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European Farce Becomes A Parody Of Itself

Submitted by Tyler Durden on 11/03/2011 07:45 -0400

Update: it is now officially cancelled

WTF is going on in Europe?

VAN ROMPUY, BARROSO PRESS CONFERENCE DELAYED
VAN ROMPUY, BARROSO PRESS CONFERENCE `NOT YET CANCELED' EU SAYS
VAN ROMPUY, BARROSO MEETING WITH FRANCE, GERMANY, ITALY, SPAIN

And the statement that explains it all:

EU SAYS `NOT SURE' IF VAN ROMPUY, BARROSO BRIEFING TO HAPPEN

We use the term "explain" loosely...

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Thu, 11/03/2011 - 07:47 | 1840154 Sequitur

This explains it all:

http://www.youtube.com/watch?v=2gm9q8uabTs&feature=related

http://www.youtube.com/watch?v=ViPm0GUxw-M&feature=related

Thu, 11/03/2011 - 07:51 | 1840182 trampstamp

priceless!

Thu, 11/03/2011 - 07:57 | 1840196 paarsons

It really isn't a farce. There's logic to it.

If Greece shits the bed, then we all shit the bed.

Don't get me wrong We SHOULD shit the bed to clear out all this debt.

So everyone is converging on Papa Doc not to let the Greeks have the vote.

And he won't. Trust me. He'll take back his words.

If he doesn't, he'll be killed.

He might be a cunt. But he's a poor cunt. He's out of his depth.

So what's a Greek to do?

http://fucklloydblankfein.blogspot.com

Thu, 11/03/2011 - 07:56 | 1840192 Gohn Galt

I love this guy. Except for the comment on the Irish. We need more of him.

Thu, 11/03/2011 - 07:59 | 1840210 caerus

so true

Thu, 11/03/2011 - 07:46 | 1840155 misterc

Straight talk. Tough love.

Thu, 11/03/2011 - 07:46 | 1840156 qussl3

Chasing your own tail tends to disorient.

Thu, 11/03/2011 - 07:47 | 1840158 Arie L Ultra

Terrorists spiked the water supply?

Thu, 11/03/2011 - 07:47 | 1840162 ziggy59

3 stooges meet Forest Gump

Thu, 11/03/2011 - 07:48 | 1840164 firstdivision

Wow. Does anyone know WTF is going on there? This is the most idiotic rumors on top of rumors I have seen. I guess if you cannot dazzle them with brilliance, baffle them with rumors on top of rumors.

Thu, 11/03/2011 - 07:48 | 1840165 boom goes the d...

Oh, what a tangled web we weave, when first we practice to deceive.

Thu, 11/03/2011 - 07:48 | 1840166 Fips_OnTheSpot

Gold is all happy about it

Thu, 11/03/2011 - 07:50 | 1840176 ChickenTikka

Good, cause I need a miracle with options expirations coming up.

Thu, 11/03/2011 - 07:49 | 1840167 AngryGerman

it's done. over and out. they'll kick Greece out of the Euro

Thu, 11/03/2011 - 07:49 | 1840168 Irish66

British PM David Cameron says he supports boosting IMF coffers, but not the IMF investing in a Europe bailout fund. by Reuters_RossChainey 7:46 AM

Thu, 11/03/2011 - 07:50 | 1840175 AngryGerman

David wants IMF for his banks. Uk is also fucking broke. what a joke.

Thu, 11/03/2011 - 07:52 | 1840185 Quintus

We live in a world of Broke. Borrowing money to lend to the IMF so they can lend it back to you to support your banks actually makes sense in this world.

Thu, 11/03/2011 - 07:58 | 1840204 AngryGerman

circular leveraging

Thu, 11/03/2011 - 07:49 | 1840170 LongSoupLine

If George Carlin were alive today, he would be having a field day on this shit.

Thu, 11/03/2011 - 07:50 | 1840174 wang (not verified)

Carlin's dead?

Thu, 11/03/2011 - 08:15 | 1840266 Flakmeister

Yeah... but his spirit lives on

Thu, 11/03/2011 - 07:49 | 1840171 wang (not verified)

Europe opened down and continued down and then WTF everything is up can you imagine the kind of $$$$ that insider rumor generators could be making

Thu, 11/03/2011 - 08:20 | 1840297 sumo

HFRT - high frequency rumor trading. The new frontier for efficient markets. Will add liquidity. As bumfuck Geithner would say, "no risk".

