Christine Lagarde, the head of the IMF, has been speaking
at the Brookings Institution in Washington - in a speech entitled "Seizing
the moment - thinking beyond the crisis." It's not entirely clear the crisis is
over yet but Ms Lagarde has given her prescriptions for the world economy
anyway. Next week's meeting of G20 finance ministers in Washington must address
"the next steps needed to keep the crisis at bay" and the "building blocks
needed to achieve more lasting growth and stability to put the crisis behind
us." She said: ... The risk that looms largest is that sovereign and
financial stresses return with renewed force in Europe. The steps taken
by the Europeans in recent months are a timely reminder of the power of policy
resolve and action. Yet there are still risks, hills to be climbed. Ms
Lagarde also set out her stall for an increase in the IMF's funds: We also
need a broader approach—and a stronger global firewall—if we are to push back
this crisis. In today’s global economy, with its dazzling array of instant
interconnections, a stronger European firewall can only ever be part of the
solution. A stronger global firewall will help complete the “circle of
protection” for every country. Here, the IMF can help. But to be as effective
as possible, we need to increase our resources.Right, we have the full
results.
Italy sold €395m in a separate auction of three-year
debt at average rates of 3.92pc, €687m of eight-year bills at average rates of
5.04pc, and €918m of 2023 bonds at average yields of 5.57pc. On average, there
were 2.2 bidders per bond on offer. In total, the country sold €4.88bn
of its €5bn target - a sign of healthy demand, despite the higher rates.
Are the results that bad? This on Reuters: RTRS-BANK OF ITALY
AUCTION PAGES NOT UPDATING; OFF-THE-RUN SALE RESULTS STILL AWAITED .
Some of the Italian bond auction results are out. It
looks like demand waned, while interest rates increased. The country
sold almost €3bn of three year debt at average yields of 3.89pc (compared with
2.76pc at the last auction). There were fewer bidders for each bond on offer -
1.435 - compared with 1.565 at the last auction. It wouldn't be a debt
crisis if we didn't mention Greece. Unemployment in
the stricken nation climbed to 21.8pc in January, from 20.9pc in December,
according to Greece's EL.STAT. This means more than a million
people are now out of work. Youth unemployment in January stood at
50.8pc.
9 comments:
about a bail-out for Spain at the moment makes no sense," he told reporters. "Spain is not going to be rescued; it's not possible to rescue Spain, there's no intention to, it's not necessary and therefore it's not going to be rescued."
Despite his comments, the Madrid bourse fell and the yields on the country's benchmark bonds remained stubbornly high. While other European markets soared on Thursday following strong gains in America, Spain's Ibex index lost 0.5pc.
Politicians in Rome tried to counter the markets' view that Italy was in the same predicament as Spain.
Vittorio Grilli, Italy's deputy finance minister, said "markets are very nervous" but added: "We cannot talk about a derby between Italy and Spain."
The only way out of the recession is to allow few Banks in every country to go bust. This is a must starting with RBS in the UK. There are two many Banks and the cost to the business and customers is very high. David Cameron will not close RBS because of the 142,000 employed but the cost to the UK taxpayer is much higher that the votes.
Hmmmm - the dear leaders in Ireland, Greece and Portugal were saying similar things, even on the day the IMF team landed in the country!! Assume anything any politicians says is a pack of lies. It seems to be the SOP - deny everything right up until the Troika call the big press conference and then say your hand was forced.
"To talk about a bail-out for Spain at the moment makes no sense,"
he told reporters. "Spain is not going to be rescued; it's not possible
to rescue Spain, there's no intention to, it's not necessary and therefore
it's not going to be rescued."
If ever you heard a more hysterical paranoid schizophrenic statement I do hope someone could let me know.
Previously I have mentioned the fact that you should never ever listen to word any of these lying deceitful scumbags trots out or says because it is so obvious they are now lying with every fetid breath they expel.
Only look at their actions and work out the consequences for yourself, and then measure their words, for one purpose only..
To determine the extent they lie obfuscate and corrupt the veracity of reality.
Well having seen the results of their actions, and done the calculations and can plainly see the wreckage that once was great Southern Europe laid waste with 30 % of its SME base destroyed forever and 50% plus of its younger and more productive workforce now effectively doomed to unemployment for years or even decades even if the sun rose again over a Brussels reduced to smoking rubble and the nightmare was history, as it would take decades to rebuild those hundreds of thousands of SME's that could begin to employ the Spanish Greek, Portuguese and the Italians.
But a new and unexpected twist has come in.
Quite simply, I have come to realize that these politicians are not actually lying or being deceitful now.
Anyone who makes a statement as above is clearly insane and needs urgent help. His marbles are well truly mixed up. Whatever is going on inside his head I don't want to even think about,
Did his head get stuck up barusto's ass so long it deprived his brain of even enough oxygen to keep the last two firing neurons working.
These effing lunatics have tipped over the edge, They have gotten themselves so divorced from reality its starting to show as stark staring frothing at the mouth and bulging eyeballs and uttering gibberish type triple A, certified insanity.
