Jump to content
House Price Crash Forum
interestrateripoff

Franco-German Statement On Euro Zone Debt Crisis

Recommended Posts

http://www.reuters.com/article/2011/08/07/us-crisis-germany-france-text-idUSTRE77621220110807

Following is the full text of a joint statement issued on Sunday by German Chancellor Angela Merkel and French President Nicolas Sarkozy on measures to tackle the euro zone debt crisis.

"President Sarkozy and Chancellor Merkel reiterate their commitment to fully implement the decisions taken by the heads of state and government of the euro area and the EU institutions on July 21st 2011.

"In particular, they stress the importance that parliamentary approval will be obtained swiftly by the end of September in their two countries.

"They welcome the recent measures announced by Italy and Spain with regard to faster fiscal consolidation and improved competitiveness. Especially the Italian authorities' goal to achieve a balanced budget a year earlier than previously envisaged is of fundamental importance. They stress that complete and speedy implementation of the announced measures is key to restore market confidence.

"As decided on July 21st, the effectiveness of the EFSF will be improved and its flexibility increased linked to appropriate conditionality, in particular through the following instruments: precautionary program, finance recapitalization of financial institutions and to intervene in secondary markets on the basis of an ECB analysis recognizing the existence of exceptional financial market circumstances and risks to financial stability and on the basis of a decision by mutual agreement of the member states, in order to avoid contagion.

"In line with 21st July decisions, France and Germany are confident that the ECB analysis will provide the appropriate basis for secondary market interventions as it will help determine the case when financial stability of the eurozone as a whole is at risk."

After reading that, I'm now 100% certain markets on Monday will recover.

waffle.jpg

Share this post


Link to post
Share on other sites

"We're screwed, we know it, we're bringing nothing new to the table, but we'll make sure the ECB will defend our desperate impotence until those very naughty markets learn to make the 'correct' decisions, which are whatever we say they should be."

Share this post


Link to post
Share on other sites

The Munich Pact German: Münchner Abkommen; French: Accords de Munich; Italian: Accordi di Monaco) was an agreement permitting the bankers annexation of Greece's Sudetenland. The Sudetenland were areas along Euroborders, mainly inhabited by Greeks The agreement was negotiated at a conference held in Munich, Germany, among the major powers of Europe without the presence of Greece. Today, it is widely regarded as a failed act of appeasement toward The German taxpayers. The agreement was signed in the early hours of 30 September 1938 (but dated 29 September). The purpose of the conference was to discuss the future of Greece in the face of territorial demands made by The banks The agreement was signed by GermanyFrance, the United Kingdom, and Italy. The ESF was of immense strategic importance to The Bankers, as most of its border defenses were situated there, and many of its banks were located there as well.

Share this post


Link to post
Share on other sites

Below is the full text of the joint French-German statement attempting to prevent another European market collapse. Next up are comparable statements from the ECB and from theG7. We expect many more before the night is out.

"Ich denke, dass die Zeit für Kieferkiefer vorbei ist. merde. Je cherche une petite fille pour la dernier soir."

Share this post


Link to post
Share on other sites

Think about 196 dominos . . . now think about every one of those dominos representing a country . . . . now think about them all being stood on their ends and the last one being pushed over.

Share this post


Link to post
Share on other sites

Think about 196 dominos . . . now think about every one of those dominos representing a country . . . . now think about them all being stood on their ends and the last one being pushed over.

An excellent firebreak would be a default.

Share this post


Link to post
Share on other sites

"We're screwed, we know it, we're bringing nothing new to the table, but we'll make sure the ECB will defend our desperate impotence until those very naughty markets learn to make the 'correct' decisions, which are whatever we say they should be."

+1

Share this post


Link to post
Share on other sites

That Franco German Summit In Full

When skies are cloudy and grey

They're only grey for a day

So wrap your troubles in dreams

And dream your troubles away

Share this post


Link to post
Share on other sites

The ECB is going to buy Spanish and Italian debt, no matter how much is needed.

Link? Or your opinion, TMT?

Either way, this is unevenhandedness isn't it, compared with Greece, Portugal and Ireland.

So much for the one-size-fits-all EU policies?

Wouldn't some recently pauperised countries (Latvia) find this unfair???

Edited by copydude

Share this post


Link to post
Share on other sites

Link? Or your opinion, TMT?

Either way, this is unevenhandedness isn't it, compared with Greece, Portugal and Ireland.

So much for the one-size-fits-all EU policies?

Wouldn't some recently pauperised countries (Latvia) find this unfair???

ECB Announces Bond Buying In Last-Ditch Move To Save Italy, Spain, And The Euro

http://www.businessinsider.com/ecb-holding-call-on-italy-bond-buying-2011-8

Update: According to reports, the ECB is right now considering Spanish and Italian purchases on a "massive" scale. This is key. For the ECB to backstop Italy/Spain, it really needs to go nuclear, and ignore the natural German protestations about printing money.

Share this post


Link to post
Share on other sites

It's been a surreal weekend, knowing what happened on Friday and that Monday is going to be mental. The pause is like watching a kid fall over, thinking 'that has got to hurt' and them not screaming in pain until about ten seconds later.

Share this post


Link to post
Share on other sites

Masked Tulip is right.. this is the moment of truth. Either the ECB unleashes a huge mountain of money by printing and buys the Spanish and Italian bonds until the yields drop.. regardless of how many hundred billion Euros it takes.

Or its time to walk away from the whole project.

With the smaller nations they have been able to kick the can down the road with laughable bailouts where countries like Spain take more debt on to bail out Greece. But that won't work this time.

My prediction is at the end of the day, after a bunch of fear mongering they will unleash the printing press.

Share this post


Link to post
Share on other sites

Masked Tulip is right.. this is the moment of truth. Either the ECB unleashes a huge mountain of money by printing and buys the Spanish and Italian bonds until the yields drop.. regardless of how many hundred billion Euros it takes.

Or its time to walk away from the whole project.

With the smaller nations they have been able to kick the can down the road with laughable bailouts where countries like Spain take more debt on to bail out Greece. But that won't work this time.

My prediction is at the end of the day, after a bunch of fear mongering they will unleash the printing press.

I agree that if it is possible to carry on with the game of pass the parcel with any sort of credibility, they will do their utmost to do so.

However the debt will return to wreak more damage.

EU Mandarins will not let go until we are all fecked. :angry:

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 343 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.