011 - 11:02 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

US equities have a free line of credit, why on earth would they go down?

Fri, 02/18/2011 - 11:12 | Link to Comment jus_lite_reading
jus_lite_reading's picture

I know, that's why I find it more than ironic, they are worried about "global imbalances" when the so called "FREE markets" are the most imbalanced markets around.

Fri, 02/18/2011 - 11:27 | Link to Comment Vampyroteuthis ...
Vampyroteuthis infernalis's picture

It is OpEx day. The market will NOT go down at any cost. Monday may be different though.

Fri, 02/18/2011 - 11:00 | Link to Comment Misean
Misean's picture

That's one hell of a rug. Still, that's gotta leave a bump...

Fri, 02/18/2011 - 11:13 | Link to Comment firstdivision
firstdivision's picture

Who cares about insolvent countries.  Today is all about the NASDAQ breaking its all time high since the tech bubble burst.

Fri, 02/18/2011 - 11:14 | Link to Comment gwar5
gwar5's picture

Europe was sequentially rolling out the sovereign crises as long as the ECB was having it's way rolling up the taxpayers. 

Now, not so much. They smell revolutions and trying to keep things quiet so they don't get Mubaracked.

Fri, 02/18/2011 - 11:17 | Link to Comment Josephine29
Josephine29's picture

The European Central Bank seems to be intervening at the end of the week these days. But as was pointed out in an analysis of the ECB's strategy to help Portugal it is doing this for a reason.

Care is needed here as they were reported as buyers on Thursday and these numbers only include settled trades up until Friday so I expect them next week

http://t.co/Kuu8m2I

 

So the ECB is trying to hide how much it is buying.......

Fri, 02/18/2011 - 11:19 | Link to Comment EconSammie
EconSammie's picture

Good point those central bankers are being sneaky again.

Fri, 02/18/2011 - 11:24 | Link to Comment morph
morph's picture

Meanwhile over at the 2YR...

Fri, 02/18/2011 - 11:42 | Link to Comment Mike2100
Mike2100's picture

talking about rugs, try Arraiolos, the best in the world.

http://www.google.pt/images?q=tapetes+arraiolos&oe=utf-8&rls=org.mozilla...

Portugal is being resilient, isn't it!

Fri, 02/18/2011 - 12:00 | Link to Comment topcallingtroll
topcallingtroll's picture

Where are all the euro snob posters now? I miss their tut tutting about how their system is so much better than ours.

Fri, 02/18/2011 - 12:05 | Link to Comment apberusdisvet
apberusdisvet's picture

If the Irish say FU to the IMF/ECB, then it's game over.

Fri, 02/18/2011 - 14:47 | Link to Comment topcallingtroll
topcallingtroll's picture

they should.  Go Irish!

Fri, 02/18/2011 - 19:38 | Link to Comment Buck Johnson
Buck Johnson's picture

Mark to Unicorn, extend and pretend whatever, the western banking system is bust and they are doing everything they can to keep it from imploding.

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