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Austria Fails To Ratify EFSF Expansion, EURUSD Plunges

Tyler Durden's picture





 

Update: never a dull day as apparently there is a silver lining: from Reuters "Austrian finance minster says parliament only rejected changing the agenda; EFSF vote will be delayed with a special meeting to be called"

Yup, Europe is open, and the suiciding has started early.

  • AUSTRIAN PARLIAMENT COMMITTEE DOESN'T APPROVE EFSF UPGRADE
  • AUSTRIAN PARLIAMENT COMMITTEE NEEDED 2/3 MAJORITY

As a reminder all countries need to ratify the EFSF, even the weakest links, or else no bailout. As Peter Tchir reminds: "And Austria is AAA, it is needed for EFSF to get AAA on its size, would have to be cut back by about 15 billion EUR to still have AAA.  Though I would guess this gives other countries the courage to say enough is enough."

Full Austrian government statement here and translated into English. Early game over?

 


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Wed, 09/14/2011 - 10:23 | Link to Comment kato
kato's picture

Immer wieder Österreich

Wed, 09/14/2011 - 10:26 | Link to Comment PY-129-20
PY-129-20's picture

Felix Austria!

Wed, 09/14/2011 - 10:36 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

The hills are alive with the sound of Eurosick!

09-14 10:24: German economic minister says German government expressly opposes Eurobonds...

Wed, 09/14/2011 - 10:23 | Link to Comment Rich V
Rich V's picture

Ouch that hurt!

Wed, 09/14/2011 - 10:23 | Link to Comment Irish66
Irish66's picture

surprise

Wed, 09/14/2011 - 11:26 | Link to Comment Irish66
Irish66's picture

October vote

 

Wed, 09/14/2011 - 10:23 | Link to Comment traditionalfunds
traditionalfunds's picture

Herding cats

Wed, 09/14/2011 - 10:25 | Link to Comment Quintus
Quintus's picture

Excellent.  Let the games begin!

Wed, 09/14/2011 - 10:25 | Link to Comment SMG
SMG's picture

Guess this is what hit SocGen.  It must be great to have access to information before the public does.

Wed, 09/14/2011 - 11:00 | Link to Comment Hansel
Hansel's picture

Having used a bunch of news services, for the average joe following zerohedge on twitter comes pretty close for breaking news.  FGoria is another good follow.

Wed, 09/14/2011 - 13:50 | Link to Comment roblondon
roblondon's picture

Great to see I came to the right website.

Wed, 09/14/2011 - 10:26 | Link to Comment pappyhlace
pappyhlace's picture

someone page the PPT assistance needed immediately

Wed, 09/14/2011 - 10:30 | Link to Comment fuu
fuu's picture

Blue line needs food.

Wed, 09/14/2011 - 10:26 | Link to Comment alien-IQ
alien-IQ's picture

Expecting news of Haiti and Cuba stepping in to bail out the entire EU any minute now....

Wed, 09/14/2011 - 10:31 | Link to Comment MM
MM's picture

Damn man, I hate you! I spit coffee all over my monitor.

Wed, 09/14/2011 - 10:36 | Link to Comment alien-IQ
alien-IQ's picture

I hate it when that happens. That's why I only drink Scotch when I'm trading. I find it cleans up much easier.

Wed, 09/14/2011 - 10:26 | Link to Comment Cassandra Syndrome
Cassandra Syndrome's picture

Lovely. The Austrian School bitchez

Wed, 09/14/2011 - 10:27 | Link to Comment pacdm
pacdm's picture

its ok, just bend the rules 

 

Wed, 09/14/2011 - 10:26 | Link to Comment daily bread
daily bread's picture

this is what the chairsatan wanted, right?  so he can do QE3

Wed, 09/14/2011 - 10:27 | Link to Comment Byte Me
Byte Me's picture

I guess the Austrians want their Shilling back too then.

Wed, 09/14/2011 - 10:26 | Link to Comment monopoly
monopoly's picture

And now it begins.

Wed, 09/14/2011 - 10:28 | Link to Comment dwdollar
dwdollar's picture

...and now the bounce.

