You’ll Never Guess Who Bought Bonds At Last Week’s Disappointing EFSF AuctionLast week, the European Financial Stability Fund sold 3 b ($4.1 b) of bonds in what was widely considered to be a disappointing auction.
However, according to The Sunday Telegraph, the auction can now but ruled as a complete failure.
According to auction result report, the EFSF had to step in to buy EFSF bonds due to tepid demand.

From their report:
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 2.7b of outside demand for the debt.

Global Investors Blog

Imagine you want to borrow money from the “big ear hole”, you want a lower interest. Thus, you took the old borrowed money to pretend another “big ear hole” to lend money to yourself. It aims to show other real “big ear hole” that someone is willing lend you a lower rate. Is it ridiculous? It is a kind of cheating!

Translation from Google: