When the sun shone in happier days © fintag

News comments:
The overdraft facility is now in place. This should plug the basel 3 capital requirements and get those bond yields down. So for a short time, Europe (and we mean Germany / France) will breathe a sigh of relief as despite per capita the Irish have appeared to have blagged a larger overdraft than Greece, the Banks are the winners again.

The world is ruled by Bankers.

Us Brits are giving out a loan as a sort of reverse collateral to protect the exposure on the tax payers owned RBS (I am still struggling to get my head round this) and debt is being given to help pay off debt.

But hang on, this debt has to be paid off? When Spain and Portugal and Italy pile into this free money from those gullible Germans, Europe will end up being some huge Madoff like Ponzi scheme.

Who will be the first to ask for their money back?

Today's shorts:
80, 77, 90-100, 70 (telegraph)

Today's longs:
Poor artists hand out sleeping bags (independent)
Italian holds onto his technical role (guardian)
Managed Account Platforms (telegraph)

Gossip:
Germany to ask for a bail out fund to fund the bail out fund.