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As Italy Hints Of Subordination, Did Rome Just Request A "Semi" Bailout?

Tyler Durden's picture


That Italy is now at most days away from technical insolvency is not news: after all we reported on just this a week ago, citing not some fringe lunatics but Bloomberg economist David Powell who said that "Italy would probably be forced into receiving a bailout if it were to face another two weeks like the last seven days." Specifically, "The country would violate the IMF’s definition of solvency if its average cost of debt were to surpass 680 basis points. The fund defines debt as sustainable if the  debt-to-GDP ratio starts to decline before the end of the forecast horizon. A rise to that level would push the ratio up to about  131 percent in 2016 and marginally higher the following year, according  to Bloomberg Brief estimates." This was a week ago... so one more week left, and things have not only not gotten better, they have gotten much worse.

Which is why we were not too surprised to read the following news from Reuters: "Italy will push this week at a meeting of euro zone finance ministers for a semi-automatic mechanism involving the European Central Bank or the permanent bailout fund ESM to reduce spreads of euro zone bonds over Germany, Italy's European Affairs Minister Enzo Moavero said on Monday."

Having done this for a while, we can tell Italy what the bond market, having perused the above sentence, just read: "semi-bailout." Because if Italy is implicitly demanding assistance from the ECB, and the Spanish bailout vehicle, the ESM, then things are about to hit the country with the €1.25 trillion in debt. It is all downhill from there. Oh, and here is what the bond market reads when they see ESM: "not so semi-subordination." For Reference: see the aftermath of the Spanish bailout. Because if in Europe the idiotic plan to avoid a bank run is to announce preparations for one, followed by furious back pedaling, it is only logical (and we use the term loosely) that an attempt to avert a bailout will be pursued by requesting a semi version. Instead, that action always and only leads to one thing: waving the sellers right in.

From Reuters:

Speaking about the automatic mechanism proposal, Moavero said: "The ECB may do it, but in a framework which would respect its autonomy. The mechanisms would make automatic something that the ECB has so far done autonomously. The European Stability Mechanism (ESM) may also do that, although it cannot act as a bank."


Asked if the ECB should re-start its Securities Market Programme (SMP) of buying bonds on the market, which was originally justified as needed to ensure that markets reflected its monetary policy decisions, Moavero said:


"We do not ask them, because we respect the autonomy of the ECB, but obviously any move to reduce spreads is welcome."


Moavero also said that he doubted if the euro zone's permanent bailout fund, the ESM, would be operational by early July as planned because of the ratification schedule in euro zone countries.

And count your lucky stars that is the case, because the second a class priming, bondholder subordinating mechanism comes into play, forget about comparisons to Uganda - Italy will be Spain right there and then.


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Mon, 06/18/2012 - 13:46 | 2536781 LULZBank
LULZBank's picture

Bail the Fuck out Bitchezz!!!

Mon, 06/18/2012 - 13:48 | 2536789 Manthong
Manthong's picture

I love the smell of bazookas in the morning. 

Mon, 06/18/2012 - 13:59 | 2536829 The Alarmist
The Alarmist's picture

Party on, bitchez ... Bunga Bunga!

Mon, 06/18/2012 - 14:05 | 2536852 Nothing To See Here
Nothing To See Here's picture

And who bails out the bailout providers?

Mon, 06/18/2012 - 14:07 | 2536866 SilverTree
SilverTree's picture

We do.

Mon, 06/18/2012 - 14:17 | 2536891 Sudden Debt
Sudden Debt's picture

Eeuuuuhhhh... Excuse me....
The bank just called and they said your 3 trillion dollar cheque bounced...
Is there a problem we should know about?

Mon, 06/18/2012 - 14:22 | 2536909 Manthong
Manthong's picture


Hmm..  shouldn’t this though,  fall under the category “penetration, no matter how slight is sufficient to complete the offense”?

