Jump to content
House Price Crash Forum
Sign in to follow this  
interestrateripoff

If There Isn't A Solution By Sunday, Everything Is Going To Collapse - Sarkozy

Recommended Posts

http://www.telegraph.co.uk/finance/financialcrisis/8837424/Franco-German-deadlock-over-ECBs-role-in-rescue-fund.html

"If there isn't a solution by Sunday, everything is going to collapse," he told his inner circle before an emergency trip on Wednesday night to see German Chancellor Angela Merkel in Frankfurt.

The talks are deadlocked, reflecting a deep rift between Euroland's two great powers. The French fear the EU's €440bn EFSF rescue fund will not be enough to shore up monetary union without mobilising the might of the European Central Bank as lender of last resort. It is a view shared by UBS, Citigroup, RBS and the US Treasury.

Mr Sarkozy wants the fund to operate as a bank, able to leverage its rescue power by tapping the ECB's credit window. This is less likely to endanger France's AAA credit rating. Yet the idea is anathema to Germany and Bundesbank purists.

Paris has grave doubts about Mrs Merkel's demand for larger "haircuts" – perhaps 50pc – for Greek bondholders. Such a move risks triggering default, crystallising crippling losses for French banks and courting "Lehman-style" contagion.

So we can expect a fudge statement before the weekend is over then?

If Sarkozy really has said this it's clear we are very close to a full scale banking crisis.

Share this post


Link to post
Share on other sites

Yeah, yeah, yeah.

Tanks on the streets.

Yeah, yeah, yeah.

Empty ATM's!

Yeah, yeah, yeah.

Cats' and dogs living together.

Yeah, yeah, yeah. Heard it all before. Christmas bonus time is it? You moneyed disphits should learn how to get laid without spending a million dollars on a woman first. We'd all be better off.

Share this post


Link to post
Share on other sites

Whatever , either it collapses Sunday or it collapses in 6 months or 2 years.

The economic collapse is inevitable because the bubbles are so stupendously huge , personally i say the sooner the better lets just rebuild and cut out the parasites this time.Money backed by commodities , no more fiat funny money.

Share this post


Link to post
Share on other sites

everything is going to collapse = Beaudoin Prot's bonus will be cut in half this year and he won't give me a job after I'm President.

Share this post


Link to post
Share on other sites

Fear and confusion and doubt.

FFS, can politicians be any more despicable.

Do we recall decent bank Lloyds being bounced into that merger which has destroyed what appeared a reasonably well-run bank, or the Bernake 24- hours to save the economy $700b bailout in 2008. It goes on an on...

Share this post


Link to post
Share on other sites

Yeah, yeah, yeah.

Tanks on the streets.

Yeah, yeah, yeah.

Empty ATM's!

Yeah, yeah, yeah.

Cats' and dogs living together.

Yeah, yeah, yeah. Heard it all before. Christmas bonus time is it? You moneyed disphits should learn how to get laid without spending a million dollars on a woman first. We'd all be better off.

you talkin' to me?

adlib.td.jpg

Edited by SHERWICK

Share this post


Link to post
Share on other sites

In other words, if Merkin doesn't bail out his French banks he'll be pointing his Gallic finger in her direction.

It would almost be worth her calling his bluff just to see what happens but this being the EUSSR they'll cobble together a last minute fudge for another 2 weeks or so.

Share this post


Link to post
Share on other sites

Apparently not. The IMF isn't going to make its mind up until Monday earliest. Sarkozy will have to sweat.

IMF wants to wait until after Oct. 23 summit to assess

The IMF believes the EU's debt projections are too optimistic and wants to wait until after a euro zone summit on Sunday to see if discussions there produce a clearer picture on how the debt levels can be made more sustainable.

Optimistic? :lol:

Share this post


Link to post
Share on other sites

Apparently not. The IMF isn't going to make its mind up until Monday earliest. Sarkozy will have to sweat.

IMF wants to wait until after Oct. 23 summit to assess

http://www.telegraph.co.uk/finance/financialcrisis/8838425/Euro-summit-statement-the-leaked-draft.html

19-10-11

EURO SUMMIT STATEMENT

DRAFT

Over the last three years, we have taken unprecedented steps to combat the effects of the world-wide financial crisis, both in the European Union as such and within the euro area. The strategy we have put into place encompasses determined efforts to ensure fiscal consolidation as well as growth, support to countries in difficulty, and a strengthening of euro area governance. At our 21 July meeting we took a set of major decisions. The ratification by all 17 Member States of the euro area of the measures related to the EFSF significantly strengthen our capacity to react to the crisis.

