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Eu Preparing Bank Rescues Amid Greece Doubts

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http://uk.reuters.com/article/2011/10/04/uk-eurozone-idUKTRE7921RH20111004

European finance ministers agreed on Tuesday to prepare action to safeguard their banks as doubts grew about whether a planned second bailout package for debt-laden Greece would go ahead.

Collapsing confidence in French-Belgian municipal lender Dexia SA, which hours earlier became the first European bank to have to be bailed out due to the euro zone's sovereign debt crisis, looked to have concentrated minds.

"Everyone said the big concern is that worrying developments on the financial markets will escalate into a banking crisis," German Finance Minister Wolfgang Schaeuble told a news conference after EU ministers met in Luxembourg.

The growing prospect of a default by Greece in the coming months has stoked fears of a major banking crisis in Europe that would aggravate the global economic slowdown.

Dexia will effectively be broken up, with the sale of healthier operations while toxic assets, including Greek and other peripheral euro zone government bonds, will be placed in a state-supported "bad bank."

Nice the profitable stuff gets sold on and the losses get socialised onto the taxpayer.

But I'm more relieved to know the EU is acting together and minds have been concentrated, probably on each nations national interest but concentrated they have been. We can all rest assured the crisis will be averted and the taxpayer will pick up all the losses.

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Ah yes, our daily dose of EU psychobabble :rolleyes:

Schaeuble said the 27 EU ministers agreed to report by their next monthly meeting on the situation of banks in their countries and planned measures to protect them.

In other words, each nation will run their own, totally unbiased, version of the bank stress tests.

Decisive action, indeed :D

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http://uk.reuters.com/article/2011/10/04/uk-eurozone-idUKTRE7921RH20111004

Nice the profitable stuff gets sold on and the losses get socialised onto the taxpayer.

But I'm more relieved to know the EU is acting together and minds have been concentrated, probably on each nations national interest but concentrated they have been. We can all rest assured the crisis will be averted and the taxpayer will pick up all the losses.

I would just cross out the debt with my large Euro crayon and write a profit in just the right column. Then I would circulate it on Yahoo finance as a story. The markets would be assured right away and we might get through Christmas...

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http://uk.reuters.co...E7921RH20111004

Nice the profitable stuff gets sold on and the losses get socialised onto the taxpayer.

But I'm more relieved to know the EU is acting together and minds have been concentrated, probably on each nations national interest but concentrated they have been. We can all rest assured the crisis will be averted and the taxpayer will pick up all the losses.

To be honest, I have more faith in the Japanese's ability to 'deal decisively' with Fukishima...

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Ah yes, our daily dose of EU psychobabble :rolleyes:

In other words, each nation will run their own, totally unbiased, version of the bank stress tests.

Decisive action, indeed :D

Monthly meetings are great.

You don't have to do anything until 1hr before the next one. At which point you make something up.

Edited by Red Knight

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Monthly meetings are great.

You don't have to do anything until 1hr before the next one. At which point you make something up.

At the last place I worked at people didn't even have the decency to do that. Mind you, the business was so "dynamic" that within one month the was a whole new load of crises that needed to be solved, rendering pretty much the last meetings minutes irrelevant.

And no I didn't work for the EU.

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Eventually you can just go "the full Merv" and simply copy last month's.

Never go full Mervyn. You see ben bernanke? Crazy, yes. Retarded, maybe. But he shifted trillions worth of bad paper onto foreign bond holders and won a ping pong competition. See John Claude Stereotype? Reckless, yes. Stupid, maybe. But he managed to set up a wall eyed frenchman in a manhattan hotel room with a maid from the **** end of nowhere. He could charm the birds out of the sky. Infantile yes, mervyn, no.

You went full mervyn man. John law went full mervyn, remember? .......and he went home empty handed.

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Are the deals being done in secret now then?

edit: FT has an article 'Athens able to pay public sector wages'

Don't panic we're ok for another month. Crikey I hope they don't go at Christmas!

Edited by Ash4781

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The Italian government's credit rating has been slashed by Moody's from Aa2 to A2 with a negative outlook.

The ratings agency blamed a "material increase in long-term funding risks for the euro area", due to lost confidence in eurozone government debts.

The news caused an immediate drop in the euro's value.

The downgrade is likely to be followed by similar cuts in the credit rating of Italy's banks, which would put severe pressure on their ability to borrow.

And so it goes on..... Italy is now caught in the death spiral.....

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At the last place I worked at people didn't even have the decency to do that. Mind you, the business was so "dynamic" that within one month the was a whole new load of crises that needed to be solved, rendering pretty much the last meetings minutes irrelevant.

And no I didn't work for the EU.

BoE?

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  • 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%



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