Thu, 11/03/2011 - 07:49 | 1840173 max2205

ES down 25 overnight and up 30 in the last 3 hours.

The inmates are running the asylum

Thu, 11/03/2011 - 07:51 | 1840178 Josephine29

Look at what the costs of all this farce are.

Number-crunching

If we say that Italian bond yields are around 2% higher than they might otherwise be and take her official forecast that she needs to refinance some 298 billion Euros of debt over the next 12 months then we see an annual cost of just under 6 billion Euros a year. This is a rule of thumb rather than a precise gauge but I hope that you get the idea and would point out that I have not considered new financing here. And to show the nature of this sort of thing and its impact on solvency calculations this bill would be every year until the bonds mature.

Greece has a one year government bond rate which has hit 228% this morning but we are all grateful that she is not issuing such paper. However she is issuing short-dated bills and around 8 months into this year she estimated that extra debt costs were just over 2 billion Euros. The problems of the EFSF which I have chroniciled over the past two days are likely to mean higher financing costs for Portugal and Ireland too.

There have been smaller effects in France and Belgium too which I consider to have mostly been influenced by the Dexia bail out.

http://www.mindfulmoney.co.uk/wp/shaun-richards/the-dilemma-facing-the-european-central-bank-today/

Thu, 11/03/2011 - 07:51 | 1840180 Irish66

According to a senior G20 official, the group is assessing the cost of a Greek default, while also looking at the implications of the country's exit from the euro zone. by Reuters_RossChainey 7:47 AM

Thu, 11/03/2011 - 07:52 | 1840183 Tic tock

Tyrant = prefer to rule rather than to govern

Thu, 11/03/2011 - 07:52 | 1840184 Yellowhoard

Maybe it is cancelled delayed and not yet cancelled all at once!

http://www.youtube.com/watch?v=0IBZocFkXGY

Thu, 11/03/2011 - 08:02 | 1840225 Central Wanker

Schrodinger's meeting?

Thu, 11/03/2011 - 08:14 | 1840263 Praetor

In this case Greece was always dead.

Thu, 11/03/2011 - 08:19 | 1840294 plantigrade

undead ?

Thu, 11/03/2011 - 08:22 | 1840319 sumo

Zombie

Thu, 11/03/2011 - 07:55 | 1840189 williambanzai7

Midget wrestling anyone?

Thu, 11/03/2011 - 08:20 | 1840302 plantigrade

how about midget throwing (out) ?

Thu, 11/03/2011 - 07:55 | 1840190 gimli

Maybe they are waiting for Jon Corzine, their new consultant, to show up.

Thu, 11/03/2011 - 07:55 | 1840191 peekcrackers

Put the fucking defibrillator away ! enoughf already

Thu, 11/03/2011 - 07:57 | 1840197 Dick Darlington

And equities rise, just in case... Data from spain this morning awful, just awful. Jobless claims rise 134,2K on expectations of 52K. This volatility will bring more dead bodies than just MF Global

Thu, 11/03/2011 - 08:02 | 1840227 AngryGerman

The whole world went MF. MF is the new WTF.

Thu, 11/03/2011 - 07:59 | 1840206 unknownknowns

snafu

Thu, 11/03/2011 - 07:59 | 1840211 gimli

Paul Krugman's aliens have landed, and are just refueling before they attack the world economy

http://lordschmutz.wordpress.com/2011/10/22/when-i-met-homer/

Thu, 11/03/2011 - 08:05 | 1840233 EvlTheCat

And I always though children could run the world better! Guess I was wrong.

Thu, 11/03/2011 - 08:08 | 1840239 GStyles

Reuters has a brilliant graph showing - blow by blow - what the unfolding crisis is doing to markets and it's not pretty.

http://graphics.thomsonreuters.com/11/11/NOV3STOXX.jpg

Thu, 11/03/2011 - 08:10 | 1840243 youngman

We are now watching the game where you hide the peanut under one cup.....and you move the cups around and try to remember where the peanut is.....we are in the moving the cups moment....the peanut has changed also...the game is soon over

Thu, 11/03/2011 - 08:17 | 1840274 plantigrade

The Farce be with us.

Thu, 11/03/2011 - 08:17 | 1840276 UnpatrioticHoarder

I'd pay to see "ZeroHedge: The Musical". Greek tragedy and French farce all in one. Someone get writing!

Thu, 11/03/2011 - 08:47 | 1840502 xcehn

Euroland is held together by only the oppression of France and Germany's banks. An evil shadow.

European Farce Becomes A Parody Of Itself

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