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Watch The EU Extraordinary Meeting Of Finance Ministers Live
With less than 2 hours before Asia opens, the EU is scrambling - on net, the newsflow this weekend has been far more negative than Europe had hoped, with just the token minimum provided so far by the IMF (thank you Joe Sixpack) which the political situation in the UK and Germany deteriorating substantially. The live webcast from the Counsil of the European Union, the Extraordinary meeting of finance ministers - press conference is starting imminently at the following link.
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The EU Finance Ministers have developed a multi-pronged rescue package for distressed sovereigns and euro-trash banks. The bailout package includes 1) temporary not-to-exceed-one-year loan facility called WINK-WINK, 2) an all-night 24/7 deli/night club/bodega/bordello facility for hard working Eurocrats and bankers, and 3) EU bond AAA-rated credit facility, called Nascondere il salame (in english, hide the salami),
The EU also has a new special purpose off-balance sheet facility, called ABV (alchohol by volume) allowing specialized collateral swaps. Here is the term sheet for the ABV SPV:
British beer (1-4%)
French wine (12%)
German Schnapps (20-40 %ABV)
Brandy (40-45 %ABV)
Gin (37.5 %ABV)
Grappa (40-50%)
Ouza (40%)
Rum (37.5-57 %ABV)
Sake (14-16 %ABV)
Tequila (40-50 %ABV)
Vodka (35-50 %ABV)
Whisky (40-53.3 %ABV)
Bourbon (51-79 %ABV)
Everclear (75-95 %ABV - Insanely strong!)
A vast improvement over Maiden Lane!
In the future, please refer to Maiden Lane by its operative term: Nudge-Nudge.
We can live beside the ocean
Leave the fire behind
Swim out past the breakers
Watch the world die
http://www.youtube.com/watch?v=FLFVs5vXlyE&feature=related
http://www.youtube.com/watch?v=IfZbFh7qlCQ
Time to get some popcorn. I see it hasn't started yet. Flipping between NASCAR and porn waiting, waiting...
You should get yourself a digirecorder. You can tape 5 channels at the same time while looking at your wifes crapy programms while she's in.
Buying one totally changed my life :)
NOT buying the next unnecessary thing will start the real change.
Sun 6:30 PM NY Time...EU Mins still talking....got an hour & half till Asia opens......
Now multiply that by trillions, take that to the depth of Benji's capacity to fleece, and you still will barely have a glimpse of the sheer horror in store for the lemmings...
This promises to be the same old EU game. Take a disaster, put a happy face on it, talk it to death, and then do nothing. 26 finance ministers couldn't agree on the weight of a kilogram.
They will agreee this time imo, their whole crooked scheme is threatened. The European can will be kicked down the road. Bears will cover the Euro shorts (as we speak), but they wont go into hibernation just yet.
But will they agree on how far light travelled in the time it took their sov debt rates to double?
Interesting that they choose to schedule and then FAIL to meet the deadline. Well at this point there are 100 minutes until HK opens up. And I do leave the double interpretation of HK as it should be left.
Rat a tat tat as the Euro goes flat...
they're failing since 4 hours. At first they said it should start at 18:00, then 20:00 now it's 22:25 in europe.
Not really surprising.
think of the $$$ some enterprising officials could make by delaying the announcement till after the Asian markets open and then coming out with the annoucement
Give em a break, youd be dragging ass too if you stayed up getting hammered and arguing all night, and had to figure out a speech at the last minute!
When does this meeting begin?
they have been delaying it all afternoon it was supposed to start 4 hours ago
The Germans must have needed four more beers!
Karaoke Bar! The 26 Finance Ministers are in a karaoke bar singing Wilson Pickett's "i'm gonna wait til the midnight hour".
http://www.youtube.com/watch?v=mhOy1wt5lDc
that's when the world comes tumblin' down.
That's the 1000 Euro question....
at the middle column , they give expected time, 11.00 pm.
