TWO NAMES : Horst Reichenbach = GREECE'S APPOINTED GOVERNOR and Klaus Regling = CEO - ESFS !!!! THE GREEKS ARE WRIGHT !!! ...At a press conference Mr Sarkozy said: "Our Greek friends must decide whether they want to continue the journey with us. "We cannot commit European taxpayers' money unless the rules unanimously adopted in Brussels are respected to the letter." He was flanked by Mrs Merkel, who added: "The referendum will revolve around nothing less than the question: does Greece want to stay in the euro, yes or no?" David Cameron said that the world was facing a "financial storm" as Greece may now be forced out of the single currency. Simon Johnson, the former chief economist at the IMF said Europe was "looking straight into the face of a great depression". The National Institute of Economic and Social Research said that Britain had a 70 per cent chance of falling back into recession under the "increasingly more likely" scenario that the euro crisis will not be resolved imminently. The Prime Minister will travel today to the G20 summit but is expected to be little more than a bystander as key meetings take place between European and American leaders. The British government has refused to contribute money to help the euro but European leaders are expected to lobby the Chinese, Russians and Brazilians for loans. An EU diplomat claimed last night that European leaders thought they had been misled by the Greek prime minister – as he had used the threat of a referendum during a eurozone summit last week in order to win concessions. "Everyone thought the threat had been dropped. Only one way to describe this: 'absolute bloody fury'," said the diplomat. "If it wasn't a case of mutually assured destruction this would be the moment that it is game over for Greece." With Greek national opinion currently against perceived European interference in its affairs, the country could be forced out of the single currency in a disorderly and chaotic manner. The removal of EU support comes as Greek politicians begin discussions on whether to vote in favour of a no–confidence motion in Mr Papandreou, which could trigger the government's collapse. European leaders are hoping that, by increasing dramatically the pressure on Greece, politicians may demand that the referendum is scrapped. An IMF source said: "The [IMF] board would not want to give money to Greece and then wonder what will happen. The board will want comfort that Greece will fulfil its commitments and right now Papandreou is unable to give that." There are mounting fears that the Greek crisis will fatally undermine Italy's economy in the coming days.
Access Investments-Building Awareness - European Union-ROMANIA
Thursday, November 3, 2011
TWO NAMES : Horst Reichenbach = GREECE'S APPOINTED GOVERNOR and Klaus Regling = CEO - ESFS !!!! THE GREEKS ARE WRIGHT !!! ...At a press conference Mr Sarkozy said: "Our Greek friends must decide whether they want to continue the journey with us. "We cannot commit European taxpayers' money unless the rules unanimously adopted in Brussels are respected to the letter." He was flanked by Mrs Merkel, who added: "The referendum will revolve around nothing less than the question: does Greece want to stay in the euro, yes or no?" David Cameron said that the world was facing a "financial storm" as Greece may now be forced out of the single currency. Simon Johnson, the former chief economist at the IMF said Europe was "looking straight into the face of a great depression". The National Institute of Economic and Social Research said that Britain had a 70 per cent chance of falling back into recession under the "increasingly more likely" scenario that the euro crisis will not be resolved imminently. The Prime Minister will travel today to the G20 summit but is expected to be little more than a bystander as key meetings take place between European and American leaders. The British government has refused to contribute money to help the euro but European leaders are expected to lobby the Chinese, Russians and Brazilians for loans. An EU diplomat claimed last night that European leaders thought they had been misled by the Greek prime minister – as he had used the threat of a referendum during a eurozone summit last week in order to win concessions. "Everyone thought the threat had been dropped. Only one way to describe this: 'absolute bloody fury'," said the diplomat. "If it wasn't a case of mutually assured destruction this would be the moment that it is game over for Greece." With Greek national opinion currently against perceived European interference in its affairs, the country could be forced out of the single currency in a disorderly and chaotic manner. The removal of EU support comes as Greek politicians begin discussions on whether to vote in favour of a no–confidence motion in Mr Papandreou, which could trigger the government's collapse. European leaders are hoping that, by increasing dramatically the pressure on Greece, politicians may demand that the referendum is scrapped. An IMF source said: "The [IMF] board would not want to give money to Greece and then wonder what will happen. The board will want comfort that Greece will fulfil its commitments and right now Papandreou is unable to give that." There are mounting fears that the Greek crisis will fatally undermine Italy's economy in the coming days.
Subscribe to:
Post Comments (Atom)
3 comments:
Since Greece needs €8bn by next month to pay its workers' wages, that's a significant threat - without a bailout, the country would be forced into an uncontrolled default and probably out of the euro.
Angela Merkel anticipated that yesterday: "The referendum will revolve around nothing less than the question: does Greece want to stay in the euro, yes or no?"
It's questionable how credible a threat that is: €8bn is pocket change relative to the pandemonium that an unmanaged Greek exit from the euro would cause.
Related Links
You might like:Bernie Madoff 'boasted of being treated like a Mafia don in prison'21 Oct 2011(Telegraph Finance)Greece to hold referendum on EU debt deal01 Oct 2011(Telegraph Finance)The two halves of the eurozone are locked in a broken marriage30 Oct 2011(Telegraph Finance)
From the WebFORM THE WEB:Wiedemer: “It’s Curtains for the US.” See Evidence.17 Aug 2011(Moneynews)Cavuto: Europe and the Madoff's28 Oct 2011(FoxNews.com)1099 or no, report your income04 Oct 2011(BankRate.com)[what's this]
On his blog, Nick Robinson reports that Britain is considering upping its contribution to the IMF, which might have to step in to prevent collapse. That would be politically difficult, but as Robinson points out, George Osborne has been very careful not to rule out the possibility.
It's easy to forget the eurozone crisis is not just an abstract concept discussed at summits, but a real-life problem hurting businesses and economies.
A reminder of that from France's biggest bank BNP Paribas, this morning.
BNP has reported a 72pc fall in third-quarter profit because of a writedown on Greek sovereign debt and losses from selling European government bonds.
08.10 The looming spectre of Italy - whose debt is seen by many economists as the biggest problem in the eurozone, rather than Greece, because of its sheer size - is still to the fore today.
The country's cabinet held an emergency meeting last night to try and accelerate budget reforms designed to lower debt.
However the meeting broke up without agreeing on any new measures, leaving Prime Minister Silvio Berlusconi with nothing to take to the G20 meeting or to soothe investors nerves.
Post a Comment