EU

Spain And Italy To Be Bailed Out In £600 BILLION Deal

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Not Spain and Italy will be bailed out, but the banksters (AGAIN):

– Nigel Farage On FOX News: ‘Barroso Is A Deluded Communist Idiot’ – ‘The Whole Thing Is A GIANT PONZI SCHEME’ – ‘And At The End Of The Day This Whole Thing Is Going Bust’ (Video):

European leaders are poised to announce a £600 billion deal to bail out Spain and Italy, it emerged at the G20 summit on Tuesday night.


Speaking before the meeting, François Hollande, the French president, said: ‘It’s not on growth. It will be more on mechanisms that allow us to fight speculation.’ Photo: A

– Debt crisis: Spain and Italy to be bailed out in £600bn deal (Telegraph, June 19, 2012):

Two rescue funds are to be used to buy the debts of the troubled economies, the cost of which have reached record highs in recent weeks.

It is hoped that the move, which represents a substantial shift in policy for Germany’s chancellor, Angela Merkel, will send a strong signal to financial markets that Europe’s biggest economy is finally prepared to back its weaker neighbours.

Mrs Merkel and other European leaders have come under intense pressure at this week’s G20 summit to take radical action to stem the growing euro crisis which has pushed up the cost of Spanish bonds to unsustainable levels.

Read moreSpain And Italy To Be Bailed Out In £600 BILLION Deal

You Can’t Make This Up: MERKEL SAYS BOND PURCHASING BY BAILOUT FUND A POSSIBILITY

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– And Now We Ramp On This Latest Non-News (ZeroHedge, June 20, 2012):

This is just getting ridiculous:

  • MERKEL SAYS BOND PURCHASING BY BAILOUT FUND A POSSIBILITY

Uhm… that whole point of the bailout fund (ESM/EFSF) is to BUY BONDS. Basically Merkel just confirmed that the whole point of the ESM, which by the way still does not exist, and whose sole purpose is to buy bonds… is to buy bonds. You can’t make this up. Yes they will subordinate existing bondholders in the case of ESM, and in the case of EFSF Finland and soon Germany will demand collateral via negative pledges (as in the case of Spain – or did the market forget all about that already), but apparently that is now merely an irrelevant detail. And the EURUSD ramps on this, once again proving that nobody has any idea what is going on in the market but flashing red healines = usually good.

From the ECB itself:

esm

Nigel Farage On FOX News: ‘Barroso Is A Deluded Communist Idiot’ – ‘The Whole Thing Is A GIANT PONZI SCHEME’ – ‘And At The End Of The Day This Whole Thing Is Going Bust’ (Video)

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YouTube Added. 19.06.2012

– Farage On Barroso: “He’s A Deluded Communist Idiot” (ZeroHedge, June 20, 2012):

Commenting on the incredible circle-jerk that Europe (sovereign-to-banking-system) has become, the outspoken UKIP MEP Nigel Farage exclaimed to FOX Business in this best-ever-rant clip that “The whole thing is a giant Ponzi scheme, isn’t it?” Goaded somewhat by the interviewer’s questions citing Barroso’s intimation that the US is to blame for Europe’s problems, Farage opines that “Barroso is a deluded idiot” and a communist who supported Chairman Mao. The contagion effect from the US financial crisis did have impacts on Europe, there is no doubt, but as the frustrated Farage notes: the reason the Euro is in the state it is in is that they put together a completely artificial currency with countries that never fitted together on top of which was added a regulatory cost burden through excess regulation on the environment and employment legislation that is driving parts of Europe towards being a third world country; “America, you are not to blame”. The clip goes on to discuss the circular bailout fantasy, the taxpayer burden leading to a democratic revolution, and at the end of the day “this whole thing is going bust” as the likable libertarian notes that European leaders believe that “well-educated bureaucrats know better than we the poor peasants how best our lives should be led” which is the same path that led to the economic and social crash-and-burn in the Soviet Union.

An Epic Rant…

Alex Jones Interviews Webster Tarpley: The Rand Paul Fiasco – ‘The American System’ – Ron Paul – History – Greece (Video)

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For your information.


