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Here They Come: Ireland Demands Renegotiation Of Its Bailout Terms To Match Spain

Tyler Durden's picture





 

Well that didn't take long. The ink on the #Spailout is not dry yet (well technically there is no ink, because none of the actual details of the Spanish banking system rescue are even remotely known, and likely won't be because when it comes to answering where the money comes from there simply is no answer) and we already have an answer to one of our questions. Recall that mere hours ago we asked: "We also wonder how will Ireland feel knowing that it has to suffer under backbreaking austerity in exchange for Troika generosity, while Spain gets away scott free." We now know. From the AFP: "Ireland wants to renegotiate its rescue plan to benefit from the same treatment as Spain, which looks set to win a bailout for its banks without any broader economic reforms in return, European sources said on Saturday." And with Ireland on the renegotiation train, next comes Greece. Only with Greece the wheels for a bailout overhaul are already in motion and are called a "vote of Syriza on June 17." And remember how everyone was threatening the Greeks with the 10th circle of hell if they dare to renegotiate the memorandum? Well, Spain just showed that a condition-free bailout is an option. Which means Syriza will get all the votes it needs and then some with promises of a consequence free bailout renegotiation. In other words Syriza's Tsipras should send a bottle of the finest champagne to de Guindos - he just won him the election.

But back to Ireland. From AFP:

"Ireland raised two issues: one is the need to ensure parity of the deal with Spain retroactively on its bailout from EFSF," one European government source told AFP, referring to the temporary rescue fund, the European Financial Stability Facility.

 

Another European government source confirmed the information.

 

Ireland secured an 85-billion-euro ($112 billion) rescue deal from the European Union and the International Monetary Fund in November 2010, but only after agreeing to draconian austerity measures.

 

Unlike Ireland, Spain's economy minister said a deal on financing for the country's troubled banks would not impose any conditions on the wider economy.

 

Dublin plans to raise the issue during the next meeting of eurozone finance ministers to be held June 21, the sources said.

 

Eurozone finance ministers said Saturday they were willing to give Spain up to 100 billion euros to help its troubled banks, which are suffering due to their massive exposure to the ailing property sector.

Congrats Germany: you have now opened the Pandora's box of infinite moral hazard, bailout renegotiations and unconditional rescues. Anything less than a pari passu bailout to Spain's, which the economy minister touted as having no political strings attached, will incite a revolution.

Oh, and the IMF has just been made obsolete.

 


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Sat, 06/09/2012 - 19:37 | Link to Comment algol_dog
algol_dog's picture

Unbelievable !!! Can't make this stuff up ...

Sat, 06/09/2012 - 19:41 | Link to Comment aleph0
aleph0's picture

 

All part of the bigger Plan :

The End Game: A 100% Digital Monetary System
by J.S. Kim

http://www.larsschall.com/2012/06/09/the-end-game-a-100-digital-monetary...

Sat, 06/09/2012 - 19:49 | Link to Comment Jolly.Roger
Jolly.Roger's picture

The sooner the better. 

Sat, 06/09/2012 - 20:04 | Link to Comment TruthInSunshine
TruthInSunshine's picture

That which will be explained to many future 'sovereign people' who doth protest too much when their conditions for being 'bailed out' (i.e. being sold even further into debt indentured slavery by their 'representatives' in government) seem more harsh than that of other 'sovereign peoples':

 

"Give me control of a nation's money, and I care not how that nation's cookies crumble, bitchez."

 

-- Mayer Amschel Rothschild, whilst gluttonously feasting on chocolate covered macadamia nut cookies, on June 18th, 1815

Sat, 06/09/2012 - 20:16 | Link to Comment Ancona
Ancona's picture

Bwahahahhaha!!

Who could have forseen that?

Sat, 06/09/2012 - 20:24 | Link to Comment Chris Jusset
Chris Jusset's picture

In addition to Ireland demanding new terms, Portugal and Greece will want to renegotiate their bailouts with favorable terms like Spain's.

 

Then, when Italy gets a bailout on terms better than Spain, Spain will demand to renegotiate to terms as favorable as Italy's ... and Ireland, Greece, and Portugal will demand the same.

 

Deeply jealous of all of this unconditional free money with no strings attached, France will suddenly find itself in need of a bailout ... and France will demand terms better than Italy's and Spain's terms ...

Sat, 06/09/2012 - 21:08 | Link to Comment sablya
sablya's picture

Do you guys think the market will still fly on Monday?  Unfortunately I'm long UVXY!

 

Sat, 06/09/2012 - 22:00 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

It's not like world wars have ever started over inequitable treatment between nations other than WWI and WWII.

Sat, 06/09/2012 - 22:05 | Link to Comment Michael
Michael's picture

Ron Paul to Bernanke - Moral hazard of currency devaluation

http://www.youtube.com/watch?v=bxLXaiWmFB4

Sat, 06/09/2012 - 23:23 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Michael, Ron+Rand = Sell Outs

Really, got flamed a couple of months ago for saying that here. Now? Pres Romney and VP Rand? Gawd help America.

And Ireland does not stand a chance of getting equitable treatment with Spain.

While spain has miles and miles of beachfront and good weather, Ireland's Boom was entirely industrial and fake. Pumped without substance.

If possible, for a nation that size, they are MUCH worse off. No real barter for the banksters, that is why the citizen "gets it", in the backside.

ori

The Celtic Tiger.....

Celtic Tiger [1][2] is a term used to describe the economy of the Republic of Ireland during a period of rapid economic growth between 1995 and 2007. The Irish economy expanded at an average rate of 9.4% between 1995 and 2000. It continued to grow at an average rate of 5.5% during the following decade until 2008, when it fell into recession. The expansion underwent a dramatic reversal from 2008,[3] with GDP contracting by 14%[4] and unemployment levels rising to 14% by 2010.[5] Moody's proceeded to downgrade Ireland's government bond ratings to junk in mid-2011.

 

Sun, 06/10/2012 - 01:16 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

If Ireland & Spain ever go 2 war, one will be 2 drunk 2 aim & the other will be 2 asleep 2 give a shit.

Sun, 06/10/2012 - 02:10 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Who will rescue spain? Germany? China? IMF? US taxpayer?

NO. SANCHO PONZI!

 

 

Sun, 06/10/2012 - 10:45 | Link to Comment trilliontroll
trilliontroll's picture

I still think we need a

10 000 000 000 000 € LTRO

Sun, 06/10/2012 - 10:38 | Link to Comment BidnessMan
BidnessMan's picture

Why do some people think that any country in NATO has any offensive military capability?  Oh No!  An invasion by the Duchy of Grand Fenwick ....  

The Irish spent 1,000 years fighting off the Brit colonialists, but have never invaded another country.  The Viking countries have calmed down.  Norway has a huge Sovereign wealth fund.  They are not going to trash their own assets across the rest of Europe.

The US is not going to invade Europe - Ben Bernanke will have all the US Helicopters tied up doing money drops.  

The Islamic countries are doing a slow motion invasion already, and will have Europe in a couple of generations anyway.  Why get involved in a messy, expensive war invasion now?

The Russians can just turn off the gas and let the Europeans freeze for a couple of weeks any winter they want. Especially with Germany announcing they are shutting down all their nuclear power plants - the Germans will dance to any tune the Russians want to play.

Now if the Chinese get upset about their Euro investments going to zero, that might be a different story.  But the Chinese are dumping Euros and buying gold.  Sun Tzu and avoiding a battle if at all possible....  Better to wait and scoop up European assets for minor amounts of gold.

Sure don't see Belgium or Greece invading Germany....  laughable.

Sat, 06/09/2012 - 21:12 | Link to Comment Milestones
Milestones's picture

"Oh, and the IMF has just became obsolete"" Nah, just the new barkers on the carnival runway. Didn't take long to get after the lowest common denominator.                

GAWD, the circus is back in town.          Milestones   

Sat, 06/09/2012 - 20:53 | Link to Comment Stoploss
Stoploss's picture

May i suggest a Canadian flag for your avatar?

Sun, 06/10/2012 - 03:23 | Link to Comment Olympia
Olympia's picture

The end of the world is near.

When Barack Obama announced the US (2010) national budget for this year, we experienced unprecedented feelings. Never before had an imperialistic power moved them to pity. This is unthought-of. This year’s deficit is estimated to be $1.6 trillion and its foreign debt has gotten completely out of hand. It hits numbers that only mathematicians and astrophysicists knew existed few decades ago. There is no space for these numbers in the electronic boards so it is driven to add new elements on them.

 It all started with the big crisis of 1929. The American economy reached a deadlock because of its social "pathogenesis"; a deadlock that led it to economic crisis in a different - faster- pace than the rest of the industrial forces of that time. Important decisions had to be made - mostly social - and the Whites didn't like that, especially the Whites' rulers, the Anglo-Saxons.

 

www.eamb-ydrohoos.blogspot.com/2010/02/ten-plagues-of-pharaoh.html

Authored by Panagiotis Traianou

Sun, 06/10/2012 - 06:15 | Link to Comment Astraea
Astraea's picture

AlephO   Thank you for that link - it is a very clear exposition of how the banksters want really, really tight control over us all.     I shall post it far and wide.

Sun, 06/10/2012 - 06:58 | Link to Comment Nozza
Nozza's picture

It's a nasty racist rant. So I hit the down arrow. I thought we had moved along. That "this time is different". But the same old blame-game rears it's head.So much easier to blame others, To pass the buck. I dont undertsand all the root causes, let alone any of the solutions, but just blaming Jews is not the solution.

Noz

Sat, 06/09/2012 - 19:48 | Link to Comment John Law Lives
John Law Lives's picture

It is hard to believe.  Run massive deficits year after year and get a bailout.  Everyone gets a bailout...  (other than Lehman Brothers).

It should be patently obvious that there is an underlying reason why everyone gets a bailout... and it has something to do with the $700+ Trillion derivatives market...

Sat, 06/09/2012 - 20:05 | Link to Comment Caviar Emptor
Caviar Emptor's picture

There's now a built-in incentive to mismanage...If I were them I'd NEVER get the derivatives or even primary loans in order...NEVER! That would be like killing the golden goose. No. Better to be a highly paid employee at an essentially fully nationalized, government run operation where the main job functions include acting surprised. Ha!

Sun, 06/10/2012 - 02:34 | Link to Comment Poetic injustice
Poetic injustice's picture

Damn, you surpised me! Do I qualify for cushy goverment job now?
If necessary I can also fake my IQ test results to be low enough to be hired.

Sun, 06/10/2012 - 08:43 | Link to Comment francis_sawyer
francis_sawyer's picture

