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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 | Link to Comment LULZBank
LULZBank's picture

Bail the Fuck out Bitchezz!!!

Mon, 06/18/2012 - 13:48 | Link to Comment Manthong
Manthong's picture

I love the smell of bazookas in the morning. 

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

Party on, bitchez ... Bunga Bunga!

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

And who bails out the bailout providers?

Mon, 06/18/2012 - 14:07 | Link to Comment SilverTree
SilverTree's picture

We do.

Mon, 06/18/2012 - 14:17 | Link to Comment 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 | Link to Comment Manthong
Manthong's picture

“semi-bailout”  

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 | Link to Comment 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 | Link to Comment SilverTree
SilverTree's picture

semi-fucked

Mon, 06/18/2012 - 14:37 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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

 

http://demonocracy.info/infographics/eu/debt_piigs/debt_piigs.html

 

http://www.zerohedge.com/news/european-bailout-inforgraphic-presenting-t...

Mon, 06/18/2012 - 15:20 | Link to Comment phraseshifter
phraseshifter's picture

you mean "semi-coloned"

Mon, 06/18/2012 - 23:10 | Link to Comment Doomer
Doomer's picture

semi-fucked = getting a semi up the poop shute

Mon, 06/18/2012 - 16:10 | Link to Comment DosZap
DosZap's picture

-*-

Mon, 06/18/2012 - 14:09 | Link to Comment 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 | Link to Comment 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

10 LITTLE PIGGIED LEFT!!!

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 | Link to Comment bdc63
bdc63's picture

The Euro is dead!  Long live the Euro!

Mon, 06/18/2012 - 14:39 | Link to Comment 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 | Link to Comment Dead Canary
Dead Canary's picture

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

Mon, 06/18/2012 - 23:05 | Link to Comment Doomer
Doomer's picture

Peso Paseta

Last I heard, Mexico was not in the EU!

Mon, 06/18/2012 - 14:22 | Link to Comment 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 | Link to Comment ArgentoFisico
ArgentoFisico's picture

I thought Belgium already was on the list

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

WE ARE THE LIST!!! :)

Mon, 06/18/2012 - 15:59 | Link to Comment LULZBank
LULZBank's picture

Get a government first.

Mon, 06/18/2012 - 22:26 | Link to Comment 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 | Link to Comment Jake88
Jake88's picture

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

Mon, 06/18/2012 - 14:01 | Link to Comment camaro68ss
camaro68ss's picture

So the Euro is simi flat lined?

Mon, 06/18/2012 - 14:06 | Link to Comment 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 | Link to Comment 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 | Link to Comment Silver Bug
Silver Bug's picture

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

 

http://jamesturkblog.blogspot.ca/

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

Italy+Spain=GREECE

Mon, 06/18/2012 - 14:12 | Link to Comment 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 | Link to Comment bdc63
bdc63's picture

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

Mon, 06/18/2012 - 14:07 | Link to Comment 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 | Link to Comment LULZBank
LULZBank's picture

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

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

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

Mon, 06/18/2012 - 14:21 | Link to Comment 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 | Link to Comment Spastica Rex
Spastica Rex's picture

Although, on second thought...

Mon, 06/18/2012 - 14:21 | Link to Comment pods
pods's picture

What the hell, I gave you a green.  

:)

 

Mon, 06/18/2012 - 14:36 | Link to Comment 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 | Link to Comment Ghordius
Ghordius's picture

semi-cloning is the ultimate compliment

Mon, 06/18/2012 - 15:01 | Link to Comment 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.

pods

Mon, 06/18/2012 - 15:24 | Link to Comment 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 | Link to Comment 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.

pods

Mon, 06/18/2012 - 15:40 | Link to Comment 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 | Link to Comment mark7
mark7's picture

How much did you lose again in the IPO? 

Mon, 06/18/2012 - 14:56 | Link to Comment 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 | Link to Comment shovelhead
shovelhead's picture

Congratulations!

You are the winner of my one and only junk.

Enjoy.

Mon, 06/18/2012 - 22:02 | Link to Comment 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 | Link to Comment john_connor
john_connor's picture

semi-credible

Mon, 06/18/2012 - 13:59 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment GolfHatesMe
GolfHatesMe's picture

Just the Tip

Mon, 06/18/2012 - 13:55 | Link to Comment LULZBank
LULZBank's picture

It will hurt a little.

Mon, 06/18/2012 - 14:00 | Link to Comment SilverTree
SilverTree's picture

It only hurts the first time.

