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Europe Is Now Officially Bazooko's Circus - Italy To Provide €23.5 Billion In IMF Cash To Bailout Italy

Tyler Durden's picture




 

The EU was already embarrassed into releasing a press release that it could procure €150 billion in Eurozone contributions to the IMF rescue, now that the UK is out of the picture and the December 9 Eurosummit agreed upon total of €200 billion including non-Eurozone contributors (mostly the UK with €30.9 billion) has been "adjusted." Now we find that the rabbit hole goes even deeper into Bazooko's Circus because according to a just released update, of the remaining meager €150 billion in funding, Germany will be responsible for €41.5 bn, France at €31.4 billion, and Italy will need to provide €23.5 billion and Spain another €15 billion. To, you know, bailout Italy and Spain. #Ref!

 

As a reminder: Bazooko's Circus

 

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Mon, 12/19/2011 - 16:05 | 1995181 pods
pods's picture

Do these clowns collect a paycheck?

pods

Mon, 12/19/2011 - 16:13 | 1995227 Comay Mierda
Comay Mierda's picture

BAC = $4

.... and still too fuckin expensive.  Where is DICK BOVE BITCHEZ

Mon, 12/19/2011 - 16:18 | 1995275 gmrpeabody
gmrpeabody's picture

I don't believe we're in Kansas anymore....

Mon, 12/19/2011 - 18:20 | 1995693 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

 

 

"Lions, and tigers, and bears! Oh, my!"

"...How much do they pay you to screw that bear?"

Mon, 12/19/2011 - 16:46 | 1995328 ArgentoFisico
ArgentoFisico's picture

And every news on TV puts it so seriously here in Italy...

 

Tue, 12/20/2011 - 08:28 | 1997097 Ghordius
Ghordius's picture

LOL! Yes, you are so right. They talk about it in such a solemn way...

Well, Italy was always and still is a big supporter of all thing beginning with Eur-

Mon, 12/19/2011 - 16:40 | 1995409 Banksters
Banksters's picture

Circle meet JERK.

 

BITCHEZZZZZZ

 

This finance stuff is easypeasy!

 

Cheers!

Mon, 12/19/2011 - 17:25 | 1995588 OttoMBMP
OttoMBMP's picture

German gvmt wants BuBa to pay the German share to the IMF. But BuBa is independent and Weidmann didn't want to pay simply like that and with use of the funds limited to Eurozone bailouts. Would only pay if also non-EU countries (read: USA) paid in.

Has this changed? Have I missed something?

Mon, 12/19/2011 - 17:37 | 1995646 Nucking Futs
Nucking Futs's picture

Self-licking ice cream cone.

Mon, 12/19/2011 - 20:02 | 1996043 smiler03
smiler03's picture

A great cartoon from Der Spiegel, what the Germans think of the British

http://cdn4.spiegel.de/images/image-295737-panoV9-fykc.jpg

Mon, 12/26/2011 - 02:26 | 2011341 MyKillK
MyKillK's picture

They get paid by the day. And many of them show up in the morning to collect their daily allowance check and then leave. No joke, a German TV show did a great show on it.

Mon, 12/19/2011 - 16:05 | 1995183 drink or die
drink or die's picture

Looks like I picked the wrong week to stop sniffing ether.

Mon, 12/19/2011 - 18:15 | 1995769 Matt
Matt's picture

As long as its leveraged, it'll work just fine.

Sorry for the spam guys, but I'm starting up a bailout fund, looking for contributors. We each chip in $10K and bailout each other for $100K. Anyone interested, let me know.

Mon, 12/19/2011 - 20:25 | 1996081 vipobviously
vipobviously's picture

I would be happy to issue u a i.o.u. backed by the full faith and credit of the 100 g's I will receive via my bailout.

