Italian FinMin Grilli On Monte Paschi: Bank Is Solid; Aid Is Not Bailout
Following his impromptu discussion early this morning with Mario Draghi, Italy's finance minister has proudly stepped before the cameras to discuss the farce that has become Monte Paschi. In a stream of seemingly incredulous hypocrisy, the minister explains that:
- *GRILLI SAYS MONTE PASCHI IS SOLID
- *MONTI BOND HELPED MONTE PASCHI MEET EBA RULES: GRILLI
- *GRILLI SAYS OVERSIGHT OF MONTE PASCHI WAS CONTINUOUS, THOROUGH
- *GRILLI SAYS GOVT AID TO PASCHI NOT TO HELP AN INSOLVENT BANK
- *GRILLI SAYS ITALY BANKING SYSTEM UNIQUE FOR NO BAILOUTS
Indeed, it seems that Juncker-ism has leaked across to all the ministers as a new realm of reality strikes the Italian banking system. So the 'bank is solid', 'aid is not a bailout', and 'water is not wet'.
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Water is wet!
And that after this is accomplished, and the brave new world begins. When all men are paid for existing and no man must pay for his sins........the bailouts begin.
Sorry Rudyard
"Now hear me loud and clear, I did not have sex with Ms. Lewinsky, not once, not ever." Clinton 1998
"The housing market has seen strong growth over the years but in no way are we experiencing bubble price levels because employment is still low nationwide." Bernanke 2006
"When it becomes serious, you have to lie". Juncker 2011
Default is ..... Well it used to be bad, but that is when it used to mean default
I'm always a little depressed when the question is not asked / publicized as loudly as one of these statements.
"This is not a bail out."
"If they don't need it don't give it to them"
That's some deep JingJang mantra shit man!
and the check is in the mail.
How many fingers,Winston.
Aid is not Bailout... [as always ~ it totally depends on what the definition of "IS", is]...
If a boat needs 'aid' but not to be bailed out, but it doesn't get the aid, and it then sinks, did it actually need to be bailed out after all?
Our computers will get together with your computers, we'll change a few numbers around, and presto, you're rock solid. Nevermind that the original problem, namely your corrupt and parasitic being, has not been fixed or even addressed. Everything is fixed now. No problems!
Government aide is not to help an insolvent bank...That's funny. I think all these inbred mutants are from the same bloodline as Bagdad Bob.
Aaand Central Banks in turn aid insolvent Governments.
Definitve article on any bank collapse.
Time line of a bank collapse
1. The Board issues a statement accusing bloggers of spreading both irresponsible and factually incorrect rumours as the bank is sound and has no need of new capital.
2. The Bank issues a statement of confidence in its management.
3. The Bank tries to raise more private capital in spite of it having no need for it.
4. If this does not work the relevant government(s) express(es) complete confidence in the bank and tell us that it has a sound management structure and business model. Indeed the bank had only recently been giving the government advice as to how to run the public-sector more efficiently.
5. The relevant government(s) tell us that they are stepping in to help the bank but the problems are both minor and short-term and are of no public concern.
6. The relevant government(s) tell us that the bank needs taxpayer support but through clever use of special purpose vehicles there will be no cost and indeed a profit is virtually certain.
7.Part-nationalisation of the bank is announced and taxpayers are told that a profit will result from this sound and wise investment.
8. Full nationalisation is announced to the sound of teeth being pulled without any anaesthetic.
9. Debt costs of the relevant sovereign nation or nations rise.
10. Consequently that nation finds that its credit rating is downgraded.
11. It is announced that due to difficult financial times public spending needs to be trimmed and taxes such as Value Added Tax need to be raised. It is also announced that nobody could possibly have forseen this and that nobody is to blame apart from some irresponsible rumour mongers who are the equivalent of terrorists. A new law is mooted to help stop such financial terrorism from ever happening again.
12. Some members of the press inform us that bank directors were both “able and skilled” and that none of the blame can possibly be put down to them as they get a new highly paid job elsewhere.
13. Former bank directors often leave the new job due to “unforseen difficulties”.
http://www.mindfulmoney.co.uk/wp/shaun-richards/belgium-and-dexia-are-now-trapped-in-an-unholy-embrace-where-the-biggest-loser-will-be-taxpayers/
That pretty much sums it up.
Looks like we are at step 11 or 12 depending your view here in the US. I'd argue TBTF is the new synonym for nationalization these days. I'd also say you can make a case for Dodd-Frank act being nothing more than the official codification of TBTF under the guise of regulation.
Interesting article on Dodd-Frank
http://watchdog.org/65786/study-warns-dodd-frank-could-trigger-financial...