The agreement on a strong legislative package within the EU structures on better economic governance represents another major achievement. The euro continues to rest on solid fundamentals. The crisis is, however, far from over, as shown by the volatility of sovereign and corporate debt markets. Further action is needed to restore confidence. That is why today we agree on additional measures reflecting our strong determination to do whatever is required to overcome the present difficulties.

1. Sustainable public finances and structural reforms for growth

The European Union must improve its growth and employment outlook. We support the growth agenda agreed by today's European Council. We reiterate our full commitment to implement the country specific recommendations made under the first European Semester and on focusing public spending on growth areas.

All Member States are determined to continue their policy of fiscal consolidation and structural reforms. A particular effort will be required of those Member states who are experiencing tensions in sovereign debt markets. [in this context, we welcome the specific commitments made by Italy and Spain]

Concerning the programme countries, we are pleased with the progress made by Ireland in the implementation of its adjustment programme which is delivering positive results. Portugal is also making good progress with its programme. We invite both countries to keep up their efforts and to stick to the agreed targets.

We want to reiterate our determination to continue to provide support to all countries under programmes until they have regained market access, provided they fully implement those programmes.

More at the link.

We have draft fudge.

Share this post


Link to post
Share on other sites

Hadn't finished reading down there's this as well.

Annex

DRAFT 20-10-11

Ten measures to improve the governance of the Euro area

There is a need to strengthen economic policy coordination and surveillance within the euro area, to improve the effectiveness of decision making and to ensure more consistent communication. To this end, the following ten measures will be taken, while fully respecting the integrity of the EU as a whole:

1. There will be regular Euro Summit meetings bringing together the Heads of State or government (HoSG) of the euro area and the President of the Commission. These meetings will take place at least twice a year, at key moments of the annual economic governance circle; they will normally take place after European Council meetings. Additional meetings can be calle by the President of the Euro Summit if necessary. Euro Summits will define strategic orientations for the conduct of economic policies and for increased convergence in the euro area. The President of the European Council will ensure the preparation of the Euro Summit, in close cooperation with the President of the Commission, on the basis of the work of the Eurogroup.

2. The President of the Euro Summit will be designated by the HoSG of the euro area at the same time the European Council elects its President and for the same term of office. Pending the next such election, the present President of the European Council will chair the Euro Summit meetings.

Yeah regular fudge meetings to look forward to, were we issue more waffle.

Share this post


Link to post
Share on other sites

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100012749/sedan-again-as-germany-imposes-terms/

German victory. Defeat for France, Spain, Italy, and the Greco-Latin sphere.

My instant impression from the leaked EU summit draft - obtained by our indefatigable Brussels correspondent Bruno Waterfield – is that the accord is minimalist, and largely a German Diktat. It has the makings of a diplomatic Sedan 1870.

If this is what landed on Nicolas Sarkozy’s desk at the Elysee yesterday, one starts to grasp, sort of, why he left Carla Bruni to labour alone as he dashed to Frankfurt to meet the two other women in his life, Chancellor Angela Merkel and IMF chief Christine Lagarde, as well as the European Central Bank’s old and new chiefs.

This document is not final, of course. Mr Sarkozy knows how go full-throttle histrionic, throw a fit, play the war guilt card, scream, shout, and even threaten to walk out of Emu (as he did in the May 2010 summit). He is so mercurial and impetuous that he might actually do something shocking if Germany refuses to meet him half way.

AEP on the fudge draft.

I wonder if Sarkozy will issue the I quit threat to try and get his own way?

Share this post


Link to post
Share on other sites

Yeah, yeah, yeah.

Tanks on the streets.

Yeah, yeah, yeah.

Empty ATM's!

Yeah, yeah, yeah.

Cats' and dogs living together.

Yeah, yeah, yeah. Heard it all before. Christmas bonus time is it? You moneyed disphits should learn how to get laid without spending a million dollars on a woman first. We'd all be better off.

Indeed. I think we can assume that by Saturday teatime a multi-trillion Euro can kicking exercise, er, I mean, rescue package will have been arranged just in time....

Share this post


Link to post
Share on other sites
Mr Sarkozy knows how go full-throttle histrionic, throw a fit, play the war guilt card, scream, shout, and even threaten to walk out of Emu (as he did in the May 2010 summit). He is so mercurial and impetuous that he might actually do something shocking if Germany refuses to meet him half way.

Yep, the Sarko show has only just started, get ready for more comedy gold coming to a EU summit near you :lol:

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...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 284 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.