European tough talk turns to grovelling


By David Malone

Well the Commission’s ‘tough talking”to the Bond holders didn’t last long did it? Yesterday they were trying to sound like Clint Eastwood, “Do you feel lucky punk? Well do ya?”  Today all that was corrected by Olli Rehn, Commissioner for Economic and Monetary Affairs, or I prefer to call him, Commissioner for Treason and Grovelling, who got right back to the more normal and scripted, whining like a whipped cur.

“Oh, did someone say the bond holder’s might have to pay?  What we meant to say was that we would increase the European Bank Bail-Out Fund (The EFSF – European Financial Stability Fund) and increase the sorts of soiled paper it buys.  So those bonds we mentioned yesterday, well, don’t worry about them, the EFSF will buy them all from you long before they lose any money.

And as if by magic the stock prices of all the European banks which collapsed up yesterday, all rallied by 4% and more today.

It fills me with the urge to defecate.


Related article by same author:

Bond holders hint at the real state of Europe’s banks

Making the bond holders pay

David Malone is the author of the book Debt Generation. You can read and listen to excerpts from his book here: