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Worst Case Scenario for EU : Germany Refuses to Bail out Italy
08-07-2011, 12:02 AM #1
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,567 Threads:1,444 Joined:Feb 2011
Deutsche Marks will be back soon by the looks of things. It Just Went From Bad To Far, Far Worse As Germany Says Italy Is Too Big For EFSF To Save, Refuses To Carry Euro Bailout Burden
Quote:Remember when we said that Germany will soon balk over the fact that it is pledging its entire economy to bail out an insolvent Europe? Well, that moment has come.

Dow Jones just hitting the tape referencing Spiegel

German Govt: Italy Too Big For EFSF To Save - Spiegel
German Govt: Doubts Whether Tripling EFSF Would Help It Save Italy
German Govt: Italy Must Make Savings, Reforms To Exit Crisis - Spiegel
Italy Debt Guarantee Could Raise Doubts Over Germany's Finances - Spiegel
German Govt: EFSF Should Only Help Small, Mid-Size Countries - Spiegel

As a reminder, yesterday's stopgap announcement by the ECB to expand its SMP purchases of secondary market Italian and Spanish bonds was merely as a precursor to full EFSF monetization until its comes fully online in September (or sooner) in a vastly expanded format (between €1.5 and €3.5 trillion).

If Germany is now against this, which appears to be the case, it pretty much means, well, game over.

Add the uncerainty over the unwind of the Europe rescue "gamechanger" as one of the more naive CNBC anchors said yesterday, and Monday is now guaranteed to be a bloodbath.
Read more at zerohedge.com

Monday bloody Monday. Wow is this going to be something to watch.

wonder.gif
08-07-2011, 12:21 AM #2
Upāsaka Member
Posts:1,383 Threads:252 Joined:Feb 2011




I'm sure Geldof, will hold a Banker Aid Gig.

If zie Germans don't pay up, the Fed will.


İmage
08-07-2011, 12:30 AM #3
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,567 Threads:1,444 Joined:Feb 2011
Quote:If zie Germans don't pay up, the Fed will.

rofl.gif With fiat currency. rofl.gif Let them, I trust them to always do the wrong thing. This jokes about over.

wonder.gif
08-07-2011, 12:52 AM #4
Upāsaka Member
Posts:1,383 Threads:252 Joined:Feb 2011
Quote:This jokes about over.





08-07-2011, 01:16 AM #5
Octo Mother Superior
Posts:43,354 Threads:1,482 Joined:Feb 2011





08-07-2011, 01:21 AM #6
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,567 Threads:1,444 Joined:Feb 2011
(08-07-2011, 01:16 AM)Octo Wrote:  


rofl.gif I always appreciated a grande finale

wonder.gif
08-07-2011, 01:26 AM #7
Octo Mother Superior
Posts:43,354 Threads:1,482 Joined:Feb 2011
Yeah well I think a grande finale is about all that is left of this show beerbong.gif
08-07-2011, 01:50 AM #8
Upāsaka Member
Posts:1,383 Threads:252 Joined:Feb 2011
(08-07-2011, 01:26 AM)Octo Wrote:  Yeah well I think a grande finale is about all that is left of this show beerbong.gif






Springtime for Obama & Germany.

İmage
08-07-2011, 03:58 AM #9
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,567 Threads:1,444 Joined:Feb 2011
What was Hitler trying to hide under that fedora? 13.gif
His love for Germany?

wonder.gif
08-07-2011, 01:58 PM #10
Shadow Mrs. Buckwheat
Posts:12,777 Threads:1,182 Joined:Feb 2011
Quote:Deutsche Marks will be back soon by the looks of things.

I've thought that for a while, the first to bail on the Euro will have the last laugh. For a while it looked like maybe France, Dominique Strauss-Kahn was head of the IMF and #1 opposition for Sarkozy. Perhaps he intended to bail on the Euro once president of France and so taken out of the running. dunno.gif

EUhaha.gif
08-07-2011, 02:18 PM #11
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,567 Threads:1,444 Joined:Feb 2011
(08-07-2011, 01:58 PM)Shadow Wrote:  
Quote:Deutsche Marks will be back soon by the looks of things.

I've thought that for a while, the first to bail on the Euro will have the last laugh. For a while it looked like maybe France, Dominique Strauss-Kahn was head of the IMF and #1 opposition for Sarkozy. Perhaps he intended to bail on the Euro once president of France and so taken out of the running. dunno.gif

EUhaha.gif

That's a possibility I never considered, but it sounds quite logical from an economic / political standpoint. Sarkozy is the man in the same way Bush was the man and Ahmandinejad is the man. All puppets and noone's really sure how they got there. All either had or have dubious political and economic motives. All three were selected, not elected. 13.gif

wonder.gif
08-08-2011, 03:05 PM #12
Shadow Mrs. Buckwheat
Posts:12,777 Threads:1,182 Joined:Feb 2011
Germany is not happy but the ECB really is going to try and bail out Italy and Spain.

Aug 7th...
ECB announces bond buying

So how's that working for them?

İmage

And.... it's gone. lol.gif
08-08-2011, 03:13 PM #13
Upāsaka Member
Posts:1,383 Threads:252 Joined:Feb 2011
They're are going to have to buy a couple billion everyday.

Centralized planning will work damn it!
08-08-2011, 04:22 PM #14
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,567 Threads:1,444 Joined:Feb 2011
rofl.gif It's pretty much over. Investor confidence is slim to none and slim died yesterday.

wonder.gif



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