But which time ?, if it is GMT then its 6.00 PM US eastern time zone.
if it is in Brussels which is +1 GMT then its 5.00PM US eastern time
I like the acronym they use for their group
http://www.consilium.europa.eu/showPage.aspx?id=250&lang=EN
The first version was ECOLI.
Eco FINI
Just to clarify...
Ecofin = E(uropean)coffin Council... need we say more?
Lets see here we'll have 26 finance ministers ( the German one Herr Schauble has been put in an institution of some sort for the time being) with the Dutch, British, Polish and, I believe, the Slovakian governments being either dead ducks, lame ducks or caretaker regimes. Any others in that category from EU experts?
Typical Euro style. In the last 30 minutes, they all act like THEY WANT TO FIX THIS! whyle they actually don't want this.
The newspapers this morning where filled with news why this money is like throwing it into a bottomless pit.
The politicians who go home, saying they approved, will lose their elections.
I give it a 1% chance they'll work things out. They are just not used to do pre-emptive descisions. Just not their style.
The forest needs to burn, before you yell fire. Untill then, you're just the boy that cried wolf.
While we wait for incompetence, check out this brash degradation of power by the Icelandic Volcano to the Fascist governments of the world! No sirs, you will not have your New World Order just the way you like it!
http://eldgos.mila.is/eyjafjallajokull-fra-thorolfsfelli/
"While we wait for incompetence"
Good one... unfortunately we have never had to wait for incompetence...
In the meantime Iceland... eager to find new sources of financing that does not involve the export of fish products... is looking to sell re-naming rights to it's volcanos since the current ones are not only unprofitable but also unpronouncable.
In other news... the IMF announces formation of new super-bank to bail out bankrupt european states called PIIGSsave... it is now accepting American donatio... err deposits!
http://www.thegreenhead.com/imgs/hungry-piggy-bank-1.jpg
Should that headline be "EU League of Extraordinary Finance Ministers", Tyler?
Last one to the submarine gets no QE bond buys!
When it begins, how will one be able to tell which minister is the one with the functional brain?
He'll be the one not attending with the suitcase filled with 10oz bars.
Real ones, or plated tungsten?
nop they are all remote controlled.
Having a financial minister with a functional brain... funny :)
The Creditor and the Plastic Duck Junkie
http://www.youtube.com/watch?v=UXPtdQYOgw8
No further comment needed. The international & State Side lemmings are being played.
Someone, please pass the salt for my popcorn.
Yesterday Bloomberg headlines had it to begin at 6pm local time. Then i read this morning 8pm. Now i see on the link above its scheduled for 11pm local so 5pm EST.
lol @ delays.
Not to nitpick, but trading in Tokyo starts in just over 3 hours. Of course the real deadline is when Globex opens up for trading in 1 hour and 7 minutes, as was the case with the Bear and Lehman announcements. :-)
Anyone want to guess where ESM0 opens up at? 1091 perhaps?
EUR/USD is over 1.2900 as of this posting. Nice gap up for Asian market open it looks like.
Life web-cast is very helpful in coming up with a reasonable (or any) solution...NOT.
Alice in Euroland III, casting starts now.
its like choosing a new POPE, they will not come out unless they make a decision, but first they should signal with a smoke that they had a solution.
Does it really matter what they come up with? More debt does not solve the problem of too much debt. All there're doing is kicking the can down down the road and buying time. Making the problem bigger so when it does blow up it will be even worse.
Bloomberg put a number, they say they will agree on $645 billion, which is 500 Billion Euros.
This is nothing compared to what they need ( $2Trillion for 3 years).
http://www.bloomberg.com/apps/news?pid=20601087&sid=arkniUPeZQhw&pos=1
Are we sure this link is working?
Euro trading at 1.2911
ESM0 will open at 1150
Any one short??
Where's the end of the world?