Get the effing straitjackets out.
Now all we need is another half witted half baked bed wetting, dribbling inmate of the europhile asylum to pop up here to tell us how soothing his words are don't we chelly bint.
I'm starting to see a pattern appearing here, not of lies and deceit and corruption, but the utter total and complete mental breakdown of all rational thought processes and functions and coherent argument by the insane drivel spewing out of these cretins mouths.
It reminds me of the last days of Stalin and Hitler.
Didn't they all go mad too just before the end.
There is hope for us all yet.
Christine lagarde back in January, February insisted the IMF and EU had more money to "firewall" eveything and prevent euro collapse, and they got it, Goverments started introducing more cuts to their own budgets to tranfser money to the IMF pot, creating poverty in their own countries.
These people Are Not Going To Stop
they are like heroin addicts they want more and more and more and even when every one in europe is personally bankrupt or completely poor they will Not Stop,Where is all the money going? because it's not going to the people. Not when Pensioners are shooting themselves because they dont have money to eat.Its all going to the establishment of the Single World currency and One world goverment being created behind the scenes.
TOP OF THE AGENDA
FOR most countries, first quarter growth of 8.1pc would be an excuse for street parties. Not China , where the latest GDP figures show the engine of world growth expanding at its slowest pace for three years - and below forecasts of 8.3pc.
Slower than expected growth immediately knocked oil prices with Brent crude futures slipping towards $121 a barrel - though analysts were reasonably relaxed. "We do expect prices to come off a bit because the market had expected China's growth to top forecasts," said Ben Le Brun at OptionsXpress. "But even at this level, it is higher than what the government expects growth to be. I don't see it as a major cause of worry."
China's fifth successive quarter of slowing annual growth has left the economy on track for its weakest full year of expansion in a decade, as demand for its exports remains sluggish. Growth had already slowed to 8.9pc in the fourth quarter of 2011, compared to 9.1pc in Q3.
The markets may wobble a little in reaction to that - though financial bookmakers seem pretty sanguine, forecasting only a slight dip in the FTSE after it hit a one-week high yesterday.
Over here, the main insights into the UK economy come from construction output figures for February and March's producer price index.
Early news from the high-street is pretty upbeat wth John Lewis reporting a bumper Easter. Department store sales were up by 27.5pc last week and by 26.2pc at Waitrose. "Trade last week was superb, with an uplift on last year of 27pc. In comparison with the Good Friday week last year we delivered a stunning increase of 25pc," frothed the retailer this morning. Total sales over the past 10 weeks are up 9.8pc.
Elsewhere, the joint Glencore/Xstrata charm offensive for their proposed mining mega-merger seems to be needing a bit more time, given what looks like a slight delay to the timetable for the proposed £50bn deal. Documents are now expected to be sent to shareholders by the end of next month, instead of this one, while meetings to vote on the deal have been put back to July. The two companies are playing down any hiccups, saying they remain in "constructive discussions with the regulatory authorities" and "expect to receive all relevant approvals" in the third quarter 0f 2012 - as previously announced.
Falkland Oil and Gas has full -year results, showing losses widening from $3.7m to $6.6m after a year in which it has raised $127m to support its drilling programmes. Chairman Richard Liddell points out that any success with the Loligo well would be a "transforming event" for the comany - though he looks to have resisted the temptation, so far, to hit out at Argentina's latest sabre rattling over oil exploration in the Falklands.
Meanwhile Premier Oil has plugged and abandoned its Biawak Besar exploration well in Indonesia.
Across the Atlantic, we get first-quarter results from JPMorgan Chase and figures from Wells Fargo. Federal Reserve chairman Ben Bernanke is also delivering a speech in New York entitled "Reflections on the Crisis and the Policy Response", which sounds like it could go on for a bit, while New York Fed president William Dudley is speaking in Buffalo on regional and national economic conditions.
Shares in GKN have been pegged back of late by speculation that the FTSE 100 engineer might need to raise additional funds in order to finance a possible acquisition of Volvo’s aircraft business.
But with GKN’s shares having declined by 11pc over the past month, Credit Suisse analysts thought it was time to buy in and switched their stance to “outperform” from “neutral”.
“There is no certainty that GKN will acquire Volvo Aero Engines but with MTU having now reportedly exited the bidding process, GKN is in pole position,” said the broker. “While at first take the deal is not overridingly compelling at £800m, it does not reflect the positives from a business with a greater skew to aerospace,” added analysts.
Sterling eased 0.13 cents to €1.2108 against the euro and put on 0.48 cents to $1.5935 against the dollar . For the latest on the currency markets, click here.
Now on the WTO website....
> ----- ENGLISH VERSION -----
>
> INDIA FILES DISPUTE AGAINST US
> On 12 April 2012, India requested consultations with the US under the
> dispute settlement system concerning the latter's countervailing duties on
> certain steel products from India.
>> News item:
>> http://www.wto.org/english/news_e/news12_e/ds436rfc_12apr12_e.htm
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