``In 2013 a 500 billion Euro "permanent" bailout fund (ESM) was slated to replace the 440 billion "Temporary" European Financial Stability Facility (EFSF) fund. Via magic, the latest proposal that has the stock markets excited is to merge the two funds double counting the money (and then some).'' -- The "magic" is to switch from an unleveraged fund to leveraged (guarantees).

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