YouTube Added: 11.06.2012

Spain’s 10-Year Bonds Hit Record High At 7.18 Percent

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See also:

– Egan-Jones Ratings Company Downgrades Spain’s Credit Rating To CCC+ (Uganda’s Credit Rating Is B!)

– Spain Crisis: Bond Yield Hits Bailout Danger Zone (NPR/AP, June 18, 2012):

MADRID (AP) — Spain’s ability to manage its debt without an international bailout was thrown into doubt Monday after investors pushed its borrowing rates up to the level at which Greece, Portugal and Ireland had sought help.

Investor sentiment improved briefly in the morning as electoral results in Greece suggested the country would not drop out of the euro currency union, a scenario that would have put severe stress on Spain’s markets.

But that market relief quickly transformed into concern in Madrid as it became clear that Spain’s fundamental economic and fiscal problems remain huge.

The interest rate on Spain’s 10-year bonds — an indicator of market confidence in how well a country can pay down its debt —hit a fresh eurozone era high of 7.18 percent before easing in the afternoon and closing at 7.12 percent. It is the first time since Spain joined the eurozone that it ended above 7 percent. Stocks plunged 3 percent on Madrid’s main index.

The bond yield’s alarming quarter percentage-point rise put it firmly in the range that prompted the other three eurozone countries to ask for a bailout.

Read moreSpain’s 10-Year Bonds Hit Record High At 7.18 Percent

Spain May Not Be Uganda, But Germany Is Chile

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See also:

– Egan-Jones Ratings Company Downgrades Spain’s Credit Rating To CCC+ (Uganda’s Credit Rating Is B!)

– Spain May Not Be Uganda, But Germany Is Chile (ZeroHedge, June 18, 2012):

While we discussed the definitive new world geography last week, it appears the CDS market has decided to add a new parallel for us, Germany is now Chile (in terms of 10Y restructuring and devaluation risk). As a reminder, Germany’s credit risk has risen by almost 50% in the last 3 months to record highs, and has converged higher towards Europe’s GDP-weighted average sovereign risk in the last 2-3 weeks.

and as a reminder – here is Germany’s 10Y CDS (interestingly we rallied modestly today – perhaps on the back of Merkel’s restatement that there will be no new aid package – or more risk transfer)…

Read moreSpain May Not Be Uganda, But Germany Is Chile

The Euro Experiment Has Failed … Are You Ready?

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– The Experiment Has Failed. Are You Ready? (ZeroHedge, June 18, 2012):

After about an hour’s worth of air traffic congestion delays around JFK airport, I finally departed New York City yesterday evening en route for Vilnius, Lithuania… one of my favorite inconspicuous corners of Europe.

The route took me through Helsinki, Finland for a brief connection, and I was on the ground long enough to witness something truly bizarre: a complete and utter lack of people.

I could practically count on two hands the number of passengers milling around the airport this morning during peak business hours… it was almost something out of a zombie movie.

Ordinarily I would have seen hundreds, thousands of people… and I have in the past as I’ve traversed this route many times before. And no, today was not a holiday.

Read moreThe Euro Experiment Has Failed … Are You Ready?

TrimTabs CEO Charles Biderman On Europe: ‘Germany Must Say No To Greece, Spain, & Italy’ (Video)

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– Biderman On Europe: “Germany Must Say No To Greece, Spain, & Italy” (ZeroHedge, June 18, 2012):

After offering his condolences for the loss today of Dan Dorfman, Charles Biderman, of TrimTabs, takes the Greeks (and Germans) to task. Charles remains long-term bearish on European stocks (and the big US banks). Greeks, it appears from Charles perspective, want to stay in the Euro but on easier terms. This, at first glance, perplexes the less-than-sanguine Sausalitan, given the disastrous economic situation they remain in. However, on reflection, Biderman realizes that the simple fact is that the Greeks like the ability to borrow money to pay their bills and even better, never having to repay the loan – which makes perfect sense. If the Germans are willing to keep lending to Greece, even if most goes to repay old loans, then Greeks keep getting some new cash – which would disappear if the Greeks left the Euro. This situation, he opines, would seem ‘horrible’ as “Greeks might have to go and do something for a living and even pay some taxes”. Concluding on the three types of creditors that exist, it is little wonder that the Greeks, in their ponzi state, would want to keep the dream alive and hold the M.A.D. grenade over Germany’s head just a little longer. The brutal truth is that Greece (and Spain and Italy) will take as much cash as they can until there is no more given and then-and-only-then will they act for change. The disastrous end-result will be the same as if Germany left the Euro and first mover advantage in this case may well prove exceptionally valuable.


