Germany said European Union leaders won’t provide the complete fix to the euro-area debt crisis that global policy makers are pushing for at an Oct. 23 summit. German Chancellor Angela Merkel has made it clear that “dreams that are taking hold again now that with this package everything will be solved and everything will be over on Monday won’t be able to be fulfilled,” Steffen Seibert, Merkel’s chief spokesman, said at a briefing in Berlin today. The search for an end to the crisis “surely extends well into next year.” Group of 20 finance ministers and central bankers concluded weekend talks in Paris endorsing parts of an emerging plan to avoid a Greek default, bolster banks and curb contagion. They set the Oct. 23 summit of European leaders in Brussels as the deadline for it to be delivered. On the summit agenda is how any recapitalization of Europe’s banks “might be carried out in a coordinated way” and how to make the European Financial Stability Facility, the EU’s rescue fund for indebted states, as effective as possible, Seibert said. The leaders will also discuss ways to tighten economic and financial policy, he said. The euro retreated from a one-month high against the dollar after Seibert’s comments, following last week’s biggest gain in more than two years on speculation that European policy makers are stepping up efforts to stop the crisis. German 10-year bonds rallied and the Stoxx Europe 600 Index pared an advance of as much as 1.5 percent and was up 0.3 percent at 12:47 p.m. in Frankfurt. 
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Monday, October 17, 2011
Germany said European Union leaders won’t provide the complete fix to the euro-area debt crisis that global policy makers are pushing for at an Oct. 23 summit. German Chancellor Angela Merkel has made it clear that “dreams that are taking hold again now that with this package everything will be solved and everything will be over on Monday won’t be able to be fulfilled,” Steffen Seibert, Merkel’s chief spokesman, said at a briefing in Berlin today. The search for an end to the crisis “surely extends well into next year.” Group of 20 finance ministers and central bankers concluded weekend talks in Paris endorsing parts of an emerging plan to avoid a Greek default, bolster banks and curb contagion. They set the Oct. 23 summit of European leaders in Brussels as the deadline for it to be delivered. On the summit agenda is how any recapitalization of Europe’s banks “might be carried out in a coordinated way” and how to make the European Financial Stability Facility, the EU’s rescue fund for indebted states, as effective as possible, Seibert said. The leaders will also discuss ways to tighten economic and financial policy, he said. The euro retreated from a one-month high against the dollar after Seibert’s comments, following last week’s biggest gain in more than two years on speculation that European policy makers are stepping up efforts to stop the crisis. German 10-year bonds rallied and the Stoxx Europe 600 Index pared an advance of as much as 1.5 percent and was up 0.3 percent at 12:47 p.m. in Frankfurt. 
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4 comments:
European officials are dragging out this crisis as they try to put a firewall around the French and German banking sectors
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and squeeze the last drop of money out of ordinary Greek people.
We just can't keep up any more with the barrage of extra tax payments on wages that have been slashed by 40% (they weren't much to begin with). Another few months of this rampant theft and all the meagre savings of the middle class will be gone - transferred to God Knows Where. Then the German companies can move in, create their sweatshops and sell their products to a trapped market.
We are the living dead. Waste no more time or money on us. Save yourselves while you still can. Get up. Run.
If everyone in the world went to their bank and asked for their money back in cash (and I would praise the day) the banks could not pay because the cash simply does not exist, remember Northern Rock?
Is it wise to trust a system based on vast abstract speculative values and which operates under a tightly guarded veil of secrecy providing the ideal cover for the greedilly motivated?
Try this: never spend money which we don´t have and don´t give it to a bank for them to lend without knowing what they are up to. It is our money and we are sponsoring their actions. It is our social responsibility to demand a law for freedom of information from the banks, if we don´t like what they are doing, exercise our democratic rights and don´t go there.
Wasn´t it a guy called Jesus who sensed something was wrong over 2000 years before Lehman Brothers and threw the money lenders out of the church? The time has come to do it again.
Securitiizatrion is a problem politicians are not addressing or even referring to.
Yet it is arguably the cause of the helplessness we see before us.
again the banks holding taxpayers to ransom with the ongoing threat of economic uncertainty and possible system collapse if they don't get their way. The banks are out of control and shouldn't be allowed to blackmail society, nationalise all of them now!
no one knows what % of the sums individual banks claim to have are the result of leverage and securitisation, i.e. what their assets are really worth. .
I don't believe that greek bonds are the only form of paper asset valued at twice their real worth.
The EU itself proposes levering 440 billion bailout up to 2 trillion in self written ( non-sovereign) paper. There is an argument that it is the sheer volume of self- written bank paper and IOU's ( what is laughingly called the " futures "market ) that has been the cause of the so-called debt crisis in the first place . Soveriegn currencies are being occluded by all this fiat money. Thats why the only answer is to print and redress the imbalance. But it's a losers game, since the banks can and will respond by writin more of their own paper - bonds, CD0, CDS, etc., unless this is regulated;
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