Europe Imploding (Again) Following Another Ugly Italian Bond Auction, WSJ Article Discussing French Bank Nationalization

Tyler Durden's picture

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HelluvaEngineer's picture

What the?!  We fixed this yesterday.  Oh well, time to get back to work.  Get China on the phone.

RemiG2010's picture

I hoped, the first post would be something like: "Welcome to Hell Bitchez!" or "Catastrophique so Magnifique!" I am disappointed.

max2205's picture

Hello New York, BUY. Hello Chicago. SELL!!!!

Hoppian's picture

Putain de merde!

williambanzai7's picture

I for one think the Financial Times owes a public explanation.

HelluvaEngineer's picture

If you didn't let them hit your stops yesterday, I think you'll have it back soon enough.

DefiantSurf's picture

I was talking about my FT subscription, not my trades...I'm on the sidelines, simply don't have the balls to try and play this "market" money is in physicals

Irish66's picture

The writer was on at 5 on CNBC..he covered his butt..hope, weeks, months.

Herman Strandschnecke's picture

I think I can explain: the item was lost in translation. It was a ufo seen over china reported originally and it unfortunately became a UIO (Unidentified Italian Official) seeks out China liason. Chinese whispers-always a problem.

Sueco's picture

I wonder how much was bought by the criminals at ECB

Sequitur's picture

Hey look, Paribas = Bear Stearns CEO on CNBC, circa 2008 saying "we don't need no stinkin' money":

DefiantSurf's picture

Denial is the first step in problem resolution

papaswamp's picture

All is well...cue the next Chinese or Russian (snicker) rumor! market spike again!.weeeeee!


It really is going to be a bigger face plant than Lehman. I guess the German people are ready to go down with the more crispy Mercades reported.

Zgangsta's picture

All of this is, of course, bearish for gold, as the perfectly logical market reaction has shown.

AUD's picture

What would be most interesting is what USD 'assets' have these eurobanks been left holding? Obviously not UST's or even GSE's.

buzzsaw99's picture

So the French bank's business model relied on constantly rolling short term funds from Vanguard and Legg Mason? Hey, when even Bill Miller can read the writing on the wall they have a serious problem. At least they still have Fidelity and FII huddled on the very short end.

LongSoupLine's picture

Meanwhile at SEC enforcement HQ...

Director of Enforcement: "Ok boys, saddle up we're heading to FT for a raid dubbed "Operation Horseshoe Crush".

Workers: "Yes, sir!"

Director: "OK, move it!!  Get the raid gear and op's kit in the vans and...WHOA...who's computer is this?!  Check out the rack on her!!  Scratch the operation, we'll do it another day, we've got some surfing to do.  Someone grab the emergency hand lotion kit and let's get to...errr, work."

Kuri's picture

Italian language as used by bond sellers when time to pay has come : "you see, i cannot pay you right now buuut... (please, keep your gun in your pocket)... buuuut, i've rich friends, y'know ? Ok, they live a bit far from here but they're gonna lend me the money for sure and I pay you back asap. With an extra interest rate. Sounds good, no ? A looot of interest, actually. Just tell me how much interrest you want and you get it. Still friends ? "

ZeroPower's picture

In early September, BNP released a statement—in English, which is highly unusual


Haha...this is true. Their traders even talk on the sqwuak box in french!

falak pema's picture

How can Europe implode, it  doesn't exist. At worst, my baguette will cost less in french francs than it does today in euros. It will go back to pre-2000 prices. Jacques Delors will be remembered like Aristide Briand who advocated the European Union back in 1929 at the League of Nations after WW1. We know how that ended.

unununium's picture

WSJ: Hurry up and fail, French banks!  We got our own levitating shite over here and we need to make good on a few swaps.

dogster's picture

Ron Paul Oversight hearing on sound money - 2pm est

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