YouTube

Five Days Since The Spanish ‘Bailout’: You Are Here – Senior EU Official: ‘If Germany Doesn’t Make A Move, Europe Is Dead’

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– Five Days Since The Spanish “Bailout”: You Are Here (ZeroHedge, June 18, 2012):

With few (if any) natural buyers of Spanish debt (especially given the lack of CDS-cash basis now), Spanish bonds continue to crumble lower in price and higher in yield/spread. For the first time ever, 10Y Spanish bond yields have passed 575bps over Bunds – currently trading at 7.15% yield. Since the post-banking-bailout open, Spanish bond spreads have soared a remarkable 114bps and whether this is seen as the fulcrum security or Italian bonds (which are also deteriorating rapidly this morning), it would appear that just as Spiegel reports today from the G-20, via a senior EU official: “If Germany Doesn’t Make A Move, Europe Is Dead”.

European sovereign bond spread movements post Spanish bailout

Bilderberg Merkel Just Says ‘Nein’

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– Merkel Just Says “Nein” (ZeroHedge, June 18, 2012):

Any hopes that Germany may bend and allow Greece a little leeway in its bailout negotiations, buying at least a little goodwill with its people have just been dashed. Not only that, but readers may recall last week’s Die Zeit article that a third Greek bailout may be in the workd. Well, forget it. From Reuters:

  • GERMANY’S MERKEL SAYS CANNOT ACCEPT ANY LOOSENING OF AGREED REFORM PLEDGES IN GREECE AFTER ELECTION
  • MERKEL SAYS DOES NOT SEE ANY REASON TO SPEAK ABOUT A NEW AID PACKAGE FOR GREECE ON TOP OF THE TWO ALREADY AGREED
  • GERMANY’S MERKEL EXPECTS QUICK FORMATION OF NEW AND STABLE GOVERNMENT IN GREECE

Good luck with that, and good luck to everyone whose entire investing strategy is based on the assumption that Germany will blink when it comes to Greece.

As Europhoria Fades, Spanish Banks May Need Whopping €150 BILLION In Loan Loss Provisions

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– As Europhoria Fades, Spanish Banks May Need Whopping €150 Billion In Loan Loss Provisions (ZeroHedge, June 18, 2012):

With all the europhoria over Greece, some may have forgotten Spain. It is time to remind them that the real “fulcrum country” of Europe has now shifted a few thousand kilometers to the West, where as also reported on Friday the pain will come primarily from more home price declines (up to another 25% lower from here), and loan loss recognitions. How much? As Market News reports, the number may be as large as €150 billion. Of course, if that full number flows through the insolvent banking sector’s bottom line, and forces a comparable FROB capital infusion via any of the bailout channels, this is €50 billion more in bond subordination (because good luck raising the capital via equity) than even the worst case Spanish bailout scenario had anticipated. It also explains why as of this morning, Spanish bonds traded at all time record lows. Because, sadly, nothing continues to be fixed in Greece, Spain, or anywhere else in Europe.

From Market News:

An independent auditors’ report to be published  later this week on the financial needs of the Spanish banking system will show that as much as E150 billion in additional loan loss provisions may be required,  Spanish business daily El Confidencial reported Monday.

Read moreAs Europhoria Fades, Spanish Banks May Need Whopping €150 BILLION In Loan Loss Provisions

PRO-BAILOUT Party Wins Greek Election

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– Pro-austerity party wins Greek election (RT, June 17, Edited June 18, 2012):

The pro-bailout New Democracy party has come out on top in Greece’s parliamentary elections, having gained 29.6 per cent of the votes. With nearly all the votes counted, the anti-austerity leftist Syriza party is trailing on 26.9 per cent.

The results have kept fears of Greece’s imminent exit from the eurozone at bay for the time being. “The Greek people today voted for Greece to remain on its European path and in the eurozone,” New Democracy leader Antonis Samaras said after his party had won, AP reports. He added that voters had chosen “policies that will bring jobs, growth, justice and security.”