Wed, 09/14/2011 - 10:29 | Link to Comment Archimedes
Archimedes's picture

I don't think the Bots truly understand what this means. Dow only down 70pts.

Wed, 09/14/2011 - 10:29 | Link to Comment PulauHantu29
PulauHantu29's picture

Österreich uber alles!

Wed, 09/14/2011 - 10:29 | Link to Comment TradingJoe
TradingJoe's picture

Ja Ja die Oesterreicher haben EIER so gross wie Schnitzel :))) Leider hben wir hier HFTs und die werden es schon Richten eh?!

Wed, 09/14/2011 - 10:43 | Link to Comment disabledvet
disabledvet's picture

Yavuhl herr...herr...herr Gould!

Wed, 09/14/2011 - 10:30 | Link to Comment Fips_OnTheSpot
Fips_OnTheSpot's picture

Slovakia cant gather majority on EFSF upgrade approval also.

SO - so far "yah": 1 (France); "nein!" 2 (Austria, Slovakia). 14 to go.

Wed, 09/14/2011 - 10:34 | Link to Comment alien-IQ
alien-IQ's picture

let's just hope they aren't using Diebold voting machines. Those things seem to have a mind of their own.

Wed, 09/14/2011 - 10:41 | Link to Comment Fips_OnTheSpot
Fips_OnTheSpot's picture

You mean the secret remote "push buttons"? ;-)

My bet is that esp. those countries which are still within stability-criterias of maastricht-contract will be against bailing out (read: upgrading EFSF). Yes, there are already criterias in place, just noone cares. Not even FR or DE did.

 

Just figures!

Wed, 09/14/2011 - 10:31 | Link to Comment LookingWithAmazement
LookingWithAmazement's picture

No problem. Sarkozy wants to keep the Greeks coute-que-coute within the euro. So France is gonna pay all.

Wed, 09/14/2011 - 10:31 | Link to Comment pappyhlace
pappyhlace's picture

bounce up to 1170 and...fail

Wed, 09/14/2011 - 10:31 | Link to Comment JSD
JSD's picture

and here is your SocGen news...

Wed, 09/14/2011 - 10:34 | Link to Comment Archimedes
Archimedes's picture

Didn't Turbo Timmy just DEMAND that Germany and the rest of Europe do more and expand the bailout fund? Didn't he say there is a zero chance of another Lehman event?

"The US will NEVER lose its Triple A rating"

OK...when does this guy get tried and hanged for treason against America? I am dead serious....

Wed, 09/14/2011 - 10:36 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

Get real.  Only the serfs are held accountable for their words and actions.

Wed, 09/14/2011 - 10:40 | Link to Comment Apostle of Unknown
Apostle of Unknown's picture

Nice bounce though, I guess we'll keep levitating until the bots finally turn off the liquidity.

Wed, 09/14/2011 - 10:41 | Link to Comment AngryGerman
AngryGerman's picture

i actually read AUSTRALIA first, and did not even wonder that they are talking about bailing out europe

Wed, 09/14/2011 - 10:43 | Link to Comment LookingWithAmazement
LookingWithAmazement's picture

Believe me, all the doomers will turn out wrong for the x-th time. All 17 europarliaments will agree with the packages, sceptics dare not protest or act. The default rumors will fade, Greece will get its needed 8 billion, to pay the bills from Oct. until December. Then it will get another needed amount. And so on. Really, all the talks, panics and other nonsense will just fade and at best come back every 3 months for a short period. The euro will survive, politicians decide, taxpayers pay and the euro and everyone will live "happily" ever after. No Armageddon. All ends well. Merry Christmas. Boring world we live in.

Wed, 09/14/2011 - 10:44 | Link to Comment H. Perowne
H. Perowne's picture

Best of all possible worlds, right Candide? Hopium is probably not the best asset to stockpile right now.

Wed, 09/14/2011 - 10:47 | Link to Comment Gandalf6900
Gandalf6900's picture

unfortunately I couldn't agree more....unfortunately

Wed, 09/14/2011 - 10:54 | Link to Comment alien-IQ
alien-IQ's picture

To be well adjusted to a sick society is not a sign of good mental health.

