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Schauble Wants ESM To Be Used Over EFSF For Spanish Bailout
... And what Germany wants, Germany gets. Sorry Spanish bondholders.
German Finance Minister Wolfgang Schaeuble wants aid for Spain’s banks to come from the future permanent backstop, the European Stability Mechanism, to avoid greater risks for the German budget, Handelsblatt said.
Spain would not be able to guarantee loans from the current backstop, the European Financial Stability Facility, if funds for its banks came from the EFSF, the newspaper said, citing European Union diplomats it didn’t name.
Germany’s share of guarantees to the EFSF would rise in such an event, the newspaper said. The ESM is financed by all 17 euro-region countries, including those that receive funds from it, the newspaper said.
Recall earlier the European Commission (of laughable clowns who get financial advice from JT Marlin?) scrambled to say the Spanish bailout would take place under the EFSF, not ESM, to avoid the whole subordination trigger issue. Oh well.
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Zee ESM - dumkopfs....Danka!
I heard the Brussels office of JT Marlin is quite successful these days.
Have they opened a catering division?
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Our original model was intended to kill bankers slowly, with a great deal of pain. The jagged edge blade was intended to only partially cut off the offender's head on the initial drop. This feature was intended to allow the executioner the opportunity to retract the blade, leaving the offender writhing and wailing in pain.
Unfortunately, there have been reports of our product lopping off skulls on the first drop, thus leaving crowds disappointed. These mobs want a justice equal to the pain they have suffered, not quick painless retribution. For this defect our company offers a sincere apology.
We recommend, in the future, switch men drop the blade from lower heights, or simply email us and we will send you free of charge two rusty and dull axes which can be used to remove the feet of your scumbag banker right before the crowd drags him to the stage.
And again, thank you for your business.
Chief.
http://annoyanidiot.blogspot.com/
So who's running the show? Are there even two Euro central bankers that agree on the same thing?
Whenever these bozos decide to leave central banking, they will assuredly have jobs offered them as clowns in a circus.
All my investment is now with PT Barnum.
When PT Barnum speaks...the show must go on.
Still looking for that egress ...
they may have access to unnamed diplo-mats like schaeuble (with the 'e') himself
this is what the finiMinis do and herrS is right out there leading the confusion, again!
the real action is possibly with the committee headed by marioECB which will have a banksters' plan ready by the 20th; this plan, which will cause all germany to shit like a goose at once, will be approved b/c angela will again demurely refuse to be the uber who tosses the EU out with the rest of the bathwater, where it belongs
I bet the UK is SO glad they are not party of the EU joke.
The UK has their own comedy show.
And the Beat Goes On! You just cannot make this stuff up anymore.
Guys, I was excited to see red this morning too after watching the futs +1% last night, but you are all once again forgetting the Great Lesson of 2011.
They will do ANYTHING to keep the wheels turning.
This analysis of subordination and what it does to spreads . . . no. They can stop this. They can buy up all the bonds. They could declare the relevant passages of the legislation null and void and declare no subordination (until they reverse later). They can put a bullet in Syriza's lead guy. They can send out firing squads and mow down the line outside banks doing the bank run. There Are No Rules.
You have simply got to stop thinking this situation is amenable to analysis. It's not. There is no calculating anything anymore.
At LEAST until Nov 6, 2012.
If Obama wins, the day after the election the US Treasury is open for all, for worldwide bailouts.
No it isn't. Congress has to appropriate that money. There is no TARP slush fund. It expired.
The Fed might be able to do something, but I doubt it. They have explicit legal restraints too.
Now, all legal restraints can be dissolved, but that would require GOP majorities in Congress to agree -- and they might.
Too many holes in the dam. This sucker is gonna give way.
this one really has that feeling - have never been so concerned about the loose ends that just getting looser
italy cds racking up, cyprus out of the woodwork, moral hazard play on full view - Germany vs the rest, all EU on watch negative, macro economy going down, CBankers like posen admitting QE hasnt worked and it needs to go direct to real economy....
why was spain deal talked about this weekend and not in June after elections and full bank assessment?
Coz its a Solvency NOT liquidity issue............................................
And the EFSF/ESM is NOT solvent either, so deckchairs moving aroudn the titanic.
Not to worry. The kleptocrats on TV are smiling and the public feels at ease because of it. Everything must be fine.
thats what makes it even more worrying!! Coz while your post was im sure intended to be ironic, the sad fact is its true....
and when the mob turns, there is true panic on the streets
Not so fast, there might be NO subordinate problem at all....
http://ftalphaville.ft.com/blog/2012/06/11/1037371/an-esm-subordination-save/
The ESM was SIGNED on February 2, 2012
and:
Ratification does not = signed.
No loophole.
See page 60 of 62
"The ESM is financed by all 17 euro-region countries, including those that receive funds from it". So Spain is to bailout Spain!
So has everybody had a chance to see Madonna's nipple?
Nopes .. do you have a link.
Fuck Europe. This is serious business!
Here you go....
http://gawker.com/5917172/madonna-would-like-you-to-see-her-nipple-nsfw
Thats ugly.
Back to EU circus.
hard to believe over the years anyone hasn't so i think she must've done that for the few out there that recently had their sight miraculously restored.
and those few now probably think sight is overrated.
I could barely make it out, too many cobwebs.
And it probably has more lines than Deutsche Bahn!