DJ *DJ Euro Gains To Y119.35 Early In NZ Vs Y116.71 In Late New York Friday
(END) Dow Jones Newswires
05-09-10 1730ET
Copyright (c) 2010 Dow Jones & Company, Inc.
09 May 2010 22:21 BST DJ MARKET TALK: EUR/USD Volatile, Mks Awaiting Detail On Package
2121 GMT [Dow Jones] EUR/USD volatile in early trading, waiting for concrete detail after series of headlines saying EU considering EUR600 billion euro-zone stability fund, citing EU diplomat as source. Pair fell to 1.2875 after testing 1.2921 just prior to headlines but then bounced back over 1.2900, last 1.2884. ANZ Bank senior dealer Alex Sinton says market may be disappointed by package; "they are thinking the bigger the better size-wise," but waiting for clarity. Says resistance still firm at 1.2932, must break through that level for extended move higher. (rebecca.howard@dowjones.com)
what an epic fail
from the website
Exact starting time of press conference is not known
I kept on pressing the F5 button thinking my cache played a trick on me.
Sad... and even when we know the outcome... I still want to see it :)
Like watching Titanic :)
at least, I'm not the only one. I've even tried different browsers because they said that they would be ready at 18:00. Now they're more than 6 hours late.
/ES up to 1130 so far. Ouch for anyone short over the wkend, though i still feel this gap might be taken out by morning in the EST
It ain't over till the fat lady sings ;)
I'm short on a lot of stock right now. And in the Wolfpack I thrust :à)
And after clicking another 500 times on F5, I still get a "Exact starting time of press conference is not known"
Somehow, I think they aren't yet ready with the concensus.
Would you want your credit score to go down because your neighbour lived the live? And like every European country is having elections comming up.
Bad, Bad, Bad...
Short as well, looking forward (kind of...) to tomorrows open.
And ya same here... keep refreshing the link at the top every few minutes and nothing.
Now that i think of it, would such an important meeting really start past midnight? Maybe its been cancelled or they decided against broadcasting it.
This relief rally might last 4 days tops. The euro rallies because the pigs are saved and then the euro tanks because well theres a lot more euros.
they can gap their little hearts out....retail investors, the folks they hoped to unload everything on at the tippy tippy top, are going to be hitting the road en masse...wait and see.
Yep this is a get rich quick pyramid scheme; everyone rushing to get in on the bottom and hoping to leave some other fool with the bag in a few days.
Fat finger alert!!! The Feds in house 23 year old xbox champ trader just hit the b button on the futures contracts order screen!!!
and in the midst of all of this, JPM has been unable to beat back the peasants and destroy silver......
I hope they have to cover at 25!!
I hope they have to cover at 25!!
"The Euro area would provide up to 440 billion, which would mean the IMF would contribute up to 220 billion"
Whoa, where did that come from?
The most devastating weapon in the EU arsenal is the boredom bomb.
It has the ability to turn the most dramatic political / economic events into a bureaucratic daydream.
Quite a contrast to the all out brawls from other countries.
The Lady stated that this SPV vehicle would give out loans and conditions similar to the IMF.
So the plan is to deindustrialize the mediterranean basin and make it a playground for pale skins.
I think they wish to force Spanish and Greek workers into German workhouses.
I would buy that Mercedes now as the build quality in the future may not be up to the usual Teutonic standards
They only make the parts in Germany anyway...and the Greeks will only be allowed to drive them around in a Lorry so no worries about ruining the reputation of your favorite Nazi-mobiles.
Godwin's Law has made its entrance?
Nah...only applies if you compare someone to a Nazi (generally in a futile effort to execute an ad hominem attack).
Best of luck refuting that the Reich used forced labor to make their cars during WWII.
Surely someone has come up with a suitable corollary by now.
http://wiki.killfile.org/projects/usenet/faqs/godwin/
I've uploaded a weekly DOW chart.
http://www.zerohedge.com/forum/latest-market-outlook-0
http://stockmarket618.wordpress.com