Moments ago, the following headline hit the tape:
- ASMUSSEN SAYS ECB HASN'T SEEN NEED TO PUBLISH OMT LEGAL TEXT
That's right: the ECB is trying to get the German Constitutional court to pass the OMT (i.e., On Merkel's Tab) bond purchasing program, and yet there still is no legal term sheet.
The photo below captures the reaction by the Karlsruhe Kardinals upon hearing this unmitigated idiocy.
[4]