Domino Effect at Work with Euro - Last Days of the Eurozone ? - UPDATE: S & P put EU on Negative Watch

[DCon]

The ECB is now accepting footballers as collateral.

From Zerohedge

We were pretty much speechless when we read this - it sure puts guarantees by Noyer, Trichet and all the other bureaumonkeys that the ECB does not accept just any collateral in perspective. From Presseurop.eu: "The most expensive footballer in history may now be used to guarantee the solvency of a Spanish bank. “Ronaldo in the bailout fund,” headlines Süddeutsche Zeitung. The daily reports that the Bankia group of savings banks, which financed Real Madrid’s acquisition of the Portuguese player, is now seeking to borrow funds from the European Central Bank. In response to the ECB’s demand for guarantees, Bankio are putting up… Ronaldo and the Brazilian Kaka, who also plays for the Madrid football club. In 2009, Real borrowed 76.5 million euros to pay transfer fees of 100 millions euros to Manchester United, and 60 million to Milan AC."

http://www.zerohedge.com/news/footba...ecb-collateral

Granted, Ronaldo and kaka are worth more than a semi developed field in Leitrim, but it will not take much more of this to anger the German population enough that they will force their government to act

[C. Flower]

The ECB is now accepting footballers as collateral.

From Zerohedge



http://www.zerohedge.com/news/footba...ecb-collateral

Granted, Ronaldo and kaka are worth more than a semi developed field in Leitrim, but it will not take much more of this to anger the German population enough that they will force their government to act

DCon. This post made my day.

I wonder what else the ECB has taken as collateral

???

[Dr. FIVE]

Kenny, Finucane and Tubridy were offered on account of their value but Trichet promptly told them to piss off

[C. Flower]

kenny, finucane and tubridy were offered on account of their value but trichet promptly told them to piss off

:d:d:d

[C. Flower]

The IMF is now eyeing up Spain: too big to fall or not.

While it is being said they will need a bail out, no one says how it will be paid for.

A lot of anger now in Germany, where workers have very basic incomes and lives, about overspending on the periphery.

[PaddyJoe]

Spanish and Italian bond yields reaching danger levels again this afternoon. Ominous:

Spanish and Italian borrowing costs hit fresh peaks on Tuesday for the euro-era as the European debt crisis shot back to the centre of investors’ attention.

Benchmark 10-year bond yields reached 6.46 per cent for Spain and 6.26 per cent for Italy, heading closer to the 7 per cent level that propelled Greece, Ireland and Portugal to seek bail-outs as investors consider it unsustainable.

The premiums Madrid and Rome pay to borrow over Germany hit yet more highs as well and in lunchtime trade were at 400 basis points and 381bp respectively, nearing levels that could trigger margin calls at Europe’s biggest clearing house, LCH.Clearnet.
The moves are unnerving bankers working with peripheral European countries. “These spreads are not sustainable. You clearly need to see some reprieve,” said one senior European banker.

http://www.ft.com/intl/cms/s/0/f07ea...#axzz1Ts7Mei2o

[C. Flower]

Spanish and Italian bond yields reaching danger levels again this afternoon. Ominous:

http://www.ft.com/intl/cms/s/0/f07ea...#axzz1Ts7Mei2o

The Clearnet thing seems to be the canary in the coalmine. I remember Ireland going through that last summer.

That will be the euro, one way or another, gone. With the US the way it is, it's time to hold on to our hats.

[PaddyJoe]

Jose Luis Zapatero has decided to postpone his summer holiday due to start today and is going to stay on in Madrid. I imagine there will be a few other people changing their plans this week as well
In fairness to our Brian he always headed off to the caravan in August come hell or high water

[DCon]

Jose Luis Zapatero has decided to postpone his summer holiday due to start today and is going to stay on in Madrid. I imagine there will be a few other people changing their plans this week as well
In fairness to our Brian he always headed off to the caravan in August come hell or high water

The Italian FinMin is on his way to Luxembourg to meet Juncker tomorrow.

busy summer for those normally relaxing..

I guess he’s still finmin then…Rumors of his demise have been relentless but Tremonti is still standing.

Not sure of the subject of the meeting but undoubtedly they would love to halt the spread of contagion which has recently caught Italy and Spain in its wake. Two Greek bailouts and one each for Portugal and Ireland have not done the trick…

http://www.forexlive.com/blog/2011/0...onto-tomorrow/

[C. Flower]

It's the end of the world as we know it.

[Ah Well]

For anyone who might have thought running to Swiss-land would instantly cure any financial woes ...

Switzerland’s central bank is taking aggressive steps to lower the franc’s exchange rate, saying the currency is “massively overvalued” and threatening the Swiss economy.

Read more: http://www.breakingnews.ie/business/...#ixzz1TxRP1lcf

[Judas]

Any thoughts on the Norwegian Krone?

Backed by their enormous petro reserves.

http://www.exchange-rates.org/history/NOK/USD/G/30

[C. Flower]

Barroso seems to think that enough was done via the July agreement to save the situation.

http://www.forexlive.com/blog/2011/0...rexLive.com%29

Break-up or Eurobond. Neither is a "solution" in terms of preserving everyone's current standard of living. But I haven't seen any other proposals that go near to the situation.

And of course, there is nothing to say that a Eurobond would be a big enough sticking plaster.

[DCon]

Ladies and Gentlemen, I present Captain Obvious.

EU's Barroso says Eurozone crisis no longer only in periphery

EU's Barroso says need to see how to improve EFSF and ESM effectiveness

EU's Barroso says July 21 decisions not having intended effect on markets

http://ransquawk.com/headlines

[C. Flower]

Ladies and Gentlemen, I present Captain Obvious.







http://ransquawk.com/headlines

Barroso says that everyone else has gone on holiday, and he doesn't see why the f. he should pick up the slack for them.