THIS IS A SERIOUS OFFER

Tue, 12/20/2011 - 06:02 | 1996996 Kiwi Pete
Kiwi Pete's picture

Ok, first wire me the $100k and then I'll wire you back the $10k. You're not Nigerian are you?

Mon, 12/19/2011 - 16:08 | 1995191 GeneMarchbanks
GeneMarchbanks's picture

Aaaand now we can safely trade green...

 

Mon, 12/19/2011 - 16:09 | 1995192 gangland
gangland's picture

and they got that cash from germany via the ecb.

 

"My thesis is that, with the sustainability of euro integration now a pressing issue, capital flight has begun in earnest.

There is evidence that huge flows have left the "periphery" banks in search of the safety of German and other "core" institutions.

A fascinating Bloomberg article on Thursday ("Germany's Hidden Risk" by Peter Coy) introduced the term "Target2".

It's the name for the European Central Bank's suddenly important interbank payment system, which before the crisis was just a lowly bit of financial plumbing. The bottom line:  

Germany's Bundesbank - BuBa for short - has quietly, automatically lent 495 billion euros ($644bn) to the European Central Bank via Target2.

That lending has balanced correspondingly huge borrowings from Target2 by the central banks of weaker nations including Greece, Ireland, and Portugal - and lately Spain, Italy, and even France.

They are technically 'claims', not loans.

To find them you have to root around in the footnotes of the reports of the 17 national central banks of the euro zone.

As Bloomberg's Coy explains it, "Target2" is basically the system for tallying and settling obligations between euro region central banks. And, clearly, there's been lots of tallying and too little settling, as fellow euro central banks accumulate enormous debts to Germany's Bundesbank.

Say, for example, a wealthy Italian - or multinational corporation - decides it's now safer to park their euros in German bank deposits rather than to leave them in Italy. The fund transfer would see balances shifted to Germany, although the Italian bank (where the funds are exiting) would likely be suffering funding issues. So this transfer would require the local bank to borrow from the Italian central bank. Through the ECB's Target2 system, the end result would be a new payable claim whereby the Italian central bank owes euro funds to the Bundesbank.

It is my view that heightened euro disintegration risk has unleashed destabilizing capital flight - within the euro region and without. I'll presume the flow out of Italian, Spanish, Greek, Portuguese and other "periphery" banks to Germany will equate to only more astonishing growth in "Target2" balances. And I'm not sure why this wouldn't turn into a serious issue for the ECB, the Bundesbank and for an already unsettled German political landscape. The high standing in which the Bundesbank is held by the German people could be at risk.

For now, the ballooning of both the ECB balance sheet and claims owed to the Bundesbank will likely be a source of market worry, weighing further on the euro and creating greater momentum for capital flight out of the European financial system. "

 

http://atimes.com/atimes/Global_Economy/ML20Dj01.html

 

Mon, 12/19/2011 - 16:10 | 1995215 GeneMarchbanks
GeneMarchbanks's picture

All of that, you could have simply read at your local zerohedge. But thanks for taking up posting space though.

Mon, 12/19/2011 - 16:19 | 1995241 gangland
Mon, 12/19/2011 - 19:47 | 1996013 Calmyourself
Calmyourself's picture

He is not pumping his own blog and frankly it was informative.  I for one do not have time to be here 24/7 or read the entire ever changing flow..  Green arrow

Mon, 12/19/2011 - 16:18 | 1995276 Vergeltung
Vergeltung's picture

yeah, have not seen that here yet.

Mon, 12/19/2011 - 18:00 | 1995722 I got the Bull ...
I got the Bull by The Horns - HELP's picture

That is why you only accept Euros with the Germans serial mark series. The German Euros are the only real cash left.

Mon, 12/19/2011 - 22:23 | 1996309 Reptil
Reptil's picture

And Dutch, and Finland's.

Mon, 12/19/2011 - 16:10 | 1995199 hambone
hambone's picture

And Spain's portion to save themselves???