Mon, 06/18/2012 - 14:29 | 2536925 SWRichmond
SWRichmond's picture

No, it's not a semi-bailout, it's a "semi-automatic [bailout] mechanism".

JHFC, it's a semi-automatic assault-bailout!  It's far too powerful!  Does it come with a high-capacity reloading device that lets the bailouts resume quickly when the CBs have run out of bailout ammunition?

Mon, 06/18/2012 - 14:34 | 2536943 SilverTree
SilverTree's picture


Mon, 06/18/2012 - 14:37 | 2536954 camaro68ss
camaro68ss's picture

WTF is a Simi bail-out Bawhahahaha,

Is it like being Simi prego?

Im a simi vergin. hahha

Mon, 06/18/2012 - 14:37 | 2536955 Ghordius
Ghordius's picture

I recall it was fucked when Berlusconi was at the helm. So semi-fucked seems an improvement?

Mon, 06/18/2012 - 15:10 | 2537053 Benjamin Glutton
Benjamin Glutton's picture
How many semi's you ask? European Bailout Infographic: Presenting The Truckloads Of Cash Needed To Rescue The Insolvent PIIGS

Mon, 06/18/2012 - 15:20 | 2537089 phraseshifter
phraseshifter's picture

you mean "semi-coloned"

Mon, 06/18/2012 - 23:10 | 2538358 Doomer
Doomer's picture

semi-fucked = getting a semi up the poop shute

Mon, 06/18/2012 - 16:10 | 2537237 DosZap
DosZap's picture


Mon, 06/18/2012 - 14:09 | 2536867 Divided States ...
Divided States of America's picture

Better ask while there's still money left in the bank, thats the ECB that is. Time to front-run the bailout gravy train before the other bankrupt countries (Portugal, Spain, Greece, Ireland) get to more of it first.

Mon, 06/18/2012 - 14:16 | 2536888 Sudden Debt
Sudden Debt's picture

Let's do the math:

Eurozone = 17 countries...

1. Ireland
2. Portugal
3. Greece
4. Cyprus
5. Spain
6. France (150 billion counts as a bailout)
7. Italy


I wonder when the remaining once will start to discuss if they will still be able to bailout te rest... Maybe at 8 to 9? Or 9 pigs to 8 crickets?

Maybe the ne5 won't be a bankrupt country but a smart country that says "Fuck this shit, I'm out!!!!"

Mon, 06/18/2012 - 14:22 | 2536907 bdc63
bdc63's picture

The Euro is dead!  Long live the Euro!

Mon, 06/18/2012 - 14:39 | 2536959 Ghordius
Ghordius's picture

right. if necessary we'll have an EUR2. those things have sequels, like QE

looooooong way to go, yet, looooooooong way yet

Mon, 06/18/2012 - 15:24 | 2537106 Dead Canary
Dead Canary's picture

The Euro is dead! Long live the Mark, Peso, Lira, Franc....

Mon, 06/18/2012 - 23:05 | 2538344 Doomer
Doomer's picture

Peso Paseta

Last I heard, Mexico was not in the EU!

Mon, 06/18/2012 - 14:22 | 2536910 valley chick
valley chick's picture

do the euro math....IMHO, ECB can handle up to and including Spain....with Italy the jig is up.

Mon, 06/18/2012 - 14:40 | 2536967 ArgentoFisico
ArgentoFisico's picture

I thought Belgium already was on the list

Mon, 06/18/2012 - 14:53 | 2536999 Sudden Debt
Sudden Debt's picture


Mon, 06/18/2012 - 15:59 | 2537214 LULZBank
LULZBank's picture

Get a government first.

Mon, 06/18/2012 - 22:26 | 2538226 Non Passaran
Non Passaran's picture

As a Belgian, he's cheating.
But at least he didn't use bold lettering this time. I guess we should be grateful.

Mon, 06/18/2012 - 15:05 | 2537032 Jake88
Jake88's picture

There's a tax that covers it. It's called inflation.