Here's my 'surprised' look... (I know it sucks, but maybe we have some better artists around here ~ Looks like I don't qualify for gov't work)...

~~~

#    #

   O

Mon, 06/11/2012 - 05:32 | Link to Comment fajensen
fajensen's picture

Precisely the Objective of the bailouts - If a mere fraction of that black hole of OTC derivative ... matter should go to the markit and clear it will be an extinction level event for the banksters and for governments relying on ever-cheaper loans and forever expanding credit supplied by their bankster friends. The OTC derivatives are the "asset" backing those Zero-Interest loans, so "they" have to feed the black hole to stop it from evaporating, taking out half the planet with it. 

Sat, 06/09/2012 - 20:12 | Link to Comment TrillionDollarBoner
TrillionDollarBoner's picture

The shit is going to start flowing so thick and fast onto the fan over the coming months that ZH is gonna have to recruit more Tylers.  

Sun, 06/10/2012 - 02:10 | Link to Comment Sudden Debt
Sudden Debt's picture

Spread the knowledge to 1 person and you're a tyler yourself!

Sat, 06/09/2012 - 20:54 | Link to Comment sessinpo
sessinpo's picture

Not hard to believe. You should realize by now it's a catch 22. You see, to not bail out whomever would be to admit of system and euro failure.

Lehman Brothers could be contained. Bear Stearns probably should have gone too. But we are talking about the major banks of these one soverign nations - kind of like our big 5, citigroup, goldman, jp morgan chase, bank of america, wells fargo.

Sat, 06/09/2012 - 23:00 | Link to Comment John Law Lives
John Law Lives's picture

That part that is hard to believe is that things have gotten this fvcked up.  This bailout is not going to solve Spain's unemployment problem.  There is no doubt they will need yet another bailout before too long.

Sat, 06/09/2012 - 21:25 | Link to Comment Alpacanio
Alpacanio's picture

I think we know what that reason is...

Sat, 06/09/2012 - 19:54 | Link to Comment Eireann go Brach
Eireann go Brach's picture

We need to see some riots at the Euros! Greece vs Germany!

Sat, 06/09/2012 - 20:14 | Link to Comment CClarity
CClarity's picture

I think perhaps it is Germany that must leave the Euro in order to save the Euro.  And to prevent the periphery from having to return to currencies (or create new ones) that will instantly devalue massively and force additional peripheral countries out of the Union.  Maybe better to let Euro become a weaker, though still functional, currency for many nations while Germany goes with a stronger currency.  Lots of implications, isn't easy, but still preferable? http://bit.ly/MvWGT6   

Sun, 06/10/2012 - 03:38 | Link to Comment Mister Ponzi
Mister Ponzi's picture

When Germany leaves the union, so will the Netherlands, Austria, Finnland, and probably Estonia. You will, in effect, create a Northern and a Southern Euro. Even if the Northern countries returned to domestic currencies, those would be pegged against each other. The Netherlands and Austria did this for decades with their curreny pegs to the Deutschmark.

Sun, 06/10/2012 - 08:06 | Link to Comment jonytk
jonytk's picture

That's absolutely non-sense, Germany greatly benefits for a lower euro, it boots it's exports, and since it controls the ECB, they make sure everyone is under the deficit limits, so they will have lower inflation (when the USD implodes).

Sun, 06/10/2012 - 10:17 | Link to Comment BidnessMan
BidnessMan's picture

If Germany controls the ECB, and the ECB is really in control, why did the ECB not force every country in the Eurozone (including Germany) to stay within the Eurozone deficit limits for the past 10 years?  But now France and the PIIGS are going to START complying with deficit limits?  

Is the ECB now going to stomp their feet and threaten to hold their breath until they turn blue, and that is going to work?  When it never did before?  Laughable.  

 

Sat, 06/09/2012 - 20:04 | Link to Comment phungus_mungus
phungus_mungus's picture

No.. this is perfectly believable and was predicted.

Ireland will be followed by Greece, Itlay, then Spain back to the EU trough wanting more, followed by Greece, Italy and then Spain again...

Nothing has been solved here.

 

Sat, 06/09/2012 - 20:27 | Link to Comment Matt
Matt's picture

Actually, I totally expected this. It was pretty much inevitable, really. As soon as someone percieves someone else is getting a better deal, they instantly demand that they deserve to get the same deal, or it isn't fair!

Sat, 06/09/2012 - 21:35 | Link to Comment Bill D. Cat
Bill D. Cat's picture

One big , fucking , happy family .

Sun, 06/10/2012 - 02:35 | Link to Comment Non Passaran
Non Passaran's picture

Love that line, D!
I've been telling these bitches all about you!

Sat, 06/09/2012 - 22:09 | Link to Comment nmewn
nmewn's picture

In the socialization of loss game, the nation with the higher unemployment rate wins.

And to think, vampires used to be a myth.

Sun, 06/10/2012 - 10:04 | Link to Comment BidnessMan
BidnessMan's picture

The quaint notion of fairness went out of fashion long ago.  Fairness is for the chumps who still eat their peas. Was it "fair" that the bankers who made million dollar bonuses on billions of NINJA loans, had Linda Green sign millions of fraudulent mortgage foreclosure, and then paid lobbyists to get Congress to pass laws that provide bankers with a permanent "get out of jail' free card?  Absolutely no consequences for all kinds of felony conduct.  So stop with the insulting comments about "fairness".  Just cheap arrogant banker cover for Heads I win, Tails you Lose.  Fairness is not remotely involved.

Ireland's problem is the political class was in the banker's pockets back 4 years ago.  Ireland should have done what Iceland did.  But Ireland can still refuse austerity like Spain and France have done.  It could hardly get worse for the Irish - dragging out death by austerity to infinity is no future.  But as Greece, Spain, Portugal, Italy and France soon go down, this will all force a reset for the Irish too.  

The Irish people were thrown under the bus by their government, and dragged through a very painful adjustment process that was far longer than it needed to be.  Too bad the Irish had to wait for Spain, Italy, Greece, et al to go down for the Irish to get out of austerity torture.  What is the fairness in that? 

If there ever was a case of Odius Debt, it is Ireland.  My hope is that future leaders will look to Iceland as the model when greedy Bankers spin out of control again - not Ireland.  

Sat, 06/09/2012 - 20:36 | Link to Comment Ookspay
Ookspay's picture

My gut tells me that this will all be dealt with soon, in the time-tested fool proof way, W A R ! Lots of hiding, blaming and disinformation always accompany war.

"The first casualty of war is the truth." Well, the truth is dead, more and various other casualties to follow, stay tuned.

Sat, 06/09/2012 - 21:12 | Link to Comment The Monkey
The Monkey's picture

To think the stewards of this plan have not thought of action and reaction to the nth degree is silly. You are wasting your time.

Sun, 06/10/2012 - 02:34 | Link to Comment Non Passaran
Non Passaran's picture

Nonsense.
Cretins like you always resurface on some bad news and then war doesn't happen. Where are the morons who were constantly predicting that the US will attack Iran?

Of cours, like a broken watch one day they may be right, but that makes no difference: they are cretins.

Sat, 06/09/2012 - 23:33 | Link to Comment Buck Johnson
Buck Johnson's picture

No kidding, you can't make this up.  They just opened up another problem, how can they say no to Greece or Portugal or even Ireland about renegotiation if not no strings attached if they did it for Spain.  Like he said, it makes it even easier for the Greek politicians against austerity to win because they just showed you can get lent money to the BANKS and no conditions. 

Mon, 06/11/2012 - 05:41 | Link to Comment fajensen
fajensen's picture

Easy Peasy: The stupid-as-piss, to use a technical term, Irish electorate just voted for the European Financial Stability Pact.

Which basically outsources all financial policy to unelected overlords in Brussel. No doubt some German will soon point out the very paragraphs in pedantic detail.

The Irish are the Palestinians of Europe: Always and Forever picking The Way of Pain whenever they get a say in anything.

Sun, 06/10/2012 - 00:53 | Link to Comment Tom Green Swedish
Tom Green Swedish's picture

Basically, the message the EFSF / Eurozone / Whatever the fuck they are is saying is that it is ok to not pay your mortgage, and they will bail you out if you are somewhat significant to them.  In Spain if you can prove hardship you do not have to pay your mortgage. You will not be foreclosed on nor have to pay any penalties.  It appears they like throwing money down the drain.  First Greece (no chance in hell of ever paying anything back / on the brink of leaving the Euro), next Spain (prostitute land / forget the mortgage beach party), next will be on the Italian mafia (10 percent of GDP).  But if you're Irish you have to work for it, you can't have free money like Southern Europe because they are the party crew.  I thought the USA government was clueless.  the EFSF / Eurozone / Whatever the fuck they are / ECB is the biggest joke I have ever seen in my life.

 

What is Ireland not buying enough BMW's and german crap? Is that how it works? What a bunch of shit.

Sun, 06/10/2012 - 10:38 | Link to Comment Bogdog
Bogdog's picture

Maybe the IMF is not so obsolete given that 'merkins will still be contributing our ever more worthless $$'s to it that we'll never see paid back. It is in fact fully functional as a money pit. Once the Eruo crashes the IMF is it.

Sat, 06/09/2012 - 19:39 | Link to Comment C-B77
C-B77's picture

everyone will go back to their corner once the spanish spreads song starts playing and they realise that Spain got the same medicine with different packaging....

Sat, 06/09/2012 - 19:42 | Link to Comment PC Load Letter
PC Load Letter's picture

Moral Hazard at its finest

Sat, 06/09/2012 - 20:12 | Link to Comment Caviar Emptor
Caviar Emptor's picture

You don't need to be concerned about Moral Hazard when competition and supply and demand no longer play a aprt in the conduct of business. Welcome to the post-capitalist utopia!

Sat, 06/09/2012 - 20:52 | Link to Comment gwar5
gwar5's picture

Exactly.  My mistake was assuming the bankers were in possession of some morals to have skin in the game to start with. My bad.

Sat, 06/09/2012 - 21:20 | Link to Comment LeisureSmith
LeisureSmith's picture

Quick! Scramble the moral hazmat paratroopers.

Sat, 06/09/2012 - 19:43 | Link to Comment veyron
veyron's picture

I for one am glad to see this bickering ...

Sun, 06/10/2012 - 03:57 | Link to Comment Itch
Itch's picture

Americans like nothing better than to see Europeans fuck it all up, it makes they're fuck-ups seem a lot less severe. Its a perfectly natural response in a geo-Freudian type thingymajig.

Sun, 06/10/2012 - 08:30 | Link to Comment Flying Tiger Comics
Flying Tiger Comics's picture

bullish on schadenfreude

Sat, 06/09/2012 - 19:47 | Link to Comment Joebloinvestor
Joebloinvestor's picture

Hilarious.

They want to keep their sovereignty, so each is different from the other, but when it is to their advantage, they want equal treatment and they want it retroactive.

Why wouldn't the same apply for interest rates then? 

I always thought a "deal is a deal", good bad, or indifferent.

Sat, 06/09/2012 - 20:21 | Link to Comment booboo
booboo's picture

Sooo, you are saying that they are all women.

Sat, 06/09/2012 - 22:47 | Link to Comment Ropingdown
Ropingdown's picture

Isn't this a bit harsh?  After all, the saying on Wall Street is that "a contract is just an opportunity to renegotiate."  Happens all the time.  Military contracting?  Same thing, demanding elaborate respecifications urged into action by your favorite politicians.  If your power has increased enough since the contract signing, figure out how to put a psuedo-legitimate face on your new demands for PR, then go for it.  I don't like it, but that is and long has been the way of the world here and everywhere else.

Sun, 06/10/2012 - 12:22 | Link to Comment Joebloinvestor
Joebloinvestor's picture

Contracts are renegotiated all the time, but in doing this, the EU problem is never gonna get fixed.

Why not renegotiate debt on a daily basis?

That ought to be good for a few permante govt jobs.

With the added benefit of being able to kick the can daily.

Sat, 06/09/2012 - 19:48 | Link to Comment gun4A
gun4A's picture

SHORT EUR TOMORROW BIG TIME!

Sat, 06/09/2012 - 20:31 | Link to Comment Matt
Matt's picture

Are you certain this isn't somehow bullish for the Euro?

I mean, down is up, short is long, everything you know is wrong these days.

Sat, 06/09/2012 - 20:58 | Link to Comment machineh
machineh's picture

Short the euro, with a record short position already on?

Go ahead, jump to the crowded side of the boat, and tip the sucker over.

This is why I closed a short silver position on Friday ...

EURO POP --> DOLLAR WEAKNESS --> PM STRENGTH

Sat, 06/09/2012 - 22:15 | Link to Comment Calmyourself
Calmyourself's picture

Why the hell short the euro?  Tomorrow all the traders across the world come to their senses and realize this, this is the day they understand the whole damn thing is broken?   Their livelyhoods are over a huge monetary reset is coming and they are finished, yeah short the euro..   Until people get hungry, short virtually nothing..

Sun, 06/10/2012 - 01:38 | Link to Comment xtop23
xtop23's picture

Long EUR / Short USD / long PM's Monday morning.

Let the market digest the bounce and the fact that nothing has changed, then go the other way. 

Sat, 06/09/2012 - 19:49 | Link to Comment world_debt_slave
world_debt_slave's picture

what's good for frick, is good for frack

Sat, 06/09/2012 - 20:15 | Link to Comment LouisDega
LouisDega's picture

What bailout. Theres a bailout going on?  Whats a Bailout?

Sat, 06/09/2012 - 19:53 | Link to Comment RobotTrader
RobotTrader's picture

Bottom line is that TPTB will do what it takes to avoid a meltdown.

 

Lehman from 2008 seems like yesterday.

"It Won't Happen Here" says Ben.

I'm sure all the ECB, BoJ, Fed, and Bank of China officials are all keenly aware of the risk of letting things get too far out of control.

Therefore, it is a "dead lock cinch" that just when things seem to be teetering, TPTB will always come to the rescue.

Sat, 06/09/2012 - 20:00 | Link to Comment canardo
canardo's picture

until they don't

Sat, 06/09/2012 - 20:46 | Link to Comment Sabibaby
Sabibaby's picture

or can't.... The medicine with unintended consequences...

Sat, 06/09/2012 - 20:01 | Link to Comment junkyardjack
junkyardjack's picture

The question to ask is if you were one of the winners in today's society, would you do everything that you could to maintain your status or would you allow society to collapse and hope that you are able to figure out a way to prosper in the new form?  The current financial system will continue until citizens do what is necessary to create change and the truth is that society isn't in such dire conditions that people will be willing to do anything about it for a long period of time.

http://www.youtube.com/watch?v=buDSm2ckn50

Sat, 06/09/2012 - 22:19 | Link to Comment Calmyourself
Calmyourself's picture

Until their is hunger, real hunger nothing changes everything depends, everything on keeping the status quo and they have the printing presses..  No law, contract, CDS, derivative nothing changes until people get extremely motivated by hunger.  If they can contain that nothing wil l  ever change just the slow eventual grind into the prison planet some of us suspect.

Sat, 06/09/2012 - 20:07 | Link to Comment PC Load Letter
PC Load Letter's picture

There is bailout fatigue around the world. Eventually they will allow someone to fail

Sat, 06/09/2012 - 20:13 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Never. Why kill the golden goose? They can ride that gravy train forever

Sat, 06/09/2012 - 20:40 | Link to Comment algol_dog
algol_dog's picture

You can be sure the FED is tied into this by the balls, likely through some back-ass doorway.

Sun, 06/10/2012 - 08:47 | Link to Comment francis_sawyer
francis_sawyer's picture

Rescue... RESCUE...???

Yeah ~ Thank God I have a printing press so I can keep RobotTrader feeling safe & happy with his lululemon longs...