The pro-bailout Socialist PASOK party came third with 12.3 per cent of the votes. The far-right Golden Dawn part won 6.9 per cent.

Read morePRO-BAILOUT Party Wins Greek Election

Greek Voters Set To Decide Euro Future

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– Greek voters set to decide euro future (Reuters, June 17, 2012):

Greeks voted on Sunday in an election that could decide whether their heavily indebted country stays in the euro zone or heads for the exit, potentially unleashing shocks that could break up the single currency.

In an election fought over a punishing austerity package demanded by international lenders as the price of keeping Greece afloat, opinion polls showed the radical leftist SYRIZA party, which wants to scrap the deal, running neck and neck with the conservative New Democracy, which broadly backs it.

The European Union and International Monetary Fund have said the conditions of the 130-billion-euro ($164-billion) bailout accord agreed in March must be accepted fully by a new government or funds will be cut off, driving Greece into bankruptcy.

Read moreGreek Voters Set To Decide Euro Future

As Greek Banks Run Out Of Safe Deposit Boxes, An Eerie Calm Takes Over The Country 24 Hours Before D-Day

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– As Greek Banks Run Out Of Safe Deposit Boxes, An Eerie Calm Takes Over The Country 24 Hours Before D-Day (ZeroHedge, June 16, 2012):

A day before the Greek D-Day, which was unexpectedly punctuated with a surprising last-minute Greek victory in Euro2012 over Russia, sending the country into the elimination rounds (a Greece vs Germany game would be quite interesting) which may have rekindled patriotic spirits just enough to boost Syriza’s chance that little bit more, the Greek bank trot, which was a jog some days ago, has surprisingly not metastazied into a full blown sprint. And with an all too real possibility that Greece may leave the Eurozone in as little as 24 hours, this is somewhat unexpected: after all taking physical possession of electronic money is merely a free put on the return to the Drachma, and currency (and debt) devaluation. On Monday it may simply be too late. Surely, most locals have figured this out.

Spiegel reports: “Joanna Stavropoulos is not proud of what she has done. “I had a guilty conscience when I withdrew my money from Greece,” says the 43-year-old. Of course she knew what would happen if everybody does the same: Greece’s banks would be threatened with collapse. But she says she had to think of her two-month-old daughter, Josephina, who is currently asleep on Joanna’s shoulder. Increasing numbers of Greeks are following Joanna Stavropoulos’ example and emptying their accounts. They are afraid that Greece may leave the euro zone and return to the drachma…. Stavropoulos is one of the few people who know very well what this scenario would look like in concrete terms.. She has also lived in Zimbabwe, where three-digit inflation destroyed the currency. Joanna is sure that Greece could face the same thing if it returns to the drachma. “My country is going downhill,” she says.” And yet instead of taking the cash and converting it into something of real value, what has happened is that the €50 billion now hidden in various homes has led to a surge in home burglaries. As a result, Greeks are forced to worry not only about their currency returning, but about being robbed. End result: take the cash, but park it back at your bank: “Many customers have left their money in the bank itself, Christiana says — but in a safe deposit box rather than in their accounts. “It’s currently impossible to find a free safe deposit box in a Greek bank,” she says.” We wonder what happens when these same people try to access their “safe deposit boxes” should the entire banking system collapse. Then again, nobody said a currency union disintegrating was a logical, rational and orderly process…

Read moreAs Greek Banks Run Out Of Safe Deposit Boxes, An Eerie Calm Takes Over The Country 24 Hours Before D-Day

Samaras: Greek Election Is A Choice Between Staying In The Euro And Going Back To The Drachma

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Got gold and silber to protect yourself against currency devaluation?

– Greek election is euro versus drachma, Samaras says (BBC News, June 15, 2012):

Sunday’s Greek election is a choice between staying in the euro and going back to the drachma, the leader of the centre-right New Democracy party has told a final campaign rally in Athens.

The general election, the second in six weeks, is seen as crucial to Greece’s future in the eurozone.

Read moreSamaras: Greek Election Is A Choice Between Staying In The Euro And Going Back To The Drachma

Greece Votes With Euro At Stake On Eve Of Global Leaders’ Summit

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See also:

– Greeks Withdraw $1 Billion A Day Ahead Of Vote

– Nigel Farage: ‘Once Greece Leaves The ECB Is Bust’ – ‘The Euro Titanic Has Now Hit The Iceberg And Sadly There Simply Aren’t Enough Lifeboats’ (Video):

– AND NOW … ‘TRAVEL CONTROLS’: ‘EU: Movement Of Money, People Can Be Limited’ (AP)

– AND NOW: Eurozone Discussed CAPITAL CONTROLS If Greek Exits Euro (Reuters)

– Greece Votes With Euro at Stake on Eve of Global Leaders’ Summit (Bloomberg, June 16, 2012):

Greece voters go to polls for the second time in six weeks in an election that may determine the fate of the euro currency as global leaders gather for their annual summit.

With 21 parties on the ballot, the main event pits Syriza leader Alexis Tsipras, who has promised to renege on budget cuts demanded by creditors in exchange for a pair of bailouts, against New Democracy’s Antonis Samaras, who says his challenger is risking an exit from the currency union.

“The first thing we must determine in the elections on June 17 is to choose between the euro or drachma,” Samaras said in his final appeal June 15 in Athens. The night before, Tsipras told supporters to “turn your backs on the two parties of bankruptcy,” urging them to reject the two main parties.

Read moreGreece Votes With Euro At Stake On Eve Of Global Leaders’ Summit

France Bans Syngenta Pesticide Linked To Bee Colony Collapse Disorder

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See also:

– Illinois Government Secretly Destroys Beekeeper’s Bees And 15 Years Of Research Proving Monsanto’s Roundup Kills Bees

– Study: EPA-Approved GMO Insecticide Responsible For Killing Off Bees, Contaminating Entire Food Chain

– BBKA Betrayed Bee Keepers To Pesticide Lobby, Endorsed The Most Deadly Substances For Bees Existing On The Planet As ‘Bee-Friendly’ Or ‘Bee-Safe’

– EPA Knowingly Allowed Pesticide That Kills Honey Bees, Leaked Document Shows

Flashback: Organic Bees Surviving Colony Collapse Disorder (CCD)

– France bans Syngenta pesticide linked to bee decline (Farmers Weekly, June 8, 2012):

The French government has banned a pesticide linked to the decline of bees that is widely used to treat oilseed rape.

Cruiser OSR, which contains the neonicotinoid insecticide thiamethoxam, was banned for use on oilseed rape by the French Ministry of Agriculture.

Made by the Swiss agrichemical company Syngenta, Cruiser OSR is a seed treatment, which is coated onto the rape seeds.

The decision to ban Cruiser follows two studies earlier this year, in the UK and France, which found evidence that neonicotinoids contain chemicals that disorientate bees and prevent them from finding their way back to hives, causing colony collapse disorder.

Read moreFrance Bans Syngenta Pesticide Linked To Bee Colony Collapse Disorder

Europe To Pay Up To $150 Billion To Dismantle 150 Nuclear Reactors

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– Europe Has 150 Nuclear Reactors to Decommission in Two Decades (EX-SKF, June 12, 2012):

It may cost up to $1 billion to dismantle one reactor, so the potential total of $150 billion. Where does the money come from?

The US is kicking the can down the road by extending the license and doing nothing, for up to 60 years, even after the reactor is shut down. (See the New York Times article from March this year.)

Read moreEurope To Pay Up To $150 Billion To Dismantle 150 Nuclear Reactors

Egan-Jones Ratings Company Downgrades Spain’s Credit Rating To CCC+ (Uganda’s Credit Rating Is B!)

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– Egan Who Just Gave Spain The Triple Hooks (ZeroHedge, June 13, 2012):

And so, the little rating agency that could, just gave Spain the triple hooks, downgrading the country from B to CCC+, negative outlook. As a reminder, the Uganda credit rating is B: it sure is no Spain.

