interestrateripoff Posted August 7, 2011 Share Posted August 7, 2011 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. Quote Link to comment Share on other sites More sharing options...
callaght Posted August 7, 2011 Share Posted August 7, 2011 (edited) To me, that statement says, we're not going to do anything! Edited August 7, 2011 by callaght Quote Link to comment Share on other sites More sharing options...
sesim Posted August 7, 2011 Share Posted August 7, 2011 "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." Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 7, 2011 Share Posted August 7, 2011 To me, that statement says, we're not going to do anything! +1 In fact, it says to me that "We have no idea how serious this is" Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted August 7, 2011 Share Posted August 7, 2011 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. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted August 7, 2011 Share Posted August 7, 2011 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." Quote Link to comment Share on other sites More sharing options...
copydude Posted August 7, 2011 Share Posted August 7, 2011 They forgot to mention appropriate administrative modalities. You're way ahead of me there, Durch. I couldn't find that in the Ridiculous Business Jargon Dictionary. But I'm sure the Eurocrats will bucketise the thought for future blamestorming, should they come to an agreeance, ALAP. Quote Link to comment Share on other sites More sharing options...
cockrobin Posted August 7, 2011 Share Posted August 7, 2011 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. Quote Link to comment Share on other sites More sharing options...
R K Posted August 7, 2011 Share Posted August 7, 2011 Trichet's gonna need a bigger boat. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted August 7, 2011 Share Posted August 7, 2011 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. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 7, 2011 Share Posted August 7, 2011 Trichet's gonna need a bigger boat. Quote Link to comment Share on other sites More sharing options...
Compukit UK101 Posted August 7, 2011 Share Posted August 7, 2011 Quote Link to comment Share on other sites More sharing options...
Stay Beautiful Posted August 7, 2011 Share Posted August 7, 2011 achtung bitte Quote Link to comment Share on other sites More sharing options...
Pindar Posted August 7, 2011 Share Posted August 7, 2011 "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 Quote Link to comment Share on other sites More sharing options...
copydude Posted August 7, 2011 Share Posted August 7, 2011 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 Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted August 7, 2011 Author Share Posted August 7, 2011 Trichet's gonna need a bigger boat. Have you got Noah's number? Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 7, 2011 Share Posted August 7, 2011 The ECB is going to buy Spanish and Italian debt, no matter how much is needed. We are about to see the ECB broke just as the BOE was broken in the 90s. Quote Link to comment Share on other sites More sharing options...
copydude Posted August 7, 2011 Share Posted August 7, 2011 (edited) 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 August 7, 2011 by copydude Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 7, 2011 Share Posted August 7, 2011 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. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted August 7, 2011 Share Posted August 7, 2011 This is such a serious situation that if Gordon Brown was still on the scene he'd be launching a committee... Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 7, 2011 Share Posted August 7, 2011 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 Actually, now it is not a blank cheque. Changing by the hour. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted August 7, 2011 Share Posted August 7, 2011 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. Quote Link to comment Share on other sites More sharing options...
copydude Posted August 8, 2011 Share Posted August 8, 2011 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 Thanks for link. Er, how many last ditches is that? Quote Link to comment Share on other sites More sharing options...
aa3 Posted August 8, 2011 Share Posted August 8, 2011 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. Quote Link to comment Share on other sites More sharing options...
Roman Roady Posted August 8, 2011 Share Posted August 8, 2011 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: Quote Link to comment Share on other sites More sharing options...
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