~~~

Is this world pathetic, or what?...

Sat, 06/09/2012 - 20:32 | Link to Comment whoflungdung
whoflungdung's picture

You don't mean"Dead Cock Lynch" now, do you??

Sat, 06/09/2012 - 20:36 | Link to Comment LeBalance
LeBalance's picture

super durrrrr....

lou sir......

describe the "way" to avoid a meltdown in con-fidence at this point, RoBoT.

my my my greece, and ireland, and spain.  All their bailouts are free and unconditional.

its all free.

no cost for free paper.

no conditions.

 

how  long do those circumstances last?

not unto the biz week!

not one second into the overnight on Sunday.

 

it is over.

Sat, 06/09/2012 - 19:55 | Link to Comment junkyardjack
Sat, 06/09/2012 - 19:57 | Link to Comment srelf
srelf's picture

Erin Go Bragh!

 

Sun, 06/10/2012 - 03:33 | Link to Comment piliage
piliage's picture

Perhaps this week, Erin go Bratwurst?

Sat, 06/09/2012 - 19:58 | Link to Comment canardo
canardo's picture

Man, this is going to be good. The tangled web is getting ever more tangled.

Sat, 06/09/2012 - 20:00 | Link to Comment monopoly
monopoly's picture

This is great, Ireland gets what is fair, since that is what Spain has negotiated. Greece gets to spend again witha spanking new Govt. Spain probably needs 400 Billion not 100 and Italy in the background is already figuring out how they too will benefit from the generosity of the German people.

I never new Germans were so free with their marks, eh, Euros. They used to be a very fastidious people. How times have changed and how generous.

And of course since we are on the hook for about 17%, we can just withdraw the money out of one of our savings accounts. Oh wait, we don't have any savings. Ok, Ctl:P. There, done.

Sat, 06/09/2012 - 20:35 | Link to Comment Matt
Matt's picture

The best thing for the Germans to do would be to give them what they want, that is to let the ECB just directly monetize bank debts all over the Eurozone, and to let everyone else live through Weimar Act II. 

Until they experience this for themselves, no one else will have the fear of hyperinflation.

Why make yourself liable with bonds, when you can just let them print? Just defect first and start buying gold quietly but quickly.

Sat, 06/09/2012 - 22:24 | Link to Comment Calmyourself
Calmyourself's picture

The Germans are fastidious alright, the worlds best conditioned pavlovian dogs, fer cripes sakes the men piss sitting in order to maintain their PC credentials..  If you are counting on Germans to do much except except save all the loungers at three AM and loll around pools in the Caribbean getting shitfaced your counting on the wrong folks to fix this.  Most emasculated "men" on the planet.

Sun, 06/10/2012 - 20:49 | Link to Comment monad
Sun, 06/10/2012 - 21:56 | Link to Comment Calmyourself
Calmyourself's picture

Oh yeah, decadent too..

Sat, 06/09/2012 - 20:02 | Link to Comment VonManstein
VonManstein's picture

completley fucked !

im leaving the UK next year get some mining action down under

Sat, 06/09/2012 - 21:02 | Link to Comment machineh
machineh's picture

Too late -- China's crashing and will take Australia down with it.

Move to Spain and buy in at the bottom!

Blood in da streets, mate!

Sat, 06/09/2012 - 20:02 | Link to Comment Poor Grogman
Poor Grogman's picture

Socialism at it's finest moment...

Sat, 06/09/2012 - 20:03 | Link to Comment Caviar Emptor
Caviar Emptor's picture

It's the Bailout Fiesta Bowl! 

Welcome to the after-party!

"Who let the banks out?" 

 

Sat, 06/09/2012 - 20:05 | Link to Comment M.B. Drapier
M.B. Drapier's picture

We also wonder how will Ireland feel knowing that it has to suffer under backbreaking austerity in exchange for Troika generosity, while Spain gets away scott free.

Huh? How did Spain get away at all? It didn't get grants; it didn't get a bailout directly to the banks; Spanish taxpayers are on the hook for the losses at Spanish - and so, indirectly, German - banks. The core won again with its (accidental) vendor-finance scam - make bad loans to private-sector peripheral banks, make the peripheral taxpayer pay to cover the losses. The only difference is that this loan doesn't come attached to IMF-style structural-reform requirements - which may not exactly be a good thing for Spain - and Spain gets to avoid being formally in external assistance - which is a political figleaf.

Sat, 06/09/2012 - 22:39 | Link to Comment Ropingdown
Ropingdown's picture

Yes, but they're giving Spain the chance to fix its banking system without specific austerity orders for how to achieve national solvency.  The Irish? Not so much.  Why?  I suppose the Troika believed the Irish couldn't meet the original bailout terms but the Troika knew it was only buying time until it could be sure that the Irish loans were the only large ones upon which the German banks would take a total loss. The continent is what matters, not the islands and disjoint bits on the Aegean, perhaps.

Sat, 06/09/2012 - 20:06 | Link to Comment dcb
dcb's picture

if anyone wants to make a bet on where udn is going I;m saying about 27.10

Sat, 06/09/2012 - 20:07 | Link to Comment proLiberty
proLiberty's picture

Fiat money is embezzelment of wealth by dilution similar to when a bartender waters down the booze.

 

Sat, 06/09/2012 - 20:20 | Link to Comment lakeside
lakeside's picture

Or, when you tell her "honey I pulled it out before I leaked, I promise" , or, "don't worry you don't have to swallow, I'll let you know.". This is becoming an orgy of maniacal proportion, don't you love it?

Sat, 06/09/2012 - 20:10 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Right on schedule. We are now fully de-sensitized to bank and sovereign bailouts. When it TARP and Greece we were all horrified. The banksters and politicians had to pretend to be in pain over the decision. 

Hehe

Now we won't even think much of it and soon, we won't even want to be bothered with being notified. Might interfere with something new or important. Or maybe news on the kardashians.

Bailouts are no longer a deviation from the program. It's the rate of re-bailout that now will seem different (Ireland, i'm looking your way). But hey, that'll pass too. 

Sat, 06/09/2012 - 20:30 | Link to Comment Poor Grogman
Poor Grogman's picture

Faster and faster the bailouts come

Then inflation will start to run.

In the end it will all be clear.

That FIAT MONEY is to fear....

Sat, 06/09/2012 - 22:30 | Link to Comment Ropingdown
Ropingdown's picture

Liked your rhyme don't like fiat but people forget

Fiat's only to trade real things so you'll have no regret.

Holding land, art, and gold and more cash than you've debt

Lets you sleep well at night sure your cash calls get met.