Mon, 06/18/2012 - 14:01 | 2536838 camaro68ss
camaro68ss's picture

So the Euro is simi flat lined?

Mon, 06/18/2012 - 14:06 | 2536858 Carl Spackler
Carl Spackler's picture

Still stockpiling olive oil.

Three varieties (my inventory liquidation "sale" begins after the supply shortages are firmly in place):

1. Greek  (limited demand - really only by Greeks in the USA)

2. Spanish  (not as common in the Americas but a good quality product, nonetheless)

3. Italian (most widely used in the USA and easiest to sell)


Mon, 06/18/2012 - 14:33 | 2536936 Dull Which
Dull Which's picture

Go long Parmesan cheese and Balsamic vinegar: both require lot's of aging and storage/prduction facilities (no cows!)  were hammered in the recent earthquakes near Modena

Disposable Medical devices too

Mon, 06/18/2012 - 14:36 | 2536948 Silver Bug
Silver Bug's picture

The bailouts continue, the QE to infinity continues. They are all broke.

Mon, 06/18/2012 - 14:03 | 2536846 battle axe
battle axe's picture


Mon, 06/18/2012 - 14:12 | 2536878 Nothing To See Here
Nothing To See Here's picture

Or is it (Italy + Spain) * Portgual / (Greece * France) = Germany 2013 ? 

Mon, 06/18/2012 - 14:23 | 2536914 bdc63
bdc63's picture

Uhmmm ... no way.  Every third grader knows you can't divide by zero ...

Mon, 06/18/2012 - 14:07 | 2536855 Eireann go Brach
Eireann go Brach's picture

All of you folks on this site do realize that as much as you bash on Facebook, the ZH up and down arrow serves the same function for you to gain as many green arrows as "likes"! I know you all come back to the page to see how many green arrows you acculumate, just like people do on facebook! So perhaps you all suffer from the same narcissistic delusional disease as those folks on facebook, whereby the tally of green arrows or "likes" one gets, is directly proportional to your levels of self confidence and self importance!

Mon, 06/18/2012 - 14:15 | 2536884 LULZBank
LULZBank's picture

Mark... What has that go to do with a lukewarm semi bailout?

Mon, 06/18/2012 - 14:16 | 2536889 Spastica Rex
Spastica Rex's picture

Did you just take a psych class at your local community college?

Mon, 06/18/2012 - 14:21 | 2536902 fuu
fuu's picture

I think most people use the arrows to agree or disagree with a post rather than reply. Keeps the comments section from getting all cluttered up.

Mon, 06/18/2012 - 14:25 | 2536919 Spastica Rex
Spastica Rex's picture

Although, on second thought...

Mon, 06/18/2012 - 14:21 | 2536905 pods
pods's picture

What the hell, I gave you a green.  



Mon, 06/18/2012 - 14:36 | 2536953 slewie the pi-rat
slewie the pi-rat's picture

bashing narcissism will get him nowhere, here!

he may have been semi-cloned;  i think someone is using his avatar with a muslim name or something...   L0L!!!

Mon, 06/18/2012 - 14:45 | 2536980 Ghordius
Ghordius's picture

semi-cloning is the ultimate compliment

Mon, 06/18/2012 - 15:01 | 2537023 pods
pods's picture

When I first read it I saw it as a rant.  Then I really thought about it.

Yep, I like it when I make a good argument and see the green arrows.  Or a funny joke.  

No different than facebook (I think as I do not partake in that).

So, he does have a pretty solid point.  And I think that when you hit too close to home you get downvoted.

CD taught me to really look at things differently.  So this place is much more valuable than FB IMHO on that reason alone.
Nevermind the breakneck pace of articles and analysis by Tyler and the contributors.

But I think he (or she) is spot on when it comes to what those arrows represent.


