24 Oct '11, 1pm

New blog on the mother of all CDOs lurching to Europe's, um, rescue: #greece #eurocrisis #euro #eurozone

New blog on the mother of all CDOs lurching to Europe's, um, rescue: #greece #eurocrisis #euro #eurozone

The EFSF is already something like a CDO. It relies not having hard cash in its coffers, but on promises to pay of the European powers. The new proposals will take this already dubious special purpose vehicle, and stuff it full of still more promises to pay, leveraging it wildly. This mother of all CDOs, a tottering pyramid of nonexistent funds, can then be presented to the financial markets, in the hope they will be intimidated or deluded for long enough not to start speculating against –say – Spanish or Italian default.

Full article: http://www.neweconomics.org/blog/2011/10/24/the-mother-of...

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