Mon, 12/19/2011 - 16:09 | 1995204 Comay Mierda
Comay Mierda's picture

its ok, the bernank is flying his helicopter over there now...

Mon, 12/19/2011 - 16:09 | 1995205 Cdad
Cdad's picture

In the words of brother Dog, "Let's light this crap candle.  Flash crashes everywhere, bitchez!" 

Mon, 12/19/2011 - 16:10 | 1995206 Rusty.Shackleford
Rusty.Shackleford's picture

Dogs fucked the Pope, No fault of mine

Mon, 12/19/2011 - 16:21 | 1995303 knukles
knukles's picture

One of my neighbor's dogs was caught humping my other neighbor's baby Jesus.

Mon, 12/19/2011 - 16:42 | 1995414 Agent P
Agent P's picture

I don't know whether to go with Cousin Eddie's "...if he does lay into you, it's best to just let him finish." or the Ricky Bobby's "Dear 8 pound 6 ounce baby Jesus..." for a comment.  Either way, I'll never be able to look at a Nativity scene the same way again.  Thanks for the laugh!

Mon, 12/19/2011 - 16:30 | 1995323 hedgeless_horseman
hedgeless_horseman's picture

 

 

+1 Hunter and +1 Depp

Although, you have to have read the book to catch it in the movie.

Mon, 12/19/2011 - 16:11 | 1995222 catacl1sm
catacl1sm's picture

Is this what just scared the fuck out of the DOW?

Mon, 12/19/2011 - 16:11 | 1995225 TooBearish
TooBearish's picture

SO- I give u 1$ u give me 5$ back...nice trade

Mon, 12/19/2011 - 16:13 | 1995236 catacl1sm
catacl1sm's picture

Jack and Jill went up the hill a buck and a quarter each. Jill came down with $2.50. OOHHHH!

Mon, 12/19/2011 - 16:48 | 1995441 RobD
RobD's picture

Dice man is that you?

Mon, 12/19/2011 - 16:12 | 1995229 San Diego Gold Bug
San Diego Gold Bug's picture

Comedy of Fools!  This is going to blow up and the average person is going to get drilled!  Very sad! 

Tyler,  I saw this video on Turd's site.  Youget some Christmas love in the video!  Christmas Silver

Mon, 12/19/2011 - 16:12 | 1995230 Nozza
Nozza's picture

This is just fraud. No attempt at hiding it. How do they get away with it?

Mon, 12/19/2011 - 16:46 | 1995431 pods
pods's picture

Shhh, it's complicated.  Better not to ask.

And you dare not peek behind the curtain!

pods

Mon, 12/19/2011 - 18:21 | 1995784 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

 

 

Our fractional-reserve money creation system had this day baked into its cake.

It is a system that expands as rapidly as the consume-and-exhaust Petri dish economy and human population asks that it expand, and works wonderfully for that purpose during those (now bygone) years of macro growth.

The credit-money-from-debt, fractional-reserve money-creation system is a game of musical chairs. Or playing hot potato with hand grenades (trading the hand grenades for a profit each trade, as is the custom of the markets).

A bust follows every boom, be it on the local community level or the macro-economy level.

It's a mathematical result of there being always more debts on the books than money in existence. The decision was made -- for the sake of the non-negotiable way of life of the Western consumers and for the sake of the one-world financial-corporate-military empire -- that some institutions are "too big to fail" and we must therefore artificially induce the "boom" (grow the money supply) bigger to stave off the bust.

One could say it was fraud from the beginning, as some of the Schiff family did (see page 25 here). One could definitely call it fraud after 2008. Again, here we are again with a new level of fraud.

No attempt to hide it, except through the manipulative cultural propaganda and rhetoric of the media machine.

And yet: no need to hide it, either. It's like rape in the family. We Western consumers turn a blind eye to it because it's easier than looking at the truth of the situation.

How do they get away with it? The madness of crowds. Extra-ordinary delusions.