Mon, 06/18/2012 - 15:24 | 2537107 PivotalTrades
PivotalTrades's picture

Its just the subject matter thats different. FB case mindless narsasitic drivel,,ZH Case in most cases the important issues of the day that the masses on FB are ignoring.

Mon, 06/18/2012 - 15:32 | 2537122 pods
pods's picture

Oh I agree.  At least here things that are being discussed are things that actually matter outside the power plant if you will. (in Matrix lingo)

My better half has a FB account and I laugh when she shows me posts of people I know.

Seems it is a place to pretend that your life rocks to all of your pretend friends and they are supposed to pretend that they care.


Mon, 06/18/2012 - 15:40 | 2537140 PivotalTrades
PivotalTrades's picture

Amazing how immature most of the country is. I can see the kids but even some of them get bored...mine use to be on it up to 1/2 hour or more a day a year or two ago, now once or twice a week  for 10 minutes. Your right about how everybody's life is so rockin. No matter where they go or what thet do it was "great". Grown ups wasting so much time ,,stupid games,, meanwhile "Rome is burning"

Mon, 06/18/2012 - 14:34 | 2536941 mark7
mark7's picture

How much did you lose again in the IPO? 

Mon, 06/18/2012 - 14:56 | 2536995 Ragnar24
Ragnar24's picture

They're actually the equivalent of saying "hear, hear" -- a term that represents agreement with an ARGUMENT -- or receiving two black balls when Poker Club members didn't see value in a candidate's mind.  

Feedback is critical in the battle of ideas, but not so much when it comes to judging the latest pic from a drunken frat party. 

Mon, 06/18/2012 - 22:09 | 2538164 shovelhead
shovelhead's picture


You are the winner of my one and only junk.


Mon, 06/18/2012 - 22:02 | 2538138 Buck Johnson
Buck Johnson's picture

If they are stupid enough to continue to hold there debt (both Spain and Itally) after seeing what happened and continue to happen in Greece, then they deserve what they get.  The dominoes is falling as it was fortold.

Mon, 06/18/2012 - 13:47 | 2536783 john_connor
john_connor's picture


Mon, 06/18/2012 - 13:59 | 2536828 NotApplicable
NotApplicable's picture

I like how they talk of all these rules that allow/prevent certain actions, but only within certain guidelines, as if they actually meant anything.

Gotta keep the facade as shiny as possible, for as long as possible, while they steal everything that's left back behind the scenes.

Mon, 06/18/2012 - 13:47 | 2536784 Ancona
Ancona's picture

Dominos Bitchez! They're not just for kids anymore. Gee........who could have forseen this coming?

Mon, 06/18/2012 - 14:02 | 2536843 disabledvet
disabledvet's picture

A truck driver. Three years ago. Still being mis-reported. No talk of the various party structures throughout the entirety of Europe and how
this makes nearly all of these events not only inevitable but highly predictable as well.

Mon, 06/18/2012 - 14:43 | 2536976 Whoa Dammit
Whoa Dammit's picture

If things go the way I think they will, the people who own real semis (trucks) and know how to drive them will be golden, because they will be the ones delivering and distributing food. CDL, its the new MBA. 

Mon, 06/18/2012 - 13:47 | 2536785 Vegetius
Vegetius's picture

Lets just have a quote-

"(A unified) 'Europe' is the result of plans. It is, in fact, a classic utopian project, a monument to the vanity of intellectuals, a programme whose inevitable destiny is failure: only the scale of the final damage done is in doubt." -- Margaret Thatcher,

Mon, 06/18/2012 - 13:48 | 2536790 Silversem
Silversem's picture

The whole southern europe is in trouble. It's sad but the volatility on the financial markets is great for cfd trading

Mon, 06/18/2012 - 14:24 | 2536918 Rip van Wrinkle
Rip van Wrinkle's picture

If the whole of southern Europe's in trouble, it goes without saying the so is nortern Europe.


This ain't gonna end well.