Sat, 06/09/2012 - 20:11 | Link to Comment Conman
Conman's picture

Hey Greeks here's your chance to renegotiate as well. Tell your little bro Malta to come to the party too.

Sat, 06/09/2012 - 21:03 | Link to Comment machineh
machineh's picture

Why you no invite Cyprus, huh?

Sat, 06/09/2012 - 21:57 | Link to Comment Conman
Conman's picture

Woops mixed up my small eu cisland countries.

Sat, 06/09/2012 - 20:14 | Link to Comment AssFire
AssFire's picture

Oh Brave New World...of begging bitching savages

Sat, 06/09/2012 - 20:21 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

Seriously?

Giving a shit what the flat headed Irish think is like giving a shit what cockroaches think of Raid.

Fuck the always traitorous, shit that is the Irish.

Sat, 06/09/2012 - 20:30 | Link to Comment AssFire
AssFire's picture

Because Ireland went along with the same shit as Greece and now Spain...they are not radicals but sheep.

Why is the public being made responsible for the incompetence of the bankers? It is time for these governments to follow Iceland's approach and shut down the bad banks.

Sat, 06/09/2012 - 20:50 | Link to Comment Dr. Engali
Dr. Engali's picture

Because the public keep voting the same stupid ass incompetent " leaders" in. If the public doesn't do something to change things they deserve what they get. Same thing goes here.

Sat, 06/09/2012 - 20:35 | Link to Comment Spastica Rex
Spastica Rex's picture

>pthffft<

Sat, 06/09/2012 - 21:40 | Link to Comment Bill D. Cat
Bill D. Cat's picture

That's my line .

Sat, 06/09/2012 - 22:18 | Link to Comment Spastica Rex
Spastica Rex's picture

I love you. Did you ever know that you're my hero?

Sun, 06/10/2012 - 01:38 | Link to Comment tongue.stan
tongue.stan's picture

Been spurned by one o' their fair lasses, eh. We've all been there, rat boy.

Sat, 06/09/2012 - 20:26 | Link to Comment bagehot99
bagehot99's picture

Why not go the whole hog, and simply allow the use of Monopoly money as legal tender? It's only a kick-in-the-ass away from what they're doing anyway, and you have to love having that big orange stack we could all carry around. But I want to be Banker......

Sat, 06/09/2012 - 20:29 | Link to Comment bagehot99
bagehot99's picture

Meanwhile, China is buying Gold. Any gold they can lay their hands on. I, for one, am not wondering why.

Sun, 06/10/2012 - 02:01 | Link to Comment Central Wanker
Central Wanker's picture

More importantly, China is NOT buying European debt any more.

Sun, 06/10/2012 - 05:52 | Link to Comment wesayukcom
wesayukcom's picture

It's also a matter of time before the Chinese stop buying T-Bills then what, who is left in the World to fund Obama's debt binge?

Eventually focus will move to America after the EZ crisis.

When those foreign US dollars in the Chinese central bank come home to roost America is going to see runaway inflation.  At which point they'll be looking at going to war.

Sat, 06/09/2012 - 20:30 | Link to Comment SDRII
SDRII's picture

Meanwhile Romney FP advisor warning a new sheriff coming to town. Substitute sheriff with bailout. Rinse wash repeat.

So the U.S. has a strategic interest here, both because Russia clearly not only has domestic authoritarian drift but on foreign affairs it works contrary to our interests, whether it's in the illegal occupation of Abkhazia, the use of oil and gas against Central and Eastern Europe, the position it's taken with Iran, with North Korea etc. So in both cases we have people that are taking unfriendly actions, in the case of Iran much more serious with their efforts for nuclear breakout and who have a strategic interest in Russia.

It’s been the position of Governor Romney that we have to recognize the strategic issue and tactically we should be standing up to protest the innocents. And the difficulty today is that the opposition is not unified, there’s a vacuum, so that bad actors have rushed in to fill it, including elements of al-Qaida and the Muslim brotherhood.

And we would point out that what U.S. government should have been doing for the last 14-16 months is working with the opposition, helping them unify, helping the moderate forces in the opposition be in a posture to lead, and that would have not allowed the vacuum that is being filled by al-Qaida and the Muslim brotherhood.

On Syria, There are rebels that we could be are via arming via Lebanon/Turkey . My point is that we could have been working for over a year to have a better position for the moderates who are standing up to Assad. Two – we should be doing that right now, even if we have failed to do it for fourteen months, to seek out the moderate elements that we could be working with and could comfortably arm.

http://www.haaretz.com/news/diplomacy-defense/haaretz-q-a-with-ambassado...

Sat, 06/09/2012 - 20:42 | Link to Comment gwar5
gwar5's picture

Unfortunately, the MB has been squatting in the Obama White House for the last 3 years. He and Chavez also supported the attempted marxist takeover of Honduras in Spring 2009 by Zelaya. Seeing some sort of pattern here, not quite sure what it.... oh well, it will probably come to me if I watch some more MSM.

Sat, 06/09/2012 - 20:32 | Link to Comment Spastica Rex
Spastica Rex's picture

Maybe Spain should be paid a bonus for allowing themselves to be assisted? Why stop at free?

Sat, 06/09/2012 - 21:39 | Link to Comment Possible Impact
Possible Impact's picture

Loan them money at negative rates?

Sat, 06/09/2012 - 20:45 | Link to Comment gwar5
gwar5's picture

Of course Ireland wants to renegotiate! They all will. What's Germany going to do now? 

 

I know what the French and Italians are going to say. I think a banker convergence and a massive money printing makes sense here, if you're an effete CB banker bent on self-preservation and creating your New World Order.  All at once, just bypass those darn thrifty and fickle Germans and just print baby print. If they don't go along with it, no problem, they get the middle finger like the new French PM did to them. Leadership.

/s

Sat, 06/09/2012 - 20:39 | Link to Comment CreativeDestructor
CreativeDestructor's picture

so far zero commentary from Germany itself. Brilliant stuff.

Btw, german market will get creamed either way, EU just clarified that any news is bad news for Germany.

Sat, 06/09/2012 - 20:46 | Link to Comment Dr. Engali
Dr. Engali's picture

These people are nucking futs. Sooner or later the market is going to say enough, and it can't happen soon enough.

Sat, 06/09/2012 - 20:52 | Link to Comment Tsar Pointless
Tsar Pointless's picture

The market? You mean the HFT computers that see the words "bailout" and "rescue" and go nucking futs in a northerly direction?

THAT market?

Oh, okay.

Sat, 06/09/2012 - 21:06 | Link to Comment Dr. Engali
Dr. Engali's picture

There is always a market somewhere. Whether it's stocks, bonds, currency, or derivatives. When the liquidity crunch is on the robots will be overwhelmed, and we will see how liquid this market is.