From EJ:

Synopsis: KINGDOM OF SPAIN EJR Sen Rating(Curr/Prj) CCC+/ CC Rating Analysis – 6/13/12 EJR CP Rating: C Debt: EUR805.9B EJR’s 1 yr. Default Probability: 18.0% Spain continues to be weakened by high funding costs (6.75% for 10yr today), the gov. deficit of 9.6%, an estimated decline in GDP of 1.7% (per the Economy Ministry), the 24.4% unemployment, the IIF’s recent estimate of additional bank loan losses up to EUR260B, and possible depositor withdrawals. Over the past four fiscal years, that is from 2008 to 2011, Spain’s GDP declined from EUR1.09 trillion to EUR1.07 trillion. Meanwhile, its debt mushroomed from EUR519B to EUR806B. With the EUR100B infusion for Spain’s banks, the debt to GDP will rise to 90% plus future additions for the government deficit, support for its regions and additional support for its banks. Social benefits are a major problem; while payments to the govt have been down EUR 3B (2008 to 2011), payments from the government have been up EUR 29B). As a result, Spain is short about EUR50B per year for social payments, EUR35+B per year for interest, and an additional EUR 30B for asset growth; hence the EUR110+B per annum increase in debt. As we expected, Spain requested support for its banking sector and will probably need cash for weaker provinces. Assets of Spain’s largest two banks exceed its GDP. We are slipping our rating to ” CCC+ ” ; watch for more requests for support from the banks and money creation.

See also:

– Nigel Farage: ‘Once Greece Leaves The ECB Is Bust’ – ‘The Euro Titanic Has Now Hit The Iceberg And Sadly There Simply Aren’t Enough Lifeboats’ (Video)

Fitch Downgrades Credit Rating Of 18 Spanish Banks, Financial Contagion Spreads To Italy

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See also:

– Spain Loses Final A Rating With Moodys Downgrade To Baa3, May Downgrade Further (Full Text)

– Nigel Farage: ‘Once Greece Leaves The ECB Is Bust’ – ‘The Euro Titanic Has Now Hit The Iceberg And Sadly There Simply Aren’t Enough Lifeboats’ (Video)

– Spanish bond yields at record high as Fitch downgrades 18 banks and financial contagion spreads to Italy (Independent, June 12, 2012):

Spain’s borrowing costs soared to their highest levels since the introduction of the single currency in 1999 today, as any confidence investors might have taken from Madrid’s weekend pledge to seek a bailout for its toxic banking sector drained away.

Yields on the country’s 10 year bonds shot up to 6.8 per cent this afternoon as investors frantically dumped their holdings of Spanish debt, before falling back to 6.72 per cent.

The credit rating agency Fitch added fuel to the flames of alarm by downgrading 18 Spanish banks, following its downgrade of Madrid’s sovereign debt to BBB last month. Among the Spanish lenders cut were Bankia, CaixaBank, and Banco Popular Espanol, with Fitch blaming the weakening Spanish economy, which is forecast to contract by 1.7 per cent this year and to remain in recession well into next year.

Read moreFitch Downgrades Credit Rating Of 18 Spanish Banks, Financial Contagion Spreads To Italy

Greeks Withdraw $1 Billion A Day Ahead Of Vote

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??- Greeks Withdraw $1 Billion a Day Ahead of Vote (CNBC/Reuters, June 13, 2012):

Greeks pulled their cash out of the banks and stocked up with food ahead of a cliffhanger election on Sunday that many fear will result in the country being forced out of the euro.

Bankers said up to 800 million euros ($1 billion) were leaving major banks daily and retailers said some of the money was being used to buy pasta and canned goods, as fears of returning to the drachma were fanned by rumors that a radical leftist leader may win the election.

Read moreGreeks Withdraw $1 Billion A Day Ahead Of Vote

Spain Loses Final A Rating With Moodys Downgrade To Baa3, May Downgrade Further (Full Text)

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Don’t miss:

– Nigel Farage: ‘Once Greece Leaves The ECB Is Bust’ – ‘The Euro Titanic Has Now Hit The Iceberg And Sadly There Simply Aren’t Enough Lifeboats’ (Video):

– Spain Loses Final A Rating With Moodys Downgrade To Baa3, May Downgrade Further – Full Text (ZeroHedge, June 13, 2012):

