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Europe "Welcomes" The Spanish Bailout
One just can't come up with better wording if one tried. From Bloomberg:
- EUROGROUP WELCOMES SPANISH REQUEST FOR FINANCIAL ASSISTANCE
- EUROGROUP SAYS CYPRIOT RESCUE IS `WARRANTED AT THIS STAGE'
- EUROGROUP SAYS SPAIN BANK NEEDS ESTIMATE AT EU51B TO EU62B
- EUROGROUP SEEKS `AMBITIOUS MEASURES' FROM CYPRUS ON BANKS
And a little change in the original plans:
- EUROGROUP SAYS SPAIN TO REQUEST TECHNICAL ASSISTANCE FROM IMF
Now Europe is looking to welcome other broke countries for which Germany will pay.
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What the hell is "technical assistance"? Is that anything like kinetic action?
For "technical assistance", press 1
For ZIRP, press 2
For NIRP, press 3
For all other queries, please press 0 or stay on the line and the next available bankster will be with you momentarily
In real terms isnt ZIRP really NIRP in disguise?
NIRP is ZIRP's drunk uncle
It's got a more twang to the name.....it also has electrolytes.
Which plants crave.
NIRP is not ZIRP, but ZIRP is almost always NRIRP.
Negative means less than zero in nominal terms.
Negative Real IRP means it could be anything, but that the interest rate minus the inflation rate is less than zero.
Anytime inflation is greater than interest rates you are losing wealth by holding currency and bonds, so metals get the nod. This has been the case for a while now, and will continue to be.
Keep stacking.
That would be how to turn on the printer.
IMF Technical Assistance...
Bonds.
I think they found those in Stauss-Kahn's desk after he left, right next to the ball gag and riding crop.
Nah, LaGarde has her own
Genius!
"Technically speaking, yes, we did receive assistance, but I want to stress that everything is fine and we did not need a bailout."
"technical assistance"
How do you counsel regarding bankruptcy at this level? What would you call that?
To get the money, how do we...
1. "Kiss the Ring"...which finger ? How many times ? With tongue ?
2. "Kiss the Ass"....same as above...or any other technical manuevers.
3. "Bend Over" ...what is the best position for EZ entry ? and extraction of funds ?
All very technical questions with 'right' and 'wrong' approaches for the virgin or initiate prostration.
"technical assistance" translation: Please, oh please, bail my broke ass out.
OT..somewhat: http://www.larouchepub.com/pr_lar/2012/120626_geithner_bernanke_megabail...
Capitol Hill sources have confirmed that Treasury Secretary Timothy Geithner and Federal Reserve Board Chairman Ben Bernanke are demanding that Congress prepare emergency legislation for yet another hyperinflationary bailout of the hopelessly bankrupt trans-Atlantic financial system. For the past week, the two men have been meeting secretly with leading Congressional Democrats and Republicans, demanding that they draft new legislation to bail out the banks on an even larger scale than after the 2008 collapse.
According to several Congressional sources, Geithner and Bernanke have pledged that they will do everything in their power to flood European banks with bailout funds through the Federal Reserve, but they candidly admit that it may be impossible, and that Congressional action may be required. If the crisis hits, they warn, there must be legislation already prepared, because the speed and magnitude of the crisis may require extraordinary intervention to "save the system."
financial terrorists, plain and simple.
Doesn't matter. It will come far too quickly, and these assholes don't even realize that continuing to print will exacerbate the crisis this time around. I'm looking forward to it, in a sadomasochistic sorta way.
I welcome with open arms my alien overlords.
Please Sir, May I have some more.
remember when there was capitalism and failures were frowned upon. now, they're celebrated. even if there is no money to pay for it. welcome spain into the "you're fucked club". enjoy the riots!!!
I've been around for a few decades and I don't remember when failures were frowned upon. Ever!
Exactly, bad behavior has been rewarded for quite some time now.
Anyone actually remember when the management and share holders had to pay back the creditors when a private company failed? Nowadays, they simply buy a politician and get a bailout from the taxpayer.
I would welcome a bailout too!
Indentured servants are always welcome.
51B - 62B? LOL. Try 10 times that.
leverage .. ?
No stated time frame, just like Greece. Take the money in manageable chunks, head back when you need more.
Agreed. Bye bye ECB.
Is there a sign up sheet for this free money bonanza? And, WTF, IMF = US taxpayers, because we're there when it matters? How about taking care of the folks at home, assholes?
51 billion? Sure, because it sounds so much better than "We need 51 billion every 3 months til infinity"
I fear even that wouldn't do it, after not very long at all.
Is this a weekly loan
Will the ring kissing be televised ?
Nop, inner circle only.
If you're not invited yet... that means your the one who will have to pay for it.
Call me paranoid, but I'm starting to think that we are witnessing a well rehersed show, as opposed to a developing crisis.
Franklin D. Roosevelt
Both to ABRAXSAS and BB,
I had the same nagging suspicion since 2007.
This is not funny!
Yet, why am I laughing?
Welcome to bizarro.....again. Crazy people laugh at shit all the time, obviously you have been driven insane by this crazy cash give-away!
