Europe Goes ENRON

Unbelievable.  The latest sticksave is that the Eurozone intends to use the EFSF to "lever up" by creating a SPV and then playing with the ECB on the bonds it issues.

This, of course, is the same crap that ENRON pulled, and the opacity of SPVs makes them inherently a "trust me" off-balance sheet instrument.  I've ranted about these "structures" before, and now they're being proposed at a sovereign level.

We'll look at it, but you don't have to listen if you want to know if I like it.