Mon, 06/18/2012 - 13:48 | 2536791 LULZBank
LULZBank's picture

"The country would violate the IMF’s definition of solvency if its average cost of debt were to surpass 680 basis points.

Time to change the definition!! All will be well like a miracle!!

Mon, 06/18/2012 - 13:50 | 2536795 GolfHatesMe
GolfHatesMe's picture

Just the Tip

Mon, 06/18/2012 - 13:55 | 2536811 LULZBank
LULZBank's picture

It will hurt a little.

Mon, 06/18/2012 - 14:00 | 2536831 SilverTree
SilverTree's picture

It only hurts the first time.

Mon, 06/18/2012 - 14:15 | 2536887 LULZBank
LULZBank's picture

"Say, you love me"

Mon, 06/18/2012 - 15:08 | 2537044 ThirdWorldDude
ThirdWorldDude's picture

Do you want me to use a condo... er, contagion firewall? 

Mon, 06/18/2012 - 13:52 | 2536799 Dick Darlington
Dick Darlington's picture

Please STOP this lunacy and break up the euro-prison!

Mon, 06/18/2012 - 13:58 | 2536825 kito
kito's picture

well if germany concedes (as per tyler there will be DIP loans given out like candy) and the piigs become 21 century colonies, your request will go unanswered. and the way things look, the citizens of these countries would rather get scraps (after their banks bellies are filled) than delve into the revolutions occurring....rather the people voting for exactly what the globalists want.......the beginnings of orwellian society..............

im just trying to figure out who will provide the u.s. a DIP loan???..........

Mon, 06/18/2012 - 14:01 | 2536839 NotApplicable
NotApplicable's picture

Why, Benron and his infinite balance sheet, of course.

Mon, 06/18/2012 - 14:18 | 2536892 Spastica Rex
Spastica Rex's picture

The magic man with the magic goose.

Mon, 06/18/2012 - 15:16 | 2537071 earleflorida
earleflorida's picture

Potemkin village's as far as the Rhine can see, but, for north... the 'plimsoll mark' has gone amiss - as queen merkles' euro-lock vessel delights in a drachma defeat.   Nein... naught even a Spaniard galleon to be  seen, other than a buoyant mast half submerged, listing too an fro, as the ballast gives up remnants of a weighted Trojan horse that even the great Rhine was unable to support!

thankyou tyler 

Mon, 06/18/2012 - 13:54 | 2536802 mark7
mark7's picture

You Americans just do not get it. We Europeans are just making this shit up as we go, just for fun. It is called Peekaboo Bailout. Now there is there is there is a definitely MAYBE! there will be...NONE! there was ONE! Too lose!

Feel like shorting eur-usd? Go for it!

Mon, 06/18/2012 - 13:55 | 2536817 Abraxas
Abraxas's picture

Wait, wait! There's one coming for sure... no, definitely not.

Mon, 06/18/2012 - 13:52 | 2536803 slaughterer
slaughterer's picture

"semi-automatic mechanism involving the European Central Bank or the permanent bailout fund ESM"

semi-automatic bailout, with subordination, from a "mechanism" (ESM) that has not yet been ratified.

this has really gone full retard.

Mon, 06/18/2012 - 14:00 | 2536835 skepticCarl
skepticCarl's picture

Slaughter, your message is lost in the noise, as shouting in bold is the hallmark of a blowhard.

Mon, 06/18/2012 - 13:53 | 2536809 Abraxas
Abraxas's picture

What else needs to happen for Au to go $2K +? I'm starting to believe that this crazyness is a new normal and that it will go on and on forever.

Mon, 06/18/2012 - 22:20 | 2538201 Non Passaran
Non Passaran's picture

Of course it will take much longer than most of us here thought.

Tue, 06/19/2012 - 07:48 | 2538851 Ar-Pharazôn
Ar-Pharazôn's picture

you will not need to wait so much.... breaking point incoming, wait til greece stop paying the debt ;)

Mon, 06/18/2012 - 13:55 | 2536816 1Inthebeginning
1Inthebeginning's picture  Interesting presentation on debt curve and exponential growth.  What kind of paradigm are we in?

