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Europe Bailout #5 Is In The Books

Tyler Durden's picture


After Greece, Ireland, Portugal, and Spain, we just got domino #5. They are falling real fast now:


And now just the fulcrum domino is left. The boot-shaped one.

Cyprus bond yields are now back at record highs...


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Wed, 06/13/2012 - 10:36 | 2521624 mayhem_korner
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Bailing out Cyprus is like striking out a pitcher.

Wed, 06/13/2012 - 10:46 | 2521697 Stoploss
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Damn, i love it!!!

Wed, 06/13/2012 - 10:49 | 2521714 Fish Gone Bad
Fish Gone Bad's picture

Is Cyprus even a real country?

Wed, 06/13/2012 - 10:56 | 2521747 The Swedish Chef
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Not really. It´s Turks and Greeks not being able to decide or war it out over sovereignity so they called it even and shared.

Wed, 06/13/2012 - 11:17 | 2521860 SilverTree
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"Shiarly you can't be serious...yes, and don't call me Shiarly."

Wed, 06/13/2012 - 11:49 | 2521984 sablya
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I don't understand why the $VIX is so low.  Can anyone explain the level of complacency?

Wed, 06/13/2012 - 11:56 | 2522019 Scalaris
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- Passed around by so many invaders, than chlamydia in a Thai whorehouse, since 10,000 BC. 

Wed, 06/13/2012 - 11:07 | 2521788 Element
Wed, 06/13/2012 - 10:48 | 2521708 johngaltfla
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Yes but with their stock market down 97.5% from it's peak, it's sort of a moot point until they start pumping oil and natural gas out of their vast reserves they have discovered.


The charts do not lie...


7 Charts Indicate Why Europe is Doomed
Wed, 06/13/2012 - 10:37 | 2521626 jover
jover's picture

Reboot the system

Wed, 06/13/2012 - 10:59 | 2521758 Vaiman
Vaiman's picture

Markets don't seem too worried today!

Wed, 06/13/2012 - 11:12 | 2521828 RiverRoad
RiverRoad's picture

The worse it gets, the better it will be; QE to infinity.

Wed, 06/13/2012 - 10:37 | 2521628 icanhasbailout
icanhasbailout's picture

Everybody in! Last one to ask for money gets nothing!

Wed, 06/13/2012 - 10:48 | 2521706 CommunityStandard
CommunityStandard's picture

Hurry!  We have to destroy our banks otherwise we don't get any money!!!

Wed, 06/13/2012 - 10:37 | 2521629 williambanzai7
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Wed, 06/13/2012 - 10:42 | 2521650 Wakanda
Wakanda's picture

Italia!  First in my heart and last PIIG to be slaughtered.

Hey paisano!  Basta wit' da extend and pretend.

Wed, 06/13/2012 - 10:41 | 2521657 HoofHearted
HoofHearted's picture usual. You are a treasure and bring joy to many people. A thing of beauty...and most of your stuff fits that description of beautiful in my mind.


Wed, 06/13/2012 - 15:34 | 2523034 bubbleburster
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Brilliant !!!!!!!!!

Wed, 06/13/2012 - 10:37 | 2521630 Conman
Conman's picture

Oh makes sense why everythign is going green.

Wed, 06/13/2012 - 10:59 | 2521759 EscapeKey
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Oh no, that's due to "investor money on the sidelines", "bargain stocks", and "low forward P/E ratios".

Haven't you learned anything from CNBS?

Wed, 06/13/2012 - 13:48 | 2522439 CrimsonAvenger
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Don't forget about the fundamentals. I think people really overlook those sometimes.

Wed, 06/13/2012 - 10:38 | 2521632 Joshua_D
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Wed, 06/13/2012 - 10:38 | 2521634 CreativeDestructor
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Wake me up when they start begging for bail-ins

Wed, 06/13/2012 - 10:45 | 2521635 hedgeless_horseman
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Italy will be fine.  They are sitting on this little off-balance-sheet asset...

If the certificates were real, for Italy it would be like hitting the jackpot. The fine alone would amount to € (euro) 38 billion, five times the estimated cost of rebuilding quake-devastated Abruzzi region. It would help Italy’s eliminate its public deficit.

And this little jewel...

During the Second World War several countries at war printed and put in circulation perfectly counterfeit enemy money. It is also historically established that some central banks, like the Bank of Italy 65 years ago, issued the same securities twice (identical registered number and code). This way they could print more money with legal tender than they officially declared. The main difference though is that 65 years ago the world was involved in a bloody war, which is not the case today.

I am not so sure the Italians know that they are not at war, today.

Wed, 06/13/2012 - 10:55 | 2521741 Fish Gone Bad
Fish Gone Bad's picture

There's a war going on all right.  Eveyone sees it, and yet does nothing about it.  It is kinda like Watership Down, except it is happening to people, not rabbits.

Wed, 06/13/2012 - 11:09 | 2521775 hedgeless_horseman
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News from the Italian Front...