Those who live by numbers can also perish by them and it is a terrifying thing to have an adding machine write an epitaph, either way.

 

The Money Game

Mon, 12/19/2011 - 16:12 | 1995233 Jlmadyson
Jlmadyson's picture

We have entered the twilight zone.

Mon, 12/19/2011 - 16:23 | 1995317 lolmao500
lolmao500's picture

We've been in it for years.

Mon, 12/19/2011 - 16:12 | 1995234 Odin
Odin's picture

LMAO.... I was just laughing so hard while watching that clip at my desk I almost had to get up and walk out of the room... Perfect analogy, Bravo Tyler...

Mon, 12/19/2011 - 16:13 | 1995240 Mark123
Mark123's picture

BAC just broke $5.  ooooooo.....nasty!

Mon, 12/19/2011 - 16:14 | 1995247 Gief Gold Plox
Gief Gold Plox's picture

I just love me some monday #Ref! humor. Thanks Tyler.

Mon, 12/19/2011 - 16:14 | 1995252 Mr_Wonderful
Mr_Wonderful's picture

BAC at $4.95. Surely the mommy of all harakiri capital infusions is imminent in the market.

Mon, 12/19/2011 - 16:16 | 1995263 SLOMO66
SLOMO66's picture

*Italy will need to provide €23.5 billion.*

 

Are you shitting me?


Mon, 12/19/2011 - 16:35 | 1995384 machineh
machineh's picture

Seriously, the theory is that laundering the money through IMF will somehow leverage it.

More likely, it will drag down the IMF's credit rating along with Europe's.

This is a case of a drowning man pulling his would-be rescuer down with him. 

Mon, 12/19/2011 - 16:43 | 1995421 SLOMO66
SLOMO66's picture

looks like Christine Lagarde might have some serious fucking brain rot. 

Do they honestly think anyone's buying this?


Mon, 12/19/2011 - 17:21 | 1995568 earleflorida
earleflorida's picture

giraffe's are insincere - such that,... not even a long enough scarf is capable of covering

Mon, 12/19/2011 - 17:49 | 1995671 falak pema
falak pema's picture

Hey, if those dumb Italian Oligarchs want to keep their country they better pay; from their accounts in Monaco.

Otherwise it'll belong to the Germans. And that means german Oligarchs will take over big corporations in Italy and those Italian Oligarchs will lose their dominant postion in own lands. It'll be like Italy à la 1940-1950, when they were run by Reich and then US occupation forces. They better remember the bitter lessons of History. 

Mon, 12/19/2011 - 16:19 | 1995271 Chestire
Chestire's picture

How does it alter the capital structure - Italy could have not let EU pay by itself on risk of losing importance.

Notice how increased capital also entitles to increased borrowing; although contribution rings similar, motives might be different.

Finally, fund leveraging for national accounts: if effectively these funds' return, be it in IMF loans or earnings of IMF action (keep in mind IMF contribution should amount to a third of EFSF's, possibly ESM's) are accounted in a particular manner, not necessarily as debt; perhaps they're 'differed earnings'...

:) Three perspectives, three European views. 

Mon, 12/19/2011 - 16:17 | 1995274 monopoly
monopoly's picture

I do not freaking believe this. What planet am I on.

Mon, 12/19/2011 - 19:51 | 1996022 Calmyourself
Calmyourself's picture

The planet where soon charismatic leaders will come forth and proclaim themselves for the people but if you look close you can see the strings over their heads connecting them to ??

Mon, 12/19/2011 - 16:21 | 1995300 Mark123
Mark123's picture

So, if a bankrupt person who is out of a job signs an agreement to buy a new car, is that really a sale?

 

This example was meant to show how silly the idea of Italy contributing to its own bailout is, but of course in America this is how GM sells most of its cars.  Sorry for the bad example. 

Mon, 12/19/2011 - 16:22 | 1995306 catacl1sm
catacl1sm's picture

BAC @ $4.93 now.