Mon, 06/18/2012 - 13:57 | 2536822 slaughterer
slaughterer's picture

Can't wait for the Merkel "NEIN" to this semi-bailout.

Mon, 06/18/2012 - 14:12 | 2536880 Zymurguy
Zymurguy's picture

That's the perfect solution... 9 Bailouts!!!

Mon, 06/18/2012 - 14:31 | 2536915 hedgeless_horseman
hedgeless_horseman's picture



If not 9 then how about a little sechs?


Mon, 06/18/2012 - 14:15 | 2536885 t_kAyk
t_kAyk's picture

Yeah, well my 'semi' says "NEIN" to Merkel

Mon, 06/18/2012 - 14:00 | 2536836 agNau
agNau's picture


Mon, 06/18/2012 - 14:01 | 2536841 chinaguy
chinaguy's picture

& don't forget Spain's big Fuck You today:

MADRID (AP) — Spain will not immediately implement the International Monetary Fund's latest recommendations, which include cutting government workers' wages further, because they are nonbinding advice, the prime minister said Saturday.

Mon, 06/18/2012 - 14:02 | 2536845 Bay of Pigs
Bay of Pigs's picture

Pure 100% unadulterated bullshit 24/7

The New Normal...

Mon, 06/18/2012 - 14:04 | 2536848 mendigo
mendigo's picture

Comic genious, thank you.
Dear lord please give me the ability to laugh my ass off at the train- wreck we find ourselves in.
Keystone Cops rule the world - and every one...a virgin, I swear.

Mon, 06/18/2012 - 14:13 | 2536881 Zymurguy
Zymurguy's picture

Keynestone Cops rule the...


There, fixed it for you.

Mon, 06/18/2012 - 14:05 | 2536851 kito
kito's picture

tyler, you are confused:

 The fund defines debt as sustainable if the  debt-to-GDP ratio starts to decline before the end of the forecast horizon. A rise to that level would push the ratio up to about  131 percent in 2016 and marginally higher the following year, according  to Bloomberg Brief estimates....

that 2016 estimate is the u.s. debt/gdp:

Mon, 06/18/2012 - 14:06 | 2536857 valley chick
valley chick's picture

 Because if Italy is implicitly demanding assistance from the ECB, and the Spanish bailout vehicle, the ESM, then things are about to hit the country with the €1.25 trillion in debt. It is all downhill from there.

Now you got my attention! :)   Bring. it. on!

Mon, 06/18/2012 - 14:29 | 2536861 slewie the pi-rat
slewie the pi-rat's picture

i would imagine that is exactly what rome smelled!

this has to proceed fast and according to the choreographed script which timmah and cuckooChristy devised in madrid together a few weeks back and lateraled to marioECB whom (with a handful of less-luninaires)  the EU entrusted with developing a plan  essentially [in slewinomics], to feed the wealth of the EU into the zombie ECB in new ways which, if politically acceptable to everyone whom the banksters have by the short curlies, will allow a new automonomous bankster state and the bat-signal is up!

actually that is my attempt at humor...

i don't know what they are gonna do but it will be better than this and it will be free b/c they can just indebt everybody with a ponzi birth-death model like our laborDept uses

that is a heluva tool to leave aside when designing capital ponzies!

ok!  i'll try to be serious:

debt = money @ 2 Tril EUR for openers;  call, fold, or run;  we'll handle the raises, too... least that is what i would do...

by wednesday with a patented goldilocksCrisisTM this will seem reasonable to all except maybe...  well angela comes to mind and maybe the SNB might want to drop the peg at least for a few daze...

germany is smart:  they already have (t)herr finiMini_herrSchuable ready to take over the new control panel for the turbo printers, too!

germany should counter for 20 Tril EUR and they get 18 Tril of them up front:  call, fold, or run...  banksterBiCheZ!