An expert in counterfeiting shows details of counterfeit euro notes at the Italian Carabinieri Currency Anti-Counterfeiting Unit in Rome last month. 

Image Credit: New York Times News Service


Campania, Italy While Eur-ope's financial overlords debate the wisdom of spurring growth by letting the European Central Bank print more money, some enterprising sorts in this semi-urban sprawl northwest of Naples are taking matters into their own hands and printing reams of counterfeit euros.


"In Italy, there's a great, ancient and august tradition: Here, they make fake money, done well."


Good ol' Italian artistry!

Wed, 06/13/2012 - 11:35 | 2521925 lolmao500
lolmao500's picture


I am not so sure the Italians know that they are not at war, today.

Well the way they fought back then, they probably didn't know back then either...

My history teacher always said the most intelligent in Europe during WW2 were the Italians... the only ones who were bright enough to do everything but fight in this stupid war.

Wed, 06/13/2012 - 10:41 | 2521637 Wakanda
Wakanda's picture


Wed, 06/13/2012 - 10:39 | 2521641 SeverinSlade
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How long until FrAA+nce needs le bailout?

Wed, 06/13/2012 - 10:52 | 2521728 valley chick
valley chick's picture

Are you in a hurry?  :)   Patience SS...let me enjoy watching Italy...

Wed, 06/13/2012 - 11:33 | 2521912 lolmao500
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I think the UK will need a bailout before France... and that would be a problem...

Wed, 06/13/2012 - 10:39 | 2521643 Dorky
Dorky's picture

Are you in debt?


Wed, 06/13/2012 - 11:02 | 2521773 EscapeKey
EscapeKey's picture

Not in debt?

What are you, a terrorist?

Wed, 06/13/2012 - 11:34 | 2521922 slewie the pi-rat
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Wed, 06/13/2012 - 10:40 | 2521645 HoofHearted
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Then the ECB should have no problem loaning me a couple hundred million. I'm going to go buy PMS and arable farmland with it, so I'm doing a much better job of investing the ECB's money than any of the other nations. I might even be willing to hire a Eurolackey or two to help me clear the land and get the house and barns up to my standards...(here's the key- squirrel away enough of their cash to make the first year or two worth of payments. By then the euro is kaput...and we don't have too many worries on the payback.)

Wed, 06/13/2012 - 10:49 | 2521709 ihedgemyhedges
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"I'm going to go buy PMS...."

I'll sell you my wife's.........Hell, I'll PAY YOU TO TAKE IT OFF MY HANDS!!!!!!!!!

Wed, 06/13/2012 - 10:41 | 2521654 muppet investor
muppet investor's picture

The bailout market is in a bubble.
Be carefull

Wed, 06/13/2012 - 11:01 | 2521768 mayhem_korner
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muppet to muppet, r u saying we should short bailouts?

Wed, 06/13/2012 - 10:42 | 2521659 urbanelf
urbanelf's picture

I've been saying it over and over: if Cyprus falls, God help us.

Wed, 06/13/2012 - 10:51 | 2521727 Matt
Matt's picture

Sarc? Cyrpus is tiny, they should have gotten themselves a bailout at the front of the line, while there was still money.

Wed, 06/13/2012 - 11:27 | 2521887 Element
Element's picture

one more grain of sand on a sand pile exceeding the angle of repose ... who knows which extra grain triggers the avalanche

Wed, 06/13/2012 - 12:04 | 2522052 Al Huxley
Al Huxley's picture

There's always more money for bailouts.  Spain will lend it to them, using the money they borrowed from Italy.

Wed, 06/13/2012 - 10:42 | 2521666 Auburn
Auburn's picture

Very bullish!  Another boost for equities (I don't get it anymore anyways!!!)


Wed, 06/13/2012 - 10:49 | 2521715 John Law Lives
John Law Lives's picture

It doesn't have to make sense to us.  The Machine that controls the vacuum tubes exists to enrich itself.

Anyhow, there are rumors floating that the Fed will become even more accommodative.  The gerbil wants its crack pellet... and it wants it now.

Wed, 06/13/2012 - 10:57 | 2521740 semperfi
semperfi's picture

Simple really:


1.  X runs out of money
2.  markets sniff Y opening the ink jar
3.  Y prints up money for X
4.  rinse & repeat

Wed, 06/13/2012 - 10:48 | 2521703 SmoothCoolSmoke
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SPY pump deja vu.  Just like yesterday the minute.  Unreal.

Wed, 06/13/2012 - 10:50 | 2521717 Village Smithy
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If you are trying to short this market keep in mind that you are working against an endless stream of well placed lies as well as unlimited ZIRP funding available to the PDs to squeeze you with. They will keep playing this game until it doesn't work anymore.

Wed, 06/13/2012 - 11:35 | 2521924 Rip van Wrinkle
Rip van Wrinkle's picture

And when it doesn't work any more.......?

