FedUpUSA

Confirmed: Eurozone Bailout (EFSF) Is A Fraud

You may not recognize that it’s over yet, but it is.

The European Financial Stability Facility (EFSF) last week announced it had successfully sold a €3bn 10-year bond in support of Ireland.

However, The Sunday Telegraph can reveal that target was only met after the EFSF resorted to buying up several hundred million euros worth of the bonds.

Sources said the EFSF had spent more than € 100m buying up its own bonds to help it achieve its funding target after the banks leading the deal were only able to find about €2.7bn of outside demand for the debt.

In other words the “success” of the debt auction was a lie.

The auction failed and the EFSF played with itself and then lied about what happened in order to make it look like the offering subscribed.

It did not.

It’s over folks. 

The market may not recognize this immediately and you may not either, but the facts are what they are.  The game’s up.  You cannot “sell debt to yourself” any more than taking a $20 out of one pocket and putting it in the other makes you $20 richer.

THE EFSF HAS FAILED.

Get ready; it’s coming.

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