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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mayhem_korner's picture



Bailing out Cyprus is like striking out a pitcher.

Fish Gone Bad's picture

Is Cyprus even a real country?

The Swedish Chef's picture

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.

SilverTree's picture

"Shiarly you can't be serious...yes, and don't call me Shiarly."

sablya's picture

I don't understand why the $VIX is so low.  Can anyone explain the level of complacency?

Scalaris's picture


- Passed around by so many invaders, than chlamydia in a Thai whorehouse, since 10,000 BC. 

johngaltfla's picture

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
jover's picture

Reboot the system

Vaiman's picture

Markets don't seem too worried today!

RiverRoad's picture

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

icanhasbailout's picture

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

CommunityStandard's picture

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

Wakanda's picture

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

Hey paisano!  Basta wit' da extend and pretend.

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.


Conman's picture

Oh makes sense why everythign is going green.

EscapeKey's picture

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?

CrimsonAvenger's picture

Don't forget about the fundamentals. I think people really overlook those sometimes.

CreativeDestructor's picture

Wake me up when they start begging for bail-ins

hedgeless_horseman's picture



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.

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.

hedgeless_horseman's picture



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!

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.

SeverinSlade's picture

How long until FrAA+nce needs le bailout?

valley chick's picture

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

lolmao500's picture

I think the UK will need a bailout before France... and that would be a problem...

Dorky's picture

Are you in debt?


HoofHearted's picture

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.)

ihedgemyhedges's picture

"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!!!!!!!!!

muppet investor's picture

The bailout market is in a bubble.
Be carefull

mayhem_korner's picture



muppet to muppet, r u saying we should short bailouts?

urbanelf's picture

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

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.

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

Al Huxley's picture

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

Auburn's picture

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


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.

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

SmoothCoolSmoke's picture

SPY pump deja vu.  Just like yesterday the minute.  Unreal.

Village Smithy's picture

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.

Rip van Wrinkle's picture

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

ptoemmes's picture

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