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GloomMonger

Sarkozy Holds The Eu To Ransom

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telegraph

President Nicolas Sarkozy slammed his fist on the table and threatened to pull France out of the euro at a meeting of European leaders deciding Greece's aid package last Friday, according to Spain's El Pais newspaper.

The newspaper cited comments by Spanish Prime Minister Jose Luis Rodriguez Zapatero to members of his party on Wednesday as relayed by people present at that meeting.

A spokesman for the Spanish Prime Minister's office confirmed the meeting between Zapatero and other socialist party members on Wednesday, but could not immediately confirm what was said at the meeting.

Sarkozy demanded a "commitment from everyone to suppport Greece...or France would reconsider its position in the euro," according to one source cited by El Pais.

Another source present at the meeting between Zapatero and his party members and cited by the paper said: "Sarkozy ended up banging his fist on the table and threatening to leave the euro...This forced Angela Merkel to give in and reach an agreement."

The European Union and International Monetary Fund agreed a 110 billion euro rescue plan for Greece last week. But Germany, which must shoulder a good deal of the burden, had proven reluctant to commit itself to a plan.

Zapatero told his party members that France, Italy and Spain had formed a united front against Germany at the Brussels meeting and that Sarkozy had threatened to break up a traditional France-Germany "hold" on the rest of Europe, according to El Pais.

The Elysee had no comment on the El Pais article.

Edited by GloomMonger

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Sarkozy demanded a "commitment from everyone to suppport Greece...or France would reconsider its position in the euro," according to one source cited by El Pais.

So French banks are on the hook for most of the bad debt then. Its a French bailout.

VMR.

Edited by VeryMeanReversion

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telegraph

President Nicolas Sarkozy slammed his fist on the table and threatened to pull France out of the euro at a meeting of European leaders deciding Greece's aid package last Friday, according to Spain's El Pais newspaper.

And he'll hold a referendum on France leaving the euro until they come up with the right answer :lol:

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muhahahahahahahah

protect yourselves

sarkozy-threatens-pull-france-out-euro

The markets were initially unsettled by news that the French president had threatened to pull France out of the eurozone. The startling threat was made at a Brussels summit of EU leaders last Friday, at which the deal to bail out Greece was agreed. according to a report in El País newspaper quoting Spanish Prime Minister José Luis Rodríguez Zapatero.

Zapatero revealed details of the French threat at a closed-doors meeting of leaders from his Spanish socialist party on Wednesday.

Sarkozy demanded "a compromise from everyone to support Greece ... or France would reconsider its position in the euro," according to one source cited by El País.

"Sarkozy went as far as banging his fist on the table and threatening to leave the euro," said one unnamed Socialist leader who was at the meeting with Zapatero. "That obliged Angela Merkel to bend and reach an agreement."

A different source who was at the meeting with Zapatero told El País that "France, Italy and Spain formed a common front against German and Sarkozy threatened Merkel with a break in the traditional Franco-German axis."

El País also quotes Sarkozy as having said, according to another of those who met Zapatero, that "if at time like this, with all that is happening, Europe is not capable of a united response, then the euro makes no sense".

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"Bail out our banks" is what it was all about. They insist that everyone comes to the aid of France whilst France only ever looks after it's own interests. All this "brotherhood" talk can be seen for what it is now. They are willing to break away at any time, hardly a sign of a lasting union. If the Germans were to pull out of the Euro, the French would look at the profligacy of the Mediterranean states and the poverty of Eastern Europe. They would then decide "screw this, we are not hooking up with this lot and paying for it all". There would be no mention of solidarity then, no mention of France suffering for the good of Europe. The only reason the France is in the Euro is for German money.

It puts a new light on that French minister telling the British they are "on their own now" after Britain refused to enter into the Euro bailout. The French were intending to go it alone themselves all along, breaking the Euro zone in the process. Why the heck should the British, who are not in the Euro act to save the Euro when the French are willing to kill it so casually.

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the original link is from the Guardian

http://www.guardian.co.uk/business/2010/may/14/nicolas-sarkozy-threatened-euro-withdrawal

it's rumoured elsewhere that French banks are very exposed to Greek debt. Sarkozy's alleged threat would seem less surprising, if this were true...

edit: ah, there we are

http://www.guardian.co.uk/business/2010/feb/11/greece-debt-france-switzerland

http://finance.yahoo.com/banking-budgeting/article/109448/will-the-euro-collapse-in-2010?sec=topStories&pos=2&asset=&ccode=

Edited by shedfish

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Guest sillybear2

you bad bad person.

A friend says you should always be cautious of hot headed Frenchmen who promise to pull out but never follow through.

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The most ridiculous thing about that rumour is not Sarkozy apparently threatening to pull out of the euro, it's the suggestion that Merkel suddenly buckled and agreed to the bail out because she took the threat seriously.

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From another thread I posted on:

I'm surprised no-one has "got" that it was/is just a concerted attempt to push the Euro down, as EU growth has died.

Long-running USD/EUR average is 1.18 to 1. We're not there yet. It'll undershoot to parity, or close to.

Even Volker was at it this morning in London:

http://www.businessweek.com/news/2010-05-14/copper-futures-drop-most-in-a-week-on-european-debt-concerns.html

Former Federal Reserve Chairman Paul Volker said Greeces fiscal woes may cause the breakup of the euro area after an unprecedented $1 trillion bailout. Equity and commodity markets have slumped in the past two weeks.

I reckon that was it.

Huge effort to push the currency down and bring the dollar up. See-sawing US and EU fortunes to get money to flow. Like heart massage, really.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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