Sat, 06/09/2012 - 23:28 | Link to Comment blueskies123
blueskies123's picture

You mean like what happened on Friday when the HFT algos on super low volume caused the market(s) to meltup on the promise of a Spain bank bailout?

Sat, 06/09/2012 - 20:56 | Link to Comment sessinpo
sessinpo's picture

You are correct at some point. It'll be the currency or bond traders - not equity.

Sat, 06/09/2012 - 20:57 | Link to Comment Dr. Engali
Dr. Engali's picture

Exactly.

Sat, 06/09/2012 - 20:46 | Link to Comment Centurion9.41
Centurion9.41's picture

Seriously, is the Black Swan leaving the Euro going to be the all to obvious, in hind sight, the pissed off Irish guy......

Sat, 06/09/2012 - 20:50 | Link to Comment Tsar Pointless
Tsar Pointless's picture

Bullish!

Laughable!

Largely ignored by the mindless nymphs who comprise the majority of the Amerikkkan population!

Oh, and pointless, too.

Above all, after the past five years and plenty of alcohol, I've learned worrying about this shit is totally pointless.

Sat, 06/09/2012 - 21:04 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

This has to be a joke, right? Irish ass has always been for sale. They are about as honorable as an indonesian cockroach.

Irish aint worth the powder it would take to blow them to hell. Wellington showed that. They might show some promise on the battle field, but they are criminals otherwise.

 
The Irish would betray their own mothers. I mean they have, without fail for all of eternity. They are the least honorable of all the races on Earth. Who gives a fuck is they survivie, much less if they manage to suck English dick one more time?

Fuck everything Irish.

Let them rot.

Sat, 06/09/2012 - 21:38 | Link to Comment FinLen
FinLen's picture

Fuck you Rodent, you worthless arrogant piece of shit, my only hope for this evening is that I never have to read another one of your posts because you are no longer on this earth when I wake up, please die you fuck.......

Sun, 06/10/2012 - 01:47 | Link to Comment tongue.stan
tongue.stan's picture

rat boy's been spurned by one o' their fair lasses.

Sat, 06/09/2012 - 21:07 | Link to Comment Cosimo de Medici
Cosimo de Medici's picture

If the markets view this in a positive light come Monday morning---and "this" is providing more than enough money that doesn't exist to fix a problem that cannot be solved---then why should the EU even bother with dribs and drabs, begrudgingly doling out a pittance here and a pittance there, one little PIIGSy at a time?  If the market can believe insolvency can be corrected at no cost and without pain, why not just say:

Everything for everybody everyday.  And it's all free.  Take as much as you like.  Take more if you want.  Even if you take it all, they'll be more.  This is child's play:

This little PIIGSy went to Merkel, this little PIIGSy had.....

Sat, 06/09/2012 - 21:12 | Link to Comment noses
noses's picture

Great. This is giving Germany enough leverage to finally quit all the shit and leave the Eurozone itself. Haven gotten out that cheaply France can proceed funding the entire bailout nonsense on its own.

Ingenious.

Sat, 06/09/2012 - 21:15 | Link to Comment JR
JR's picture

There is no such thing as a “free bailout” unless it's for the banks.

Eurogroup statement on Spain: “The Eurogroup notes that Spain has already implemented significant fiscal and labour market reforms and measures to strengthen the capital base of the Spanish banks. The restructuring plans in line with EU state-aid rules and horizontal structural reforms of the domestic financial sector.We invite the IMF to support the implementation and monitoring of the financial assistance with regular reporting.”

As for saying “when it comes to answering where the money comes from there simply is no answer,” the money always comes from the people who earned it, who produced something for it.

It all boils down to a simple principle: Who will control Europe’s destiny? Will it be the money changers or the people?

All of the Eurogroup’s talk is peripheral to its central plan: an established order to operate countries.

In almost all cases in Europe, governments are elected by the people and for the people. But bankers want a different product – an unelected Superstate by and for themselves. The people principally want happiness and peace, a nation of freedom and opportunity for their families and cultural life, mutual protection for their property and safety, and recognition of their moral and religious values.

The Eurogroup says NO! NO! WE want economic and political power; WE want super frothy economic growth and profits, trade to the moon, and control of resources and labor. WE cannot do this if you insist on elections, parliaments, rights -  ie your stupid past.

“When, for the sake of greed, trade becomes treason and compromise becomes collusion, lines of credit form ropes of bondage.” – Robert Henry Goldsborough

Sun, 06/10/2012 - 03:23 | Link to Comment Olympia
Olympia's picture

 

We have reached the ultimate limits of shabbiness ...where “Enough is Enough”. Banking system and currencies should return to the people. There should be a discrimination of the currency nature in the two sides of the ocean ...its “security” part and its “bond” part should be separated. There should be a discrimination between what it describes the real value and that “value” that results from the addition of interest and “returns”. What does this mean in practice? There shall be an arrangement in favour of the people as far as the social security funds and the private deposits are conserned, so that currency becomes again a security. All the "rest" may be returned to the bankers and the loan sharks. This is whatever is described as debt and interest may be returned in the form of the well-known balls...

http://eamb-ydrohoos.blogspot.nl/2012/01/global-debt-crisis.html

banks should be left to bankrupt so that they come under the national control for free. It is banks that should become public not their debts, as it happens today. Their owners should be led to prison for high treason and all their assets should be seized. All the bonuses, that their staff received due to their loan sharking “successes“ should be given back. Justice should be restored to face this blood-thirsty gang of beasts who made people sweat blood ...international Courts should nail the “Markets” and put them on trial for crimes against humanity.


People should start getting ready for great trials ...for International Courts, where the current loan sharks shall give account. Monetarism criminals should sit on the same benches that once sat Nazi criminals. Rothschild, Rockefeller, Greenspan, Bernanke, Trichet, Soros, Buffett –and other “kids” of the loan sharking- should not sleep calmly from this point on. So, should also do their Quisling-type partners ...all the traitors who undertook power supported by the Monetarists and exercised leadership at the expense of their people ...Merkel, Sarkozy, Barroso, Zapatero, Papandreou and others.

 

Sat, 06/09/2012 - 21:24 | Link to Comment Alpacanio
Alpacanio's picture

The EU wants to be equal. Whats fair is fair...

