Een stapje dichter bij de implementatie van het ESM ?
Het EFSF koopt haar eigen obligaties...
Is het EFSF nu waardeloos ? Van Bazooka naar een warm luchtpistooltje ?
Is 0 + 0 = 1 ?
Citaat:
European Ponzi Goes Full Retard As EFSF Found To Monetize... Itself
According to the Telegraph, the abysmal, and barely successful, 3 EUR billion issuance of EFSF bonds (which was originally supposed to be 10 EUR billion, on its very very gradual climb to 1 EUR trillion) had one more very curious feature to it, aside from confirming that it is Dead On Arrival as expected. It turns out that in addition to being the most convoluted and complex creation ever conceived by JPM which is advising Europe on coming up with structured finance products that are so complex nobody will ask any questions and will automatically assume someone else has done the homework, it is also the quintessential ponzi instrument.
The Telegraph reports that the already reduced 3 EUR billion “target was only met after the EFSF resorted to buying up several hundred million euros worth of the bonds.” You read that right: in its first bond issuance since its transformation to the European Bank/Soveriegn Bailout Swiss Army Knife, the EFSF not only failed to raise a minimum token amount, but also had to… buy its own bonds.
Meer : zerohedge
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