Wed, 06/13/2012 - 10:50 | 2521721 j0nx
j0nx's picture


Wed, 06/13/2012 - 10:52 | 2521730 ptoemmes
ptoemmes's picture

So, the Ruskies got boxed out if they were in fact ever in the game?

Wed, 06/13/2012 - 10:56 | 2521746 LULZBank
LULZBank's picture

"FREE MONEEZ!!! Come everyone and get some!!"

"NO! Not you peasant! Now give me what you have in your pocket and Fuck OFF!"

Wed, 06/13/2012 - 11:30 | 2521896 Morrotzo
Morrotzo's picture

Cyprus, huh? Now CYPRUS needs a bailout? Shit, ask Americans to point to Cypress. If they manage to point to the Florida Everglades, be impressed and award an A For Effort.



Wed, 06/13/2012 - 12:12 | 2522075 flacon
flacon's picture

The answer I usually get is: "Cypress Hill? What?"

Wed, 06/13/2012 - 11:40 | 2521945 SDRII
SDRII's picture

Israel major find offshore block


Russia to loan Cyprus 2B


Israel says will deploy 20K commandoes to Cyprus


Cyprus seeks $5B more from Russia



Iraq calling out US/GCC for arming Syrian rebels: A senior Iraqi politician blamed the US and certain Arab regimes for providing logistical and financial support for the terrorist groups, including the al-Qaeda, which embark on deadly attacks against civilians in Syria and Iraq. "A majority of the Al-Qaeda's terrorist attacks on Iraq's and Syria's soils reveal the logistic and financial support of the US side and the Persian Gulf (Arab) states for the al-Qaeda," Secretary-General of Naseri stream in Iraq Hussein al-Robai'ee told FNA on Wednesday. Meanwhile, A string of coordinated suicide bomber attacks in Iraq killed at least 56 people during a Shi’ite religious festival on Wednesday, media reported.


& Russia too: Russian Foreign Minister Sergei Lavrov on Wednesday accused the United States of supplying weapons to Syria’s rebels, worsening the conflict engulfing Moscow’s allied regime in Damascus. “They (the United States) are providing arms and weapons to the Syrian opposition that can be used in fighting against the Damascus government,” he said, speaking through an interpreter in response to a question about arms sales to Syria at a news conference in Tehran shown on Iranian state television.

Wed, 06/13/2012 - 11:48 | 2521951 SDRII
SDRII's picture

almost forgot...

Cyprus, which takes over the presidency of the European Union on July 1




Israel-Cyprus Deal on Gas as Lebanon Won’t Negotiate: Lebanon and Israel have no defined maritime border, while Turkey doesn’t recognize the Greek Cypriot-led government of the Republic of Cyprus and relations with Israel have soured since Turkish activists died on a Gaza-bound flotilla two years ago. Tensions boiled over when Turkey sent an exploration vessel accompanied by warships and jets to stop Cyprus drilling for oil and gas last year. Cyprus is working with Israel, 300 miles (480 kilometers) south across the Mediterranean Sea, on the potential construction of a pipeline to connect their gas fields. The link would allow the countries to meet domestic demand before liquefying the fuel for export, Israeli Prime Minister Benjamin Netanyahu said Feb. 16.

Wed, 06/13/2012 - 11:54 | 2522006 slewie the pi-rat
slewie the pi-rat's picture

slewienimics 2E4UQT pop quiz!  Q1:  who tf sed:

Here at our __ headquarters, we remain sans soucis. Which is another way of saying, we’re enjoying the show. What will the fixers do next, we wonder? Every fix makes things worse. But they keep at it.

For the benefit of Dear Readers with skin in the game, we leave our “Crash Alert” flag up for a few more days. This market could go to hell in a hurry. If you’ve got skin in the game, get it out.

huh?  that is from yesterday as is Q2:  who tf sed:

In reply, he thrusts a copy of the Tampa Bay Times, my local laughably provincial leftist rag, which (as you would expect) carried an essay by Paul Krugman, a man whom I consider, with a particularly acid venom, one of the worst neo-Keynesian econometric halfwits in the known world, the shame of Princeton University, a shame he shares with Ben Bernanke, chairman of the loathsome, demonic Federal Reserve. 


Well, my eyes were kind of going in-and-out of focus by this time, but the adrenaline of my outrage soon focused my attention wonderfully when he demonstrated his insanity by pontificating that, even though it has been discredited for so long that it is beyond incredible that he would dare say it, "Our debt is mostly money we owe to each other."

answer to Q1 here answer to Q2 here bong-ho, BiCheZ!
Wed, 06/13/2012 - 12:04 | 2522045 Bastiat009
Bastiat009's picture

Yeah, another bailout ... let's throw more money we don't have into a bottomless pit ... that's euro positive. Whoever is trading the euro today needs to get their heads examined.

Wed, 06/13/2012 - 13:57 | 2522488 Grand Supercycle
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Rally Warning Continues...

SPX bullish daily chart & USDX bearish daily chart strengthen.

Significant equity / EURUSD upside & USDX retracement ahead.

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