Wednesday, Apr 28, 2010
Slowly we leave the eye of the storm, however the storm seems to have gotten worse
Yahoo: ECB's Stark warns of full-blown sovereign debt crisis
"Averting it will require very ambitious and credible fiscal consolidation efforts. In fact, substantially stronger consolidation efforts than those conceived so far."
Posted by mark @ 10:35 AM (1528 views) Add Comment
9 Comments
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1. mountain goat said...
ECB - "You naughty boys stop borrowing so much"
Gov - "But we are in a recession"
ECB - "OK we'll keep IR at 1%"
2. alan said...
Sky - 11.00am
"Business Secretary Lord Mandelson dismissed comparisons between the economic problems facing Greece and Britain as "frankly ridiculous".
O RLY?
3. inbreda said...
"Business Secretary Lord Mandelson dismissed comparisons between the economic problems facing Greece and Britain as "frankly ridiculous".
presumably because the slimey little towrag has nothing more intelligent or convincing to say on the subject?
4. jack c said...
"Business Secretary Lord Mandelson dismissed comparisons between Greece and Britain as "frankly ridiculous". He went on to say "everyone knows it is warm and sunny in Greece and cold and damp in Britain" - unaware he was still linked up to the Sky microphone as he climbed into his get away car he was heard to say - "that should keep those thick voters happy for the next 24 hours"
5. waitingtobuy said...
He said the euro-zone rebound would lag the United States this year but repeated the ECB was in a position to gradually unwind the support measures -- mainly accommodative lending to banks -- brought in during the crisis.
No more QE, its now, accommodative lending!!
6. alan said...
Jack C,
Excellent comment.
7. uncle tom said...
Taking together a few snippets I've heard on Bloomberg today, it would appear that a Greek default could cost French banks up to 100bn euros. German banks, it was noted, are much less exposed.
No wonder Sarkozy went overboard to be Greece's best mate a couple of weeks ago..
8. mountain goat said...
UT according to this German banks are as exposed as French
http://ftalphaville.ft.com/blog/2010/04/28/214581/whos-exposed-to-greece-ii/
9. uncle tom said...
Thanks MG,
Yes the amounts allocated to banks as such are much the same, but note that the total for France is 70% higher than for Germany, and nearly six times that for the UK.
Those figures are only for the sovereign debt. Consumer and commercial debt held overseas would also take a haircut..