EU From Worse To Horrible:Ireland Broker Than Expected,Greece Mulls Splitting Up 'Good' & Bad Greece

http://www.zerohedge.com/article/europe-goes-worse-horrible-ireland-broker-expected-greece-mulls-splitting-good-and-bad-greec

"Greece hasn't even filed for bankruptcy yet and the "unexpected" consequences are already coming. In comments to The Sunday Times newspaper, Irish Transport Minister Leo Varadkar said the country will likely need another "unexpected" loan from the troica, after he became the first cabinet member to cast doubt in public on Ireland's ability to raise cash.

In other words once on the temporary bailout wagon, always on the temporary bailout gain. Reuters reports http://www.reuters.com/article/2011/05/29/us-eurozone-idUSTRE74Q1YV20110529 : "I think it's very unlikely we'll be able to go back next year. I think it might take a bit longer ... 2013 might be possible but who knows?" Varadkar was quoted as saying. "It would mean a second program (of loans from the EU/IMF)," he said. "Either an extension of the existing program or a second program. I think that would generally be most people's view."

We wonder how German taxpayers will fell now that they realize they have not one, not two, but three (and soon 5 or more) heroin addicts they need to clean, wash, scrub, and feed on a monthly basis (with their, and US money, but Americans continue to not care that the biggest source of capital for the IMF is them). And speaking of ground zero, Greece is now scrambling after the Independent said that even Sarkozy is now prepared http://www.independent.ie/business/european/bondholders-must-share-greek-pain-says-sarkozy-2660154.html to let the Greek chips falls where they may.

Following earlier news that the troika believes that the privatization plan it itself set up is not ambitious enough, Greece which now realizes that Germany, the EU, IMF, and Franch all are prepared to let it go, the country is now coming up with last ditch ideas faster than a speeding bullet: according to Reuters: "A Greek paper reported on Sunday that the government was considering setting up a Spanish-style "bad bank" to clean up its lenders' accounts from "toxic" Greek bonds and make them more attractive to potential buyers." Of course since it is toxic Greek sovereign bonds we are talking about, this implies that the country will somehow be split into a "good" and "bad" version of itself. And who thought financial innovation only comes out of the US.........................."

snip

...People had better make sure they win the confrontation, or serfdom "beckons..."

...I think one posting is enough... ;-)

:eyes: seriously? why are The People putting up with this epidemic of incompetence?

Large nations have slit their throats and now they are bitching that the poor are getting blood on their carpet.

is that empire, whether we call it German or Holy Roman (because it has been both), would be better off with an emperor because then at-least there would be only one self-serving monster shot-caller instead of a cadre each with their own zero-sum self-serving bleed-the-rest agenda.

At long last, the "Holy" Roman Emperor would be good for something after 1000 years and they ain't got one.

US index futures pretty flat on Globex and the Euro is down slightly. However, you can tell that things are definitely on the edge. There is tension in the air.

I wonder how the trading of the Greek 10 year will be when that bond market opens. Should be interesting.

Them to to to lie.

With their phony floods of money, etc.