Sat, 06/09/2012 - 21:25 | Link to Comment savagegoose
savagegoose's picture

somehow , panthers, king tigers and stuggs are looking  looking the prefered option

Sat, 06/09/2012 - 21:36 | Link to Comment Town Crier
Town Crier's picture


For the kingdom of heaven is like unto a man that is an householder, which went out early in the morning to hire labourers into his vineyard. And when he had agreed with the labourers for a penny a day, he sent them into his vineyard. And he went out about the third hour, and saw others standing idle in the marketplace, And said unto them; Go ye also into the vineyard, and whatsoever is right I will give you. And they went their way. Again he went out about the sixth and ninth hour, and did likewise. And about the eleventh hour he went out, and found others standing idle, and saith unto them, Why stand ye here all the day idle? They say unto him, Because no man hath hired us. He saith unto them, Go ye also into the vineyard; and whatsoever is right, that shall ye receive. So when even was come, the lord of the vineyard saith unto his steward, Call the labourers, and give them their hire, beginning from the last unto the first. And when they came that were hired about the eleventh hour, they received every man a penny. But when the first came, they supposed that they should have received more; and they likewise received every man a penny. And when they had received it, they murmured against the goodman of the house, Saying, These last have wrought but one hour, and thou hast made them equal unto us, which have borne the burden and heat of the day. But he answered one of them, and said, Friend, I do thee no wrong: didst not thou agree with me for a penny? Take that thine is, and go thy way: I will give unto this last, even as unto thee. Is it not lawful for me to do what I will with mine own? Is thine eye evil, because I am good? So the last shall be first, and the first last: for many be called, but few chosen.

— Matthew 20:1–16, King James Version

Sat, 06/09/2012 - 23:45 | Link to Comment Boxed Merlot
Boxed Merlot's picture

Is it not lawful for me to do what I will with mine own?...

As long as they're doing God's work and using their own wealth I would suppose it to be alright.  The problem may be the wealth being used does not belong to them.  On the other hand, the following pretty much summarizes the GS handbook for gov't / business / gov't relations.

 

Now He was also saying to the disciples, “There was a rich man who had a manager, and this manager was reported to him as squandering his possessions. And he called him and said to him, ‘What is this I hear about you? Give an accounting of your management, for you can no longer be manager.’The manager said to himself, ‘What shall I do, since my master is taking the management away from me? I am not strong enough to dig; I am ashamed to beg. I know what I shall do, so that when I am removed from the management people will welcome me into their homes.’ And he summoned each one of his master’s debtors, and he began saying to the first, ‘How much do you owe my master?’ And he said, ‘A hundred measures of oil.’ And he said to him, ‘Take your bill, and sit down quickly and write fifty.’ Then he said to another, ‘And how much do you owe?’ And he said, ‘A hundred measures of wheat.’ He said to him, ‘Take your bill, and write eighty.’ And his master praised the unrighteous manager because he had acted shrewdly; for the sons of this age are more shrewd in relation to their own kind than the sons of light. And I say to you, make friends for yourselves by means of the wealth of unrighteousness, so that when it fails, they will receive you into the eternal dwellings.  --Luke 16:1-9 NASB

Sat, 06/09/2012 - 21:38 | Link to Comment Boilermaker
Boilermaker's picture

So...ES opens down 30 handles?

Fuck man, I'm lost now.

Sun, 06/10/2012 - 01:24 | Link to Comment Bunga Bunga
Bunga Bunga's picture

2008 was just the beginning, man!

Sat, 06/09/2012 - 22:05 | Link to Comment markar
markar's picture

So seriously. With no money and no collateral left on the continent how many trillions are they going to have to print for all these "unconditional" bailouts

Sat, 06/09/2012 - 22:22 | Link to Comment g3h
g3h's picture

The truth is all Irish PM, by extension the Irish, are masochists.  To suffer is what they are destined to.

Why do you believe this time they are for real?

Sat, 06/09/2012 - 22:31 | Link to Comment hedgehog9999
hedgehog9999's picture

Folks, ( I can't believe I used that word) , reminds me of the Obummer..... Gentlemen:

It is well known that Germans have the hots for Spain, they loved them in WWII, and they all went to Argentina and Uruguay after the war......., when I go on vacations to the Dominican or Can Cun, I find tons of Germans , somehow they love the spanish culture and that may be the reason they will get more favourable terms than Greece and Ireland.

The flip side is that everybody will want the same terms, it is like a bunch of children........they want the same candy retroactively....

Germans have a choice now:

    1) Go along and bail the conquistadores and set the new moral for bailouts across Europe or

    2) Tell them to go fuck themselves with a Toro horn and accept equally tough terms as Greece and Ireland

    3) A third choice which is probably the best one for everybody is to say BASTA! and go back to the Deutche Mark and start over again.

I bought a shitload of Pop Corn and and will see how this movie develops in the next few days , it won't be years like the Greece fiasco....

Sat, 06/09/2012 - 22:45 | Link to Comment LFMayor
LFMayor's picture

I AM an IrishMan
I'M full of IRISH BREWs

And if you motherfuckers don't renegotiate my bailout terms
I'll piss upon your shoes!

Sun, 06/10/2012 - 01:25 | Link to Comment Bunga Bunga
Bunga Bunga's picture

Isn't the US mostly of Irish descent?

Sun, 06/10/2012 - 01:59 | Link to Comment Gavrikon
Gavrikon's picture

Hardly.  And before very long it will be mostly of non-European-descendents.

Sun, 06/10/2012 - 11:30 | Link to Comment falak pema
falak pema's picture

Hail, Geronimo resuscitated! 

Sat, 06/09/2012 - 23:16 | Link to Comment RoadKill
RoadKill's picture

Btw the REAL news is that I too am announcing that I accept an ECB bailout at 3% interest and no conditions. Germany offering me such a deal is unimportant.

How can Ireland demand the same terms Spain is getting? Spain hasnt gotten anyterms yet.

We all knew Spain needed to bailout its banks. And we all knew the ESFS and ESM would provide it. The terms are pretty irrellevant. All that matters is how much gas is left in the tank. Why is NO ONE focusing on the fact that Spain is admitting to €100bbn of capital flight just 10 days after telling us they wouldnt need help at all. History says if they say its €100bbn today, this number can only grow. And now that private sector debt has once again been made junior to new ESFS/ESM debt, Spains cost of borrowing can only go up, because everyone knows PSI is next. Not that it matters because Spain will never issue 6%+ public debt now that it has tasted 3% money.

You guys need to focus on the end game, not all the BS spin.

This crisis wont have peaked until France has been cutto barely investment grade and Germany gets a warning it might be downgraded next.

Sat, 06/09/2012 - 23:22 | Link to Comment potlatch
potlatch's picture

Better zombie peripheral national banks go zombie, than peripheral national citizenries.

 

But sooner or later, this thing has to eat some real, non-paper brains.  its the logic of the invisible hand, err, zombie.

 

I suspect basically, the lucky few will be offered prime shares in Iran: The Reclaiming.

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