Get a barf bucket and a weed wacker ready...
http://www.madonnashots.net/fr29.jpg
Schauble... an old dog.
Remember? He's the guy Germany is attributing miracles to. "Schäuble is living proof that you are able to trample around on the German constitution even if you are sitting in a wheel chair." If he can do *taht* he'll be able to do even more interesting things.
This charade of alphabet soup for braggin rights is laughable. In the end, it will all get subordinated to physical assets.
Well the only one left is DOA.
http://ftalphaville.ft.com/blog/2012/06/11/1037371/an-esm-subordination-...
An ESM subordination save? A bit over my head, so fuck you Bernanke!
The ESM was SIGNED on February 2, 2012
Ratification does not = Signed.
No loophole.
See page 60 of 62
<--< troll alert?
< --< there is no money? this ESM won't hunt? we were warned? everybody is lying? the finiMinis couldn't get a cab? angela's clothes are at the cleaners?
what (if anything other than a fresh cocktail) is tyler up to here?
Another one bites the dust
Bank of Spain deputy governor Aríztegui resigns
http://www.youtube.com/watch?v=pZhORUIKWtQ&feature=related
Spanish Caravan
In my country there is a saying "Getting a blind man to fuck you and then escorting him back to his place too."
what a bunch of retards
wish Stewart and Colbert covered financial news of this sort, there won't be any shortage of material and plenty of Herman Cains to chose from
WON'T HAPPEN...
The Big Bankers are only Republicans in Hollywood Movies. You don't get invited to those fancy-dress DC and Manhattan parties if you have an R after your name.
IN REAL LIFE, the Big Bankers own the Socialists and Democrats (easier and cheaper to buy), and have funded them for decades.
Heh. You can only stick one person with all the bills for so long before they walk.
Forget math, these idiots fail at human nature. The reckoning, it's a-coming.
How the markets give any credibility to these jokers is unconscionable.
That is the true miracle in all this.
Use this piece of s**t over this other piece of s**t, doesn't really matter. It's all going down.
I am beginning to think these clowns just waddle from one global confrence buffet to another with their Staples "Easy" button thinking that it is a real device like the Nuclear Codes kept safe in a super secure briefcase.
I see they have been upgraded to clowns from ass clowns on a previous thread.
I'm sure everyone is agreeable to the bailouts and this has been contained...
Spanish Bailout Can’t Go to Unhealthy Banks, Finland Sayshttp://www.bloomberg.com/news/2012-06-11/spanish-bailout-can-t-go-to-unh...
Italy Moves Into Debt-Crisis Crosshairs After Spainhttp://www.bloomberg.com/news/2012-06-10/italy-moves-into-debt-crisis-cr...
My banker is better than your banker. I want my banker to subordinate your banker.
ESM prints better notes than EFSF.
"The poorest man may in his cottage bid defiance to all the force of the crown. It may be frail; its roof may shake; the wind may blow through it; the storms may enter; the rain may enter--but the King of England cannot enter; all his forces dare not cross the threshold of the ruined tenement." -- William Pitt, Earl of Chatham
“The wind and rain may enter the cottage of the most humble Englishman,” the proverb went, “but the King with all his might and majesty may not.”
The final frontier for the onslaught of big-banker stealing was the threshold of America’s and Europe’s homes. The savings and product of Americans' and Europeans’ livelihoods, which is held in their very homes, was just too tempting for these bankers to resist and they moved in to take it.
Therefore, let those who made the profits from the real estate bubbles that destroyed people’s home equity and savings, those who are now stealing depositors’ savings to re-inflate their quadrillion dollar derivatives bubble, i.e., the bankers who created this crisis, pay the losses.
The bankers who operate this worldwide financial system went gone too far when they have put into their pockets the very proceeds of a man’s home equity, life savings, and future…just to satisfy their greed. And, in the current chaos they created, are acting as crazed animals.
We need, finally, to put the levers that control the financial system into the hands of the people and to slap the hands that are in the till and fit them with handcuffs,
They are not bankers; they are robbers.
This is worse than a horror movie.
At least a horror movie has an end. This just goes on and on and on. Kind of like a state of the Union address.
Also, in a horror movie, the characters die rather than keep coming back. This is a TV series like Lost where everything keeps getting rebooted and repeated, because the writers don't know where it is actually going even though they are pretending to. Necessarily, the end will be a bit of a let-down, because all the mysteries (where is the infinite money going to come from, who is Strauss-Kahn's father, etc.) are not actually going to be revealed.
In the final act, the Bernank will wake up in 2008 to find that it was all a dream. Relieved and with a newfound joy of life, he takes a walk from his New York apartment only to break down in front of the Statue of Liberty plastered with dollar notes. Or something like that.
Quote of the day!
Well done.
Whose taxpayers are going to guarantee these worthless non-creditworthy loans get paid in full as if they were entirely credit-worthy? Apparently not Germany's.
Do NOT read these articles about the Fed audit unless you want to know the truth.
http://www.sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-...
http://www.sanders.senate.gov/imo/media/doc/GAO%20Fed%20Investigation.pdf
Actually there are a lot of lies in those links, but the basic conclusions and the numbers give some idea of how the Fed is stealing from us to keep their game going. Apologies for responding to my own post.
ESM. EFSF, TROB...they are all merely fictions of the ECB ....maybe with a little input form the IMF, right?
Europe Closed - look out above!