Mon, 12/19/2011 - 16:23 | 1995310 vegas
vegas's picture

Ok, I give Capital One a $100 payment so that they can raise my credit card limit $5,000. OK, you talked me into it.

 

http://vegasxau.blogspot.com

Mon, 12/19/2011 - 16:23 | 1995316 catacl1sm
catacl1sm's picture

Fuck Capital One.

 

that needed to be said.

Mon, 12/19/2011 - 16:32 | 1995370 vegas
vegas's picture

Since BAC is going to $0 it would be better to do it with them. That way when I go to roll it over, they won't be around. Problem solved - I owe nothing! [Just like Italy will do]

 

http://vegasxau.blogspot.com

Mon, 12/19/2011 - 16:23 | 1995313 knukles
knukles's picture

Political solutions to financial problems created by politicians for which the bankers get paid by the innocents.
Sounds illegal sorta, don't it?

Mon, 12/19/2011 - 16:24 | 1995321 iamoneman
iamoneman's picture

Stupid is as stupid does...

Mon, 12/19/2011 - 16:28 | 1995348 Dcheeth2
Dcheeth2's picture

From the Telegraph Debt Crisis Live website:

 

Euro rage is reaching new heights over Britain's latest outrage.

Our refusal to pony up a further €31bn we cannot afford to prop up a monetary union that was created against our wishes and better judgment, and with the malevolent purpose of accelerating the great leap forward to a European state that is inherently undemocratic.

It is being presented as treachery, Anglo-Saxon perfidy, and the naked pursuit of national self-interest.

Let me just point out:

1) The UK never agreed to such a commitment in the first place. The line was written into the December 9 summit communiqué in an attempt to bounce Britain into handing over the money.

2) The UK does not consider the rescue machinery to be remotely credible as constructed.

3) The eurozone has the means to tackle its own debt crisis, if it is willing to use them. These include fiscal pooling and the mobilisation of the ECB.

 

Nuff said. Fuck off France. 

Mon, 12/19/2011 - 16:48 | 1995369 falak pema
falak pema's picture

I love to see stiff upper lip losing cool; Forsyth goes Merkel bashing, now the City will send its lawyers to Brussels with affidavits. Lipstick on my collar! and btw : the brits are now making bubbly in Kent; good luck to ya!

Mon, 12/19/2011 - 16:41 | 1995411 GeneMarchbanks
GeneMarchbanks's picture

'Nuff said. Fuck off France.'

That's your plan? I can't really blame ya... Britian can only sustain itself as a ponce. Back you go to Uncle Sam...

Mon, 12/19/2011 - 17:23 | 1995579 Dcheeth2
Dcheeth2's picture

Rather Uncle Sam than France. That's for sure.

This is getting ridivulous now. Why on earth, should the UK commit to bailing out and / or propping up the Euro, when they are perfectly capable of doing it themselves?

The IMF is to help countries in serious difficulty, not to help currencies stay alive. 

Mon, 12/19/2011 - 16:51 | 1995354 falak pema
falak pema's picture

perfect keynesian logic, the first are last, all for one and one for all. Watch out for the icebergs!

This financial ponzi movie is now going Laurel anf Hardy, or duck soup, or a day at the races; we are all Marxists now, of Groucho bend.

Mon, 12/19/2011 - 16:29 | 1995356 ptoemmes
ptoemmes's picture

I wonder if Monti would do my 2011 US tax return.

 

Pete

Mon, 12/19/2011 - 16:43 | 1995419 Elwood P Suggins
Elwood P Suggins's picture

Little Timmy G is the expert on that.

Mon, 12/19/2011 - 16:31 | 1995364 Mark123
Mark123's picture

Why is the VIX still so subdued?  Are traders taking too much Valium?

Mon, 12/19/2011 - 16:36 | 1995392 machineh
machineh's picture

The traders aren't even there. That's just vacuum tube static you hear.