It's TEOTWAWKI ... and I feel fine!
The more the market goes up on words and fluff, the more complacency will be injected into the summit killing off hopes of any meaningful policy change. Stupid algos continue to NOT learn that you can't put the cart before the horse.
They put the chart before the horse and fool him into drinking.
Is this what popped the SP 7 pts in 9 minutes @ 10:03? WTF?
King World News dead wrong again.
Housing is recovering, housing stocks like LEN soaring to 3-year highs
Meanwhile there is no inflation, the consumer is booming, and gold and silver remain in the tank.
Wow, outright lies now?
Weren't you banned?
Yes, of course. I'm sorry I am always so happy to talk with you.
Actually, as much as it pains me to say it, Robo is right. Every where I look, restaurants are packed, stores are packed, I see new BMWs, Audis and Mercedes everywhere. Hell even high tech companies are hiring like mad. And real estate, come to NYC. No problems here. There may be an underclass growing but there is plenty above them to keep this beast sailing along.
Have's vs Have-not's? Shrinking middle class?
Actually, Robo is wrong, and so are you. Housing has not even "recovered" to 1981 levels. Unemployment is increasing, despite the game-playing and "positive" effect of people rolling off long-term benefits. "High-tech" companies are hiring like mad? Like who? Like how many positions? Like how many are filled by H-1B visa holders? Does this alleviate the pressure when tens of thousands of people apply for a hundred openings turning widgets at one of the few remaining manufactoring companies in America? How does this mesh with record levels of food stamps recipients every fucking month?
Wow, real estate in NYC is strong and some housing sector stock that Robo hindsight traded for an eleventy billion dollar profit is up today. Holy shit, we're saved.
"there is no inflation"
This is really anecdotical, in mom's basement there is no inflation because food magically appears in refrigerator.
51-62 bln my ass.
Is that Per Bank?
Errr, it's 'per depositor,' after only a handful are left. :-(
Like the joke about the agricultural extension agent in an urban county who laments, 'My farmer just died.'
Per branch.
yes, but who is going to rescue the rescuers?
Erm, I am right in saying that it hasn't actually been GIVEN yet, aren't I?
DavidC
Dude, they haven't even raised the funds yet.
We're talkin' about multi-billions of VAPORWARE!
Soon to be multi-trillions, since vaporware can be produced instantly at zero cost.
So Spain is requesting 25%-50% of what they need, and the money is to come from the EFSF?
Where is the EFSF getting the money from? Mars or the money tree?
Wow if they can double down on this brilliance the dow will hit 20k.
Unlike the ESM, which hasn't been approved by various Parliaments yet, the EFSF did get approved and has some remnant money. Probably about that much. THAT is why so little is being stated as needed.
The real maneuver is Greece again. The hospitalizations let them avoid audit this week, perhaps helping markets everywhere for their June 30 quarterly/1st half results. Next week will be a killer when their failures become clear.
Oh noes proud Spain, don't accept teh moneyz, it's a trap !
So the lying bastard Jean Claude Jucnker doesn't even do his own calculations or hires someone for this job. He just takes whatever Wyman/Berger and the Spanish government made up and that's it. This is outrageous.
They aren't even trying to fix this whole thing, are they?!
edit: pari passu my ass!
"They aren't even trying to fix this whole thing, are they?!"
When folks get it that they can't fix it, a deep peace will set in. They will lie until supply chains fail.
"SPAIN TO REQUEST TECHNICAL ASSISTANCE FROM IMF" ?
Parachute in a technocrat as Spain's PM
All that money sitting in the coffers of the rescuers is fantastically impressive. And why wasn't it used yesterday to rescue the people living with less than $1 a day? Is it because they don't threaten to destroy the global financial system or simply because they don't know the right people? Either way, lock the bastards that get bailed out for failing. A system that rewards failure will always spawn failure.
Imagine this scene for a moment.
Could you forsee a room of delegates from any of the biggest banking institutions. Say 100 of the top, very top of the tree execs, full of posture and bravado, with the whole of the world(read MSM) present and correct.
Now imagine they roll in the audience. 200 very pissed off, very clued up ZHers? And all we have are cricket bats, and baseball bats.
Now just imagine, hear me out dissenters, that some fucker locks the doors.
Now please ellaborate my good friends. Who wins??
Casey Jones and the Furies would wreck those suckas.
And this is prebailout
Spain (gov) has $36 B budget deficit through May, just 5 months. It doesn't include regional gov debt. Taxes going up, over 400 prescriptions planned to be dropped. If approved this measure, the state will cease to provide 60% of these medications as usual and the citizen has to bear the full amount.
But of course we'll just hear about the bank bailout (which I wish wouldn't occur), but probably will.
Ihrer Willkommen and come back soon for more.
You should have said "you're" instead of "your" in google translate.
Vielen Dank, dass sie lady
LOL. Just kidding.
I welcome cheap Spanish villas with infinity pools and a nice sea view.
Surprise surprise! Have a special drawing right.
IMFquisition comes to Spain.