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Europe Is Now Officially Bazooko's Circus - Italy To Provide €23.5 Billion In IMF Cash To Bailout Italy
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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Do these clowns collect a paycheck?
pods
BAC = $4
.... and still too fuckin expensive. Where is DICK BOVE BITCHEZ
I don't believe we're in Kansas anymore....
"Lions, and tigers, and bears! Oh, my!"
"...How much do they pay you to screw that bear?"
And every news on TV puts it so seriously here in Italy...
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-
Circle meet JERK.
BITCHEZZZZZZ
This finance stuff is easypeasy!
Cheers!
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?
Self-licking ice cream cone.
A great cartoon from Der Spiegel, what the Germans think of the British
http://cdn4.spiegel.de/images/image-295737-panoV9-fykc.jpg
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.
Looks like I picked the wrong week to stop sniffing ether.
http://www.urbandictionary.com/define.php?term=circlejerk
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.
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
Ok, first wire me the $100k and then I'll wire you back the $10k. You're not Nigerian are you?
Aaaand now we can safely trade green...
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".
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
All of that, you could have simply read at your local zerohedge. But thanks for taking up posting space though.
I don't recall zh posting on target 2
edit: http://www.zerohedge.com/news/goldmans-take-target2-and-how-bundesbank-w...
http://www.zerohedge.com/news/goldmans-take-target2-and-how-bundesbank-w...
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
yeah, have not seen that here yet.
That is why you only accept Euros with the Germans serial mark series. The German Euros are the only real cash left.
And Dutch, and Finland's.
And Spain's portion to save themselves???
its ok, the bernank is flying his helicopter over there now...
In the words of brother Dog, "Let's light this crap candle. Flash crashes everywhere, bitchez!"
Dogs fucked the Pope, No fault of mine
One of my neighbor's dogs was caught humping my other neighbor's baby Jesus.
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!
Tis the season!
http://shortarmguy.blogspot.com/2010/10/homeless-dog-in-nativity-scene.html
+1 Hunter and +1 Depp
Although, you have to have read the book to catch it in the movie.
Is this what just scared the fuck out of the DOW?
SO- I give u 1$ u give me 5$ back...nice trade
Jack and Jill went up the hill a buck and a quarter each. Jill came down with $2.50. OOHHHH!
Dice man is that you?
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
This is just fraud. No attempt at hiding it. How do they get away with it?
Shhh, it's complicated. Better not to ask.
And you dare not peek behind the curtain!
pods
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.
We have entered the twilight zone.
We've been in it for years.
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...
BAC just broke $5. ooooooo.....nasty!
I just love me some monday #Ref! humor. Thanks Tyler.
BAC at $4.95. Surely the mommy of all harakiri capital infusions is imminent in the market.
*Italy will need to provide €23.5 billion.*
Are you shitting me?
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.
looks like Christine Lagarde might have some serious fucking brain rot.
Do they honestly think anyone's buying this?
giraffe's are insincere - such that,... not even a long enough scarf is capable of covering
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.
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.
I do not freaking believe this. What planet am I on.
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 ??
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.
BAC @ $4.93 now.
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
Fuck Capital One.
that needed to be said.
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
Political solutions to financial problems created by politicians for which the bankers get paid by the innocents.
Sounds illegal sorta, don't it?
Stupid is as stupid does...
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.
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!
'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...
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.
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.
I wonder if Monti would do my 2011 US tax return.
Pete
Little Timmy G is the expert on that.
Why is the VIX still so subdued? Are traders taking too much Valium?
The traders aren't even there. That's just vacuum tube static you hear.
Withdrawal>Waiting.
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.
Survival Tip Number 28
Might not taste so bad with some nice Italian cheese on it and washed down with a hearty Barolo.
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.
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!!!
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....
Even my 85 year old mother laughed till her dentures fell out - Italy Flush ---- Bwahahahaah
Someone please hit the cistern lever
Dude. This is pretty fucked up right here.
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
will the check from italy bounce? Or is it a cash advance on their Discover card?
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
"Brother, can I spare a dime?"
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!
They couldn't hire Rumplestilkskin?
HAHAHAHA
Who says that Italy hasn't gone back to printing currency?
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.
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.
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.
oh the imf needs contributions? well how much do they want this time?
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.
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.
And as this was some sort of special EU contribution the US did not have to and did not offer to thrown in money?
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.
Not 23.5 billion but 15 billion or 23.5% of the fund. Read the article.
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!
Reread it. Still says €23.48 of the €150 billion
Humor - The EU's Circular Sovereign Debt Bailout Farce (with Kyle Bass)
http://www.youtube.com/watch?v=sBoR1HU6dzc
I'm glad to see the most creative minds at work to keep the Ponzi alive through the New Year.
"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
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.
That can't be right, one can't make herself pregnant.
Some species of fish can
Best circular reference ever!!
“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
From where are Slovakia and Malta getting money to help bail out Italy and Spain? From the EU aid they're getting?
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:)
Is it possible to hitch a ride out of here with Nirubi when it swings by in 2012?