Mon, 12/19/2011 - 16:41 | 1995410 bnbdnb
bnbdnb's picture

Withdrawal>Waiting.

Mon, 12/19/2011 - 16:31 | 1995366 lolmao500
lolmao500's picture

Gee not a big difference from the UK-US-Canada giving hundreds of billions to the IMF over the years... when they will be on the receiving end of it real soon. But it's all part of the plan...

1. Give money to the IMF

2. Destroy your own economy

3. Let the IMF use your own money to control your economy

4. Banksters win. And you gave them your own money to do so.

Paying to get enslaved... freaking brilliant.

Mon, 12/19/2011 - 16:32 | 1995373 Scalaris
Scalaris's picture

 

 

Survival Tip Number 28

  • In case of starvation, eat your own vomit.
Mon, 12/19/2011 - 16:39 | 1995398 Mark123
Mark123's picture

Might not taste so bad with some nice Italian cheese on it and washed down with a hearty Barolo.

Mon, 12/19/2011 - 16:40 | 1995408 GBnotEU
GBnotEU's picture

But don't eat it straight away. Let it fester for a while and it will hopefully grow some nice mould so you will have even more chunder to ingest. Rinse (or not) and repeat.

Mon, 12/19/2011 - 17:15 | 1995403 slewie the pi-rat
slewie the pi-rat's picture

it's good to start w/ ether if you're gonna work into the pineal or pituitary extracts and go full lizard gonzo

trust me!    L0L!!!

 

Mon, 12/19/2011 - 16:44 | 1995425 Mark123
Mark123's picture

I can't help thinking that Britain's refusal to kick in $30B to this crazy IMF circle-jerk scheme is a big deal....could have major ramifications.  Britain is the center of all this financial shenanigans, so for them to start calling out other players opens Pandora's box....

Mon, 12/19/2011 - 16:44 | 1995426 Mentaliusanything
Mentaliusanything's picture

Even my 85 year old mother laughed till her dentures fell out - Italy Flush ---- Bwahahahaah

Someone please hit the cistern lever

Mon, 12/19/2011 - 16:47 | 1995437 Byte Me
Byte Me's picture

Dude. This is pretty fucked up right here.

Mon, 12/19/2011 - 16:50 | 1995450 marcusfenix
marcusfenix's picture

so the next time a creditor calls me sniffing for some scratch that I don't have I'm just going to tell them-

"no problem, I have decided to bail myself out, so here's the plan, I'm going to send you guys some money, that I don't really have seeing as I'm already deep, deep in a hole, so you guys can send me some more money that I will never be able to pay off, in order to pay my current outstanding balance off...in full. sound good?"

thank you Europe

Mon, 12/19/2011 - 17:01 | 1995495 Mark123
Mark123's picture

will the check from italy bounce? Or is it a cash advance on their Discover card?

Mon, 12/19/2011 - 16:51 | 1995451 jack stephan
jack stephan's picture

you made my shabby christmas less shabby, from the village drunkard in my own early irish novel. hahahahahaahs youre the shit zh

now for some of the hair of the dog that bit me. sike, thats later

Mon, 12/19/2011 - 16:52 | 1995457 NotApplicable
NotApplicable's picture

"Brother, can I spare a dime?"

Mon, 12/19/2011 - 16:54 | 1995472 UGrev
UGrev's picture

I'ma gonna takea disa fivea dolla froma disa pocket.. and I'ma puta dat fivea dolla over ina dis pocket; anda you see? I'ma fivea dolla richer!

Mon, 12/19/2011 - 16:56 | 1995480 Joebloinvestor
Joebloinvestor's picture

They couldn't hire Rumplestilkskin?

HAHAHAHA

Who says that Italy hasn't gone back to printing currency?