And so the final Spanish A rating tumbles. Why is this kinda, sorta a big deal? Because as we explained in the end of April, “If all agencies downgrade Spain to BBB+ or below, the ECB could increase haircuts by 5% on SPGBs. The key aspect in terms of the Spanish downgrade(s) is the ECB’s LTRO. If all three rating agencies move Spain to BBB+ or below then under the ECB’s current framework it moves into the Step 3 collateral bucket which requires an additional 5% haircut across the maturities. In classifying its risk management buckets, the ECB uses the highest of the ratings to determine an asset’s position (unlike the sovereign benchmark indices which use the lowest rating, in general). Fitch and Moodys currently rate Spain at A and A3 respectively, with both having a negative outlook in place leaving only a small downgrade margin before Spain migrates to the lower ECB bucket.”

And now the collateral squeeze is on, unless of course the ECB changes the reules one more time.

Read moreSpain Loses Final A Rating With Moodys Downgrade To Baa3, May Downgrade Further (Full Text)

NATO Preparing Vast Disinformation Campaign

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See also:

– Webster Tarpley: ‘NATO Is Planning Massacres’ – Russia Reportedly Preparing 2 Divisions, Spetsnaz Brigade For Deployment To Syria

For your information.

– NATO preparing vast disinformation campaign (Voltaire.net, June 11, 2012):

Member States of NATO and the GCC are preparing a coup d’état and a sectarian genocide in Syria. If you want to prevent these crimes, you should act now: circulate this article on the Internet and alert your elected officials.

In a few days, perhaps as early as Friday, June 15, at noon, the Syrians wanting to watch their national TV stations will see them replaced on their screens by TV programs created by the CIA. Studio-shot images will show massacres that are blamed on the Syrian Government, people demonstrating, ministers and generals resigning from their posts, President Al-Assad fleeing, the rebels gathering in the big city centers, and a new government installing itself in the presidential palace.

Read moreNATO Preparing Vast Disinformation Campaign

Nigel Farage: ‘Once Greece Leaves The ECB Is Bust’ – ‘The Euro Titanic Has Now Hit The Iceberg And Sadly There Simply Aren’t Enough Lifeboats’ (Video)

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YouTube Added: 13.06.2012

– Farage: “The Euro Titanic Has Now Hit The Iceberg” (ZeroHedge, June 13, 2012):

In an epic rant, trumping Biderman, UKIP’s Nigel Farage appears to have reached the limit of his frustration with his ‘peers’ in the European Parliament after the Spanish bailout. Rajoy’s proclamation that this bailout shows what a success the euro-zone has been, sends Farage over the edge as he sees the Spaniard as just about the most incompetent leader in the whole of Europe (up there with favorites like Van Rompuy and Barroso). The erudite Englishman notes that by any objective criteria “The Euro Has Failed” expanding on the insane farce of Italy funding Spain’s banking bailout at a loss (borrowing at 6% to fund a loan at 3% as we discussed here). “This ‘genius’ deal makes things worse not better” as it merely drives other nations towards needing bailouts themselves and while his socialist colleagues in the room are mumbling and checking their blackberries, he reminds them that Spanish national debt will surge and that 100 billion does not solve the problem, and that if Greece leaves, the ECB is failed, is gone, and to rectify this there will be a cash call from the very same PIIS (Ex-G) that are tumbling towards the abyss. Blood pressure surges as he screams “you couldn’t make this up” concluding that “the Euro Titanic has now hit the Iceberg and sadly there simply aren’t enough lifeboats.”

AND NOW … ‘TRAVEL CONTROLS’: ‘EU: Movement Of Money, People Can Be Limited’ (AP)

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See also:

– AND NOW: ‘Eurozone Discussed CAPITAL CONTROLS If Greek Exits Euro’ (Reuters)

– EU: movement of money, people can be limited (AP, June 12, 2012):

BRUSSELS (AP) — The European Commission has been providing legal advice to others who are considering possible scenarios should Greece leave the euro, a European Union spokesman said.

Olivier Bailly said Tuesday that, legally, limits could be imposed on movement of people and money across national borders within the EU if it’s necessary to protect public order or public security — but not on economic grounds.

“Some people are working on scenarios,” he said, but refused to confirm or identify which organizations and people were working on them.