Wed, 09/14/2011 - 10:54 | Link to Comment erik
erik's picture

moral hazard alert

Wed, 09/14/2011 - 10:45 | Link to Comment pappyhlace
pappyhlace's picture

A...B...now C

Wed, 09/14/2011 - 10:51 | Link to Comment erik
erik's picture

S&P failed first attempt at breakout of top side of flag (~1180), and also filled the downside gap from Sept 9th.  Technicals bearish so far.  Bottom side of flag is down near ~1150.  Breakout of bottom side means a re-test of ~1100.

Descending megaphone chart pattern on SPY so far today.

Wed, 09/14/2011 - 11:40 | Link to Comment erik
erik's picture

S&P re-testing top side of flag right now after China news. 

Wed, 09/14/2011 - 10:56 | Link to Comment Maxwell Smart
Maxwell Smart's picture

News about Finnish 'collateral' demands, everybody already knew that anything would have been acceptable, but in this version you have to pay for collateral. Arrgh!

Another lovely Google translation:

Austria: The collateral is so expensive that only Finland will take them
14.09.2011 16:56 | Comments
A A Reuters, STT, HS

Vienna. Austria proposes that all countries of the euro would have the right to demand collateral in exchange for economic aid for Greece.

Austrian Finance Minister Maria Fekterin According to the idea, however, is that the collateral would be so expensive that only Finland would take them.

"Right. Austria drove the matter in this direction", Fekter said on Wednesday.

Fekterin that can not be in such a way that would guarantee only Finland, but the same right should be in all the euro countries.

On Tuesday, German Chancellor Angela Merkel in Berlin, met with Prime Minister Jyrki Katainen (Nat. Coalition Party) said that the issue of Finnish required collateral is still open and working to resolve it continues to minister and senior official level.

Wed, 09/14/2011 - 11:16 | Link to Comment bania
bania's picture

Kreditanstalt. It all starts in Austria.

Wed, 09/14/2011 - 11:23 | Link to Comment ex VRWC
ex VRWC's picture

All of these so-called 'ministers' and 'officials' continue to pledge their nations to things that their voters and parliaments will not ratify.  You have a parliament doing one thing, representing the people, then you have career bureaucrats doing another thing because they fear the great unwind.  This is really a classic case of people versus their entrenched government bureaucrats.  How will 'democracy' hold up?

Wed, 09/14/2011 - 11:41 | Link to Comment iamtheeggman wh...
iamtheeggman whooooooooooooo's picture

Austria Actually Does Not Reject EFSF Expansion, Market Rebounds

http://tinyurl.com/6acsyhy

WSJ MarketBeat

You put your right foot in, you pull your right foot out....

Wed, 09/14/2011 - 12:10 | Link to Comment msmith
msmith's picture

It's only a matter of time before the Euro falls further against the USD.  http://bit.ly/ocGIvk

Interesting bearish EURUSD forecast here http://bit.ly/oYIfxA

Wed, 09/14/2011 - 13:14 | Link to Comment jhm
jhm's picture

Oh, Austria!

/sarcasm on

Despite the fact that the austrians altogether each and every one of them have been on the core of the resistance against Hitler from day one in 1938 until the end in 1945 and after the war declared themselves the prime innocent victims of those nasty Germans and hence no one in his right mind in Germany takes those guys serios they at least now showed some guts.

These austrians are a lovely folk, backward dwellers of them alps, themselves being historically nothing else but germans of austrian locality all of them without exception, with a artificially constructed local self-conception made into a state doctrine of national identity due to the treaty of Saint Germain imposed upon Cisleithania (the germanic part of the former Austro-Hungarian Empire) after 1918.

/sarcasm off

For that move today alone they have my utter respect for which i am willing to forgive and forget all historical resentments against them Schluchtenscheissers (epithet for an austrian, literally a chasm-shithead, used in Germany), as a Piefke (epithet for a stiff, dry and humour-free prussian, used in Austria), what has been done in their parliament committee today may be far more in the end than our politicians in Berlin will ever have the balls to do.Bravo!

Tu felix austria recusare!

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