William, pls get a picture of Bagdad Bob and Grilli.
Sounds like JKE... Jedi Knight Economics
This is not the economic reality you're looking for...
Fuck you, bunch of lying fucking stinking pricks. Fucking eat shit.
Take off the kid gloves.. ;)
As LofP says below, when the fuck are the guillotines going to see blood?
I prefer: Fuck you, bunch of lying fucking stinking pricks. Eat a bag of dicks.
They say you are what you eat Paschi!
O.K., so now even when it's only semi-important you have to lie.
I know several farmers who could use some of that "non-bailout" aid. This drought has been nasty and it continues (vineyards doing great). Admittedly my fruit and nut trees don't mind and the hops are doing well, but that is why you diversify.
In any case, fuck the motherfucking paper-pushers, when are the fucking guillotines going to roll already?
. "I know several farmers who could use some of that "non-bailout" aid.
How about “NO AID TO ANYONE!”?
No aid to bankers.
No aid to farmers.
No aid to octomoms.
What happens to a lion, a skunk, or a spirochete bacterium when they can’t find something to eat? Well, they fucking die! Unless, of course, they apply for some kinda AID. ;-)
The sooner we will get rid of the concept of AID the better.
Looney
Go look up the definition of "sarcasm" dipshit and stop worrying about it, that which cannot be sustained, won't be. My tribe and I will be just fine.
It a lian bankster.
and the shit comming out of your mouth does'nt stink,right?
They have mastered the game. Keep telling people that things are fine and eventually, people will believe it. Why? Because the markets are going up so everything must be fine. (Smart people know this is bullshit, but the smart people have also had their asses handed to them going short) They know that no one does any real due diligence these days and what controls the tape are those headline scanning algo's. I know one day the shit will hit the fan, but the question is how many shorts will be left to make money on the other side.
There is a better chance at this point that when the shit hits the fan you put on cnbc and you see the camera panning on empty desks with an empty trading floor in the backround. Good luck with your shorts then. The only question is that tomorrow or 2045.
That's my belief. When the time does come to short the market , there won't be a market there to short. Everything will have vaporized. I just hope it's not in 2045.
The contrarian view of course is that it has become a "hotel california" market. "Officially" it will always be "up". However, only the "right people" will be able to cash out.
If you want to do any real business or trading it will be done in the black markets or e-bay. In many cases, I see evidence of this already. Almost two years ago I paid a plumber in silver when running some new sewer lines. In the real world, people still need to get things done, if they cannot find true price discovery in the official market, then they will look elsewhere. Some things will never change.
Statements like this used to equate to the kiss of death in 2009
Face is not ass
This must be an exception to the rule, because that dude is one ass-faced motherfucker!
I see that the Bank of Italy's secretly printing more lieras.
next lie
reading the headlines; all lies
can anyone tell the truth anymore.
calling london...
calling the pope?
anyone, please just tell me the truth, i beg...
When they say it's not a bailout, then it's a bailout.
This is not the bailout you're looking for....
-Monte Paschi
Looks like the end game is not to far away. They get more nutty in their statements as the control slips away and paranoia creeps in to fill the void.
CAN YOU GIVE ME A MILLION DOLLAR LOAN?!
but...
Let's not call it a loan...
CALL IT A GIFT!
well done mussari, he's the one!
Off topic but relevant to past posts-
At CT gun hearings Mark Mattioli who lost son at Sandy Hook gave powerful testimony that more gun regulations are not the answer--civility is---
http://www.youtube.com/watch?v=B0xLbhWsUfE&feature=youtu.be
But the best was Linda Czaplinski who began by chastizing the sleeping legislators for not paying attention and then gives them hell for taking away our rights:
http://www.youtube.com/watch?v=JbJmlz40su4
As one commenter said,
"I love this? lady...
LINDA CZAPLINSKI FOR PRESIDENT!"
I'd imagine that many of you aren't fluent in Italian. Allow me to translate...
The Banko is out of lira, needs bailouto immiadiato or it is finito
What he's prescribing is an Italian supository. A central bank in-u-endo, where all the people take it in the ass.
on topic
one big sock puppet show everywhere i look
dc
courts
streets
tptb will mold the outcome to take money from your pockets
and/or liberties given to you upon your first breath of air
slow drip so you won't get too alarmed
big drip after an event
all of a sudden-wtf happened
bank acct frozen
no travel
jmfo
Grill'd but still solid.
Questo non è un piano di salvataggio
Aid is not bailout.
Fee is not tax.
Grilli in Italian means crickets...and crickets are known to be good singers....when italian bankers sing..they end up in a nasty way...see Michele Sindona and Roberto Calvi.
These are not the droids you are looking for.