Mon, 12/19/2011 - 17:43 | 1995655 falak pema
falak pema's picture

if you only knew how much private money of Italian Oligarchs lies in Monaco and Switzerland; enough to pay off all debt! 

Italy is the richest nation in Europe. Est Private income : 3-5 trillion Euros.

Of course they won't put a penny into IMF or state side; it'll have to be extracted like gold teeth. weak taxes in Italy. 

Mon, 12/19/2011 - 17:52 | 1995689 Joebloinvestor
Joebloinvestor's picture

Why do you think the US got "ahead of the curve" and started with the hiding of accounts with UBS?

As in any failing economic entity, people try to get their liquid assets out of the reach of the taxman.

Now they are trying to institute a "Robinhood tax".

Wait till they spring the "redemption tax" on converting precious metals.

Only a matter of time.

 

Mon, 12/19/2011 - 18:56 | 1995866 falak pema
falak pema's picture

this is a suicidal spiral; no country, no decent money, where do you live? On the moon? I don't think that 1 billion first world population will stay dumb and silent for long. As the ponzi collapses, as all production moves to CHina or elsewhere, where these Oligarchs ARE NOBODIES, having destroyed home economies, they will be what? A race of flying dutchmen? 

The western Oligarchs will hang themselves on their own ropes, like the Comnenos, the Ottomans, the Romans. You can't reign without a nation behind you; a nation of serfs whom you've robbed will never serve you again. 

Mon, 12/19/2011 - 16:59 | 1995489 High Plains Drifter
High Plains Drifter's picture

oh the imf needs contributions?  well how much do they want this time?

Mon, 12/19/2011 - 17:11 | 1995531 Al Huxley
Al Huxley's picture

As stupid as it is, it's no that much dumber than looking to the UK, with their 950% debt-gdp ratio to chip in a few hundred billion, or the US with its 15 trillion debt to pony up a few hundred billion. Really, just getting toward the inevitable 'somebody has to print some money' moment. Just trying to drag their feet as long as possible so they can credibly claim that they didn't want to do it, but there was no other way.

Mon, 12/19/2011 - 17:50 | 1995687 hooligan2009
hooligan2009's picture

Al, I am not excusing the cumulative profligacy of the UK in creating its own version of debt serfdom. But....the 950% debt to UK GDP is made up of the debt of financial corporations that are UK subsidiaries of global banks, led by the US and Europe. The UK's banks are much smaller. Sure the assets that cover this debt are where the problem is (lending not marked to market) but the UK does not owe this money, nor is the money in pounds sterling. It is held in dollars and euros and yen, with the UK share of assets and liabilities "just" 10%.

Perhaps we do need to reconsolidate the debts that are held on the UK's country books back to the source, but I suspect that will make the French quite pissy, since BNP, SocGen and Credit Agricole use the UK to hide liabilities "off balance sheet". It is possible to forensically repatriate liabilities and assets back to country of origin, but then, we would know where the real leverage was and be able to talk from a position of certainty. This is not what makes markets; we know that markets have to be complex so that the smart buggers can rip the dumb buggers' faces off.

The Government debt is reported as 80% which, as with the US and Europe, we know to be a lie, given guarantees and unfunded liabilities. 

Mon, 12/19/2011 - 17:13 | 1995538 NEOSERF
NEOSERF's picture

And as this was some sort of special EU contribution the US did not have to and did not offer to thrown in money?

Mon, 12/19/2011 - 17:14 | 1995542 gwar5
gwar5's picture

Mindboggling to me how the "elites" got their moniker. It makes them sound special for committing crimes against humanity. There's nothing special or elite about their stupidiy and folly. They should be hung from a strong tree branch to clean out the gene pool.

 

 

Mon, 12/19/2011 - 17:23 | 1995578 10 Euro Münze
10 Euro Münze's picture

Not 23.5 billion but 15 billion or 23.5% of the fund.   Read the article.

