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Made me laugh: European Swiss Army Knife CDO Square Cubed

Over at Zerohedge there was a post today that made me chuckle with regards to what they are doing over in Europe to 'solve' the debt crisis.

For those not following, EFSF stands for European Financial Stability facility. The mandate of the EFSF is:


- Provide loans to countries in financial difficulties
- Intervene in the debt primary and secondary markets. Intervention in the secondary market will be only on the basis of an ECB analysis recognising the existence of exceptional financial market circumstances and risks to financial stability
- Act on the basis of a precautionary programme
- Finance recapitalisations of financial institutions through loans to governments


Basically the EFSF is the 'facility' through which they will save Europe.

Anyway, on to the post...

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Remember: when in doubt, baffle with bullshit. From Dow Jones:

EU Paper Confirms Looking At 2 EFSF Options, May Combine Them -Senior EU Source
EU Paper Says EFSF Option To Set Up Special Purpose Investment Vehicle -Senior EU Source
EU Paper Says EFSF Bond Insurance and Special Vehicle Options Could Be Combined - Senior EU Source
EU Paper Says Neither EFSF Leverage Option Requires Change To EFSF Rules -Senior EU Source
EU Paper Says EFSF SPIV Would Combine Public, Private Capital - Senior EU Source
EU Paper Says EFSF Could Set Up One Central Euro Zone SPIV - Senior EU Source
EU Paper Says EFSF SPIVs Could Be Set Up In Several Euro Zone Countries - Senior EU Source
EU Paper Says EFSF SPIVs Would Be Used For Bond Purchases, Bank Recapitalization - Senior EU Source
EU Paper Says EFSF Bond Insurance To Be Tradable Independently Of Bonds - Senior EU Source

It also has a Phillips-head screwdriver, opens cans, serves as a flashlight, dispenses crazy pills can be used as a garrote. And if you act now, you can get get a second one free for the low, low price of €1 trillion, leveraged infinitely courtesy of the world's most complex structured credit product ever conceived.

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At least someone made me laugh at all the insanity =)

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