Tag Archives: European Financial Stability Facility

Der Spiegel – Up To Two Trillion Europe Plans To Leverage Euro-Zone Bailout Fund – 24 September 2012

Officially, the ESM permanent euro-zone bailout fund is worth 500 billion euros. That, though, might not be enough, which is why euro-zone governments are now planning to introduce levers that could mobilize up to 2trillion euros, SPIEGEL has learned. Finland, though, is skeptical of the idea.

With the launch of the permanent common-currency bailout fund, the European Stability Mechanism (ESM), just around the corner, euro-zone member states are looking into ways to leverage the €500 billion ($647 billion) available to the fund, SPIEGEL has learned. But with Finland still concerned about the leveraging plans, it is unlikely that they will be initially included when the ESM is launched on Oct. 8. Continue reading

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Mish/ Mike Shedlock – Finland, Netherlands Reject ESM Model; Finland Insists On Collateral For Loans To Spain – 3 July 2012

How long Finland and the Netherlands are willing to put up with not having a say in how the ESM (or anything else in the EMU runs) remains to be seen, but both countries expect collateral for any loans to Spain. Continue reading

Tyler Durden – Zero Hedge – Here They Come: Ireland Demands Renegotiation Of Its Bailout Terms To Match Spain – 11 June 2012

Well that didn’t take long. The ink on the #Spailout is not dry yet (well technically there is no ink, because none of the actual details of the Spanish banking system rescue are even remotely known, and likely won’t be because when it comes to answering where the money comes from there simply is no answer) and we already have an answer to one of our questions. Continue reading

John Ward – Euroblown : Spain Facing Disaster, But The Troika Goes La-La-La-La-Lagarde – 5 June 2012

Chrissie Lagarde goes gagagagaga

The Spanish Government is now openly admitting that doors into the credit markets are closing by the hour. But Finance Ministers of the G7 major economies have yet to take any action. Spanish Treasury Minister Cristobal Montoro sent out a dramatic SOS this afternoon poining out that the spread between the country’s 10-year bond and German/US debt was now in excess of 550 basis points. But all that happened was that his comments on Spain’s issues sent the euro down still further. 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

John Ward – Exclusive – German Bankers Give Merkel Ultimatum – Either Greece Leaves The Eurozone, Or Germany Must – 19 March 2012

Merkel….diminishing options

With the help of Frankfurt and Parisian sources, US contacts, and German readers of this site, The Slog has been able to put together compelling evidence of Greece being perilously close to ejection from the eurozone. Doubts in Brussels and the IMF, preparations in Berlin – and clauses in the bailout agreement – all point to a German determination to either amputate Greece, or leave the eurozone itself. Continue reading

John Ward – The More Self-Deluded The “Opinion-Leaders” Become, The More The Slog Thrives – 16 March 2012

(John Ward AKA The Slog)

The Slog would like to wish all its readers a Merry Cataclysm

As the eurozone powers bumble on towards another compromise of their already deeply compromising situation, the MSM continues to print what the Elites tell them. I have very little time for Channel Four ‘News’, but they were spot on three years ago when they said, “The internet is for) opposition”. Continue reading