Mon, 12/19/2011 - 17:35 | 1995639 willien1derland
willien1derland's picture

Good point, however, does another 56% or 560% matter? Please do not misunderstand I am in no way disparaging the EU -this is applicable to practically all 'Developed Nations' - I think one should be BOLD here & actually agree to deposit 100% of their debt load to the IMF - in this way, when each country defaults by necessity the IMF will be destroyed - Now there is a very good outcome for a bad situation!

Mon, 12/19/2011 - 17:41 | 1995658 Tyler Durden
Tyler Durden's picture

Reread it. Still says €23.48 of the €150 billion

Mon, 12/19/2011 - 17:26 | 1995592 WhiteNight123129
WhiteNight123129's picture
 The end of the Press Release is priceless: " The EU would welcome G20 members and other financially IMF members to support hte efforts to safeguard global financial stability by contributing to the increase in IMF resources so as to fill global financing gaps. "  It is a bit like "HEY BRO CAN YOU SPARE A TRILLION OR TWO?"
Mon, 12/19/2011 - 17:29 | 1995607 Winston Smith 2009
Winston Smith 2009's picture

Humor - The EU's Circular Sovereign Debt Bailout Farce (with Kyle Bass)

http://www.youtube.com/watch?v=sBoR1HU6dzc

Mon, 12/19/2011 - 17:32 | 1995616 swani
swani's picture

I'm glad to see the most creative minds at work to keep the Ponzi alive through the New Year.  

Mon, 12/19/2011 - 17:58 | 1995712 What_Me_Worry
What_Me_Worry's picture

"Step right up and shoot the pasties off the nipples of a ten foot bull dyke! Win a cotton candy goat!"

- IMF requirement for releasing first tranche back to Italy

Mon, 12/19/2011 - 20:04 | 1996047 stuartbushcraftblog
stuartbushcraftblog's picture

I have to do this every Christmas.

 

"Oh look my baby girl has bought her daddy a brand new screwdriver set...........just what i wanted" [knowing look from my wife]

 

 

These fucktards are buying their own socks this Christmas.

 

 

Mon, 12/19/2011 - 20:25 | 1996083 YesWeKahn
YesWeKahn's picture

That can't be right, one can't make herself pregnant.

Mon, 12/19/2011 - 20:43 | 1996129 oogs66
oogs66's picture

Some species of fish can

Mon, 12/19/2011 - 20:43 | 1996127 oogs66
oogs66's picture

Best circular reference ever!!

Mon, 12/19/2011 - 23:03 | 1996402 hairball48
hairball48's picture

“The future could still have surprises in store,”Chifflet(Chief Executive Officer Jean-Paul Chifflet) said on a conference call with reporters. “Credit Agricole group wants to be solid.” from Bloomberg

Surprises in the future? Ya think?

These guys are funnier than anything on TV

 

Tue, 12/20/2011 - 00:06 | 1996559 tom
tom's picture

From where are Slovakia and Malta getting money to help bail out Italy and Spain? From the EU aid they're getting?

Tue, 12/20/2011 - 00:50 | 1996703 Peter K
Peter K's picture

Let's not forget Poland. In what could be described as the equivalant of the crying public in NKorea, the crying Polish gov has pledged to pitch in a whapping 6b Euro. Last year they had to raid the private retirement funds for 6b E just to keep the budget deficit from crossing the 60% of GDP figure. This would have enacted automatic 15% across the board budget cuts. The budget is in shambles, and the economy is heading into recession. It's just a matter of time before they have to go cap in hand to the IMF for a bail out aka Hungary. BUt here they are, throwing (most likely) private sector money at the Dear Leaders in Brussels. You just can't make this stuff up :)

On second thought. it's the thought that counts.... since these are only pledges and will never have to be funded with physical cash:)

Tue, 12/20/2011 - 01:35 | 1996808 robertocarlos
robertocarlos's picture

Is it possible to hitch a ride out of here with Nirubi when it swings by in 2012?

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