Mon, 06/18/2012 - 14:15 | Link to Comment LULZBank
LULZBank's picture

"Say, you love me"

Mon, 06/18/2012 - 15:08 | Link to Comment ThirdWorldDude
ThirdWorldDude's picture

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

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

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

Mon, 06/18/2012 - 13:58 | Link to Comment 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 unknown.............no 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 | Link to Comment NotApplicable
NotApplicable's picture

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

Mon, 06/18/2012 - 14:18 | Link to Comment Spastica Rex
Spastica Rex's picture

The magic man with the magic goose.

Mon, 06/18/2012 - 15:16 | Link to Comment 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 | Link to Comment 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 ONE...now there is NONE...now there is a definitely MAYBE!...now there will be...NONE!...now there was ONE! Too late..you lose!

Feel like shorting eur-usd? Go for it!

Mon, 06/18/2012 - 13:55 | Link to Comment Abraxas
Abraxas's picture

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

Mon, 06/18/2012 - 13:52 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 1Inthebeginning
1Inthebeginning's picture

http://www.goldmoney.com/video/martenson-presentation.html  Interesting presentation on debt curve and exponential growth.  What kind of paradigm are we in?  http://en.wikipedia.org/wiki/Wu_Xing

Mon, 06/18/2012 - 13:57 | Link to Comment slaughterer
slaughterer's picture

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

Mon, 06/18/2012 - 14:12 | Link to Comment Zymurguy
Zymurguy's picture

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

Mon, 06/18/2012 - 14:31 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

If not 9 then how about a little sechs?

 

Mon, 06/18/2012 - 14:15 | Link to Comment t_kAyk
t_kAyk's picture

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

Mon, 06/18/2012 - 14:00 | Link to Comment agNau
agNau's picture

QUE UP,

Mon, 06/18/2012 - 14:01 | Link to Comment 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 | Link to Comment Bay of Pigs
Bay of Pigs's picture

Pure 100% unadulterated bullshit 24/7

The New Normal...

Mon, 06/18/2012 - 14:04 | Link to Comment 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 | Link to Comment Zymurguy
Zymurguy's picture

Keynestone Cops rule the...

 

There, fixed it for you.

Mon, 06/18/2012 - 14:05 | Link to Comment 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:

http://www.usdebtclock.org/current-rates.html


Mon, 06/18/2012 - 14:06 | Link to Comment 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 | Link to Comment 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...

...at 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 | Link to Comment 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 | Link to Comment 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.

pods

Mon, 06/18/2012 - 15:59 | Link to Comment OttoMBMP
OttoMBMP's picture

Escher. Up arrow for this picture.

Mon, 06/18/2012 - 14:10 | Link to Comment 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 | Link to Comment mark7
mark7's picture

The island of Lesbos might be a good choice.

Mon, 06/18/2012 - 14:24 | Link to Comment Abraxas
Abraxas's picture

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

Mon, 06/18/2012 - 22:24 | Link to Comment shovelhead
shovelhead's picture

Bring lots of money.

The Greeks are running out of people to borrow from.

Mon, 06/18/2012 - 14:10 | Link to Comment marketcycles79
Mon, 06/18/2012 - 14:10 | Link to Comment 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 | Link to Comment junkyardjack
junkyardjack's picture

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

Mon, 06/18/2012 - 14:20 | Link to Comment Rogier
Rogier's picture

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

Mon, 06/18/2012 - 14:24 | Link to Comment 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 | Link to Comment ripper
ripper's picture

http://capital3x.com/think-tank/charts-and-setups-18-june-2012/ 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 | Link to Comment 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 | Link to Comment Snakeeyes
Snakeeyes's picture

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

http://confoundedinterest.wordpress.com/2012/06/18/bailout-fizzies-spanish-italian-yields-jump-spain-10s-over-7/

Will she show the same mercy to Italy?

Mon, 06/18/2012 - 14:35 | Link to Comment VonSalza
VonSalza's picture

Mit dem Angriff Steiners wird das alles in Ordnung kommen

Mon, 06/18/2012 - 14:35 | Link to Comment j0nx
j0nx's picture

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

Mon, 06/18/2012 - 14:36 | Link to Comment 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 | Link to Comment Ted Baker
Ted Baker's picture

EURO BOND WANTED BACKED BY GOLD

Mon, 06/18/2012 - 18:01 | Link to Comment q99x2
q99x2's picture

Jesus won't accept a bailout.

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