Tag Archives: ECB

Mish/ Mike Shedlock – Stubborn Stupidity, Fantasyland Thinking, Hopeless Bluffs – 30 May 2012

The Financial Times says Madrid in ‘game of chicken’ with EU.

I disagree. I think Spain’s prime minister Mariano Rajoy is a stubborn fool engaged in Fantasyland thinking, unable to think straight.

The issue regards a proposed Ponzi financing scheme to recapitalize Spanish banks. Continue reading

Mish/ Mike Shedlock – Ponzi Financing In Greece Continues; Greek Banks Receive €18bn Transfer – 29 May 2012

Greek banks have been shut off from regular ECB liquidity operations due to lack of sufficient collateral. Today the Banks have that collateral thanks to a disbursement of funds from the EFSF which in turn will be used as collateral for more loans from the ECB.

If this makes little sense to you it is because it should not make any sense to anyone. It is another act of desperation in a long line of desperate acts. Continue reading

Mish/ Mike Shedlock – Spain’s Plans To Recapitalize Bankia Will Put Germany, ECB At Risk; When Does The Ponzi Scheme Collapse? – 28 May 2012

Inquiring minds are interested in the recapitalization plans for the Bankia. Please consider this chain of posts.

ABC News reports Spain’s Bankia set for massive bailout.

Spain’s fourth-biggest bank Bankia says it is certain of securing the 19 billion euros ($24 billion) in state aid it is seeking in the largest bank bailout in the country’s history. Continue reading

Mish/ Mike Shedlock – “ECB Will Be Insolvent And Costs May Exceed 1 Trillion Euros” Says IIF Director; If The ECB Prints, Would Germany Exit The Euro? – 26 May 2012

According to IIF director Charles Dallara in a Bloomberg interview, “ECB will be insolvent if Greece were to exit the euro. Europe would have to first and foremost recapitalize its central bank.”

Excuse me for asking but how would they attempt to do that? Print Euros?

Please consider Dallara Says Greek Euro Exit May Exceed 1 Trillion Euros

The cost of Greece exiting the euro would be unmanageable and probably exceed the 1 trillion euros ($1.25 trillion) previously estimated by the Institute of International Finance, the group’s managing director said. Continue reading

– Ireland Said To Ready Bank-Debt Proposal For ECB Review – 24 March 2012

(Comment Lucas : An example of what strange things happening. IMF/ECB taking money that was not in first place real or theirs in and is in my opinion nothing more than  an extortion game.
When does this stop dear Irish. When do you say really enough.)
Here follows the article excerpt by Joe Brennan : http://www.bloomberg.com
Irish Central Bank Governor Patrick Honohan will probably ask the European Central Bank Governing Council today for permission to effectively delay a cash payment on its banking debt, as the country tries to ease the burden of saving its financial system, said two people with direct knowledge of the matter.
The state is due to make a 3.1 billion-euro ($4.1 billion) payment to the former Anglo Irish Bank Corp., which is then supposed to use the funds to reduce its emergency borrowings from the country’s central bank. Instead, the lender may use the funds to buy a new Irish government bond, meaning no net cash outflow from the state. The bond can be used to tap funding from the ECB, the people said.
Read more http://www.bloomberg.com link to original article first published 22 March 2012.

John Ward – Revealed : How Berlin Has Been Planning A Euro-Exit Since 2009 – 21 March 2012

Plain banknote paper stockpiled, Bundesdruckerei renationalised

A Slog investigation during the last twenty-four hours suggests that not only is the EU’s system of banknote printing open to easy abuse, Germany ordered a large consignment of plain banknote paper from its main supplier in 2010 – and printed considerably fewer euros than normal…in a eurozone where printing of euros generally was on the increase. Continue reading

John Ward – Bank Of Greece “Printing Its Own EURO’s” Says Belgian Economist – 15 March 2012

Johan Van Overtveldt

Belgian website’s banker mole reveals stunning truth

Yesterday, the Belgian website Trends led with an investigative article using a mole inside the Bank of Greece. The allegation – put forward by prominent economics writer Johan Van Overtveldt – is that the Bank has run out of money from other sources, and is simply printing its own euros to keep the other Greek majors afloat. Continue reading

John Ward – The Economic World Is Much Closer To The Edge Than The Commentariat Realises – 13 March 2012

We are witnessing local bulletins but ignoring the Big News

Ben Bernanke has once again said “No QE for now, but we are not out of the woods”. Observers need to wise up to the fact that this is a man who knows he must hold his fire, for far worse is coming.

Despite this, JP Morgan and Bank of America seem to have passed the Federal Reserve’s stress tests. JPM I can get behind, but BoA? Stress tests, I increasingly believe, are so-called because they are primarily designed to reduce global investor stress. Continue reading

John Ward – Think Not What You Can Do For The European Union…… But Rather Think About What It’s Doing To You – 12 March 2012

Tonight, the Eurozone finance ministers are due to approve the bailout package for Greece. The MSM widely expects them to do so. As the earlier Slogpost today argued clearly, if they do, it will be because they can only keep their third-rate currency zone and anti-democratic Union going by dealing with crooked people as addicted to the gravy train as they are. Those supposedly representing their citizens in the Athens Government have, in turn, acquiesced in every increasingly bonkers Troika demand for austerity and repayment, because not to do so would take away their seedy access to the People’s money. My God, I’m sounding like a 1970s agitprot Trot. That’s how unpleasant this crew are. Continue reading

Lucas – What Should I Believe?- The X -Files On the Situation – 11 March 2012

It looks like seeing through the eyes of Mulder in this world today where you are shown organisations, governments, companies, peoples darkest faces. They let us see their deceit, lies, fraud, unlawful acts, war crimes, crimes against humanity, treason, acts of robbery, etc. Continue reading