Mon, 06/18/2012 - 14:07 | 2536863 you enjoy myself
you enjoy myself's picture

so, is it safe to say that the idea of Italy bailing out Spain via its 22% resposibility for the ESM is now officialy declared a farce?  i would love to see a flow chart of all EUR debt and guarantees - must look like an Escher staircase.

Mon, 06/18/2012 - 15:38 | 2537135 pods
pods's picture

Clarke and Dawe did a wonderful bit on the problems of Europe bailing out Europe.

My favorite is still "the front fell off" though.


Mon, 06/18/2012 - 15:59 | 2537212 OttoMBMP
OttoMBMP's picture

Escher. Up arrow for this picture.

Mon, 06/18/2012 - 14:10 | 2536872 Poetic injustice
Poetic injustice's picture

I hope to acquire a nice island in Mediterranian as ever increasing human greed and stupidity breeds my hatred for human race :(

Mon, 06/18/2012 - 14:14 | 2536883 mark7
mark7's picture

The island of Lesbos might be a good choice.

Mon, 06/18/2012 - 14:24 | 2536917 Abraxas
Abraxas's picture

Not if you are a guy (or straight female).

Mon, 06/18/2012 - 22:24 | 2538216 shovelhead
shovelhead's picture

Bring lots of money.

The Greeks are running out of people to borrow from.

Mon, 06/18/2012 - 14:10 | 2536873 marketcycles79
Mon, 06/18/2012 - 14:10 | 2536876 pschwammerl
pschwammerl's picture

Just wondering why EURUSD and Eurostocks retreats badly while US stocks and DAX rising...perhaps French selling because of total socialist government?

Mon, 06/18/2012 - 14:36 | 2536952 junkyardjack
junkyardjack's picture

Everyone emptied their European bank accounts and transfered to US stocks...

Mon, 06/18/2012 - 14:20 | 2536897 Rogier
Rogier's picture

Wow, Merkel's 'NEIN!' just blew out the windows of my Amsterdam appartment...

Mon, 06/18/2012 - 14:24 | 2536916 mark7
mark7's picture

No, that was just a football crashing in...better luck NEXT TIME...losseeeerrrrs! ZERO, NADA, ZILCH POINTS. Go practise with Eskimos or something meanwhile :)

Mon, 06/18/2012 - 14:23 | 2536911 ripper
ripper's picture charts and setups. Capital3x scores big post Greece election as EURJPY shorts from 100.65 hit targets at 99.2 and short AUDJPY from 80.25 hits targets 79.4

Mon, 06/18/2012 - 14:30 | 2536928 Plymster
Plymster's picture

"semi-automatic mechanism"

Har har!  A bazooka is no longer enough!  We also need semi-automatics.  What's next, a machine gun nest?  Artillery?  ICBM as the sovereign debt market shits itself?

Mon, 06/18/2012 - 14:32 | 2536932 Snakeeyes
Snakeeyes's picture

Interesting. And Merkel just said "No MERCY!" to Greece at the G20 meeting in Cabo.

Will she show the same mercy to Italy?

Mon, 06/18/2012 - 14:35 | 2536944 VonSalza
VonSalza's picture

Mit dem Angriff Steiners wird das alles in Ordnung kommen

Mon, 06/18/2012 - 14:35 | 2536945 j0nx
j0nx's picture

Ask the Vatican. We all know they have it the crooked fucks.

Mon, 06/18/2012 - 14:36 | 2536947 Old_European
Old_European's picture

Qualitative easing 2!!!! (after Ireland asking for a renegotiation of their bailout terms)

Mon, 06/18/2012 - 15:56 | 2537201 Ted Baker
Ted Baker's picture


Mon, 06/18/2012 - 18:01 | 2537600 q99x2
q99x2's picture

Jesus won't accept a bailout.

Do NOT follow this link or you will be banned from the site!