Speaking at the European Parliament in Brussels, Mr Barroso called for EU leaders to back his plan that would bring forward the introduction of a permanent rescue mechanism for states from mid-2012 to mid-2013 and would see more rigourous capital standards for banks. "For confidence to return we need to fix the sovereign debt problem, which can only be done through a coherent package and we must therefore urgently strengthen the banks, because, in fact, those two issues are now, whether we like it or not, linked. "This must be co-ordinated through the member states, the European Banking Authority, the ECB and the Commission," Mr Barroso said. Mr Barroso hopes that EU leaders will back the plan when they meet at a summit in Brussels on October 23. Officials say that the Commission, the EU's executive, sees this as the final opportunity to get a grip on the debt crisis, which has already forced three states into multi-billion euro bailouts and now threatens to push the world economy into a second recession.
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Wednesday, October 12, 2011
Speaking at the European Parliament in Brussels, Mr Barroso called for EU leaders to back his plan that would bring forward the introduction of a permanent rescue mechanism for states from mid-2012 to mid-2013 and would see more rigourous capital standards for banks. "For confidence to return we need to fix the sovereign debt problem, which can only be done through a coherent package and we must therefore urgently strengthen the banks, because, in fact, those two issues are now, whether we like it or not, linked. "This must be co-ordinated through the member states, the European Banking Authority, the ECB and the Commission," Mr Barroso said. Mr Barroso hopes that EU leaders will back the plan when they meet at a summit in Brussels on October 23. Officials say that the Commission, the EU's executive, sees this as the final opportunity to get a grip on the debt crisis, which has already forced three states into multi-billion euro bailouts and now threatens to push the world economy into a second recession.
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European Commission President Jose-Manuel Barroso presented a plan to strengthen European banks and lower Greece's debt. It's being seen as the strongest effort yet to address the region's debt crisis.
Separately, a Slovakian opposition party leader said that country's political parties have agreed to approve a deal to strengthen Europe's financial rescue program. Slovakia's parliament blocked the deal Tuesday, setting back efforts to free up more funds for indebted European countries and banks. All 16 of the other countries that use the euro have approved the measure.
STORY: Slovakia reverses field on bailout fund
STORY: EU's plan for banks
All three major U.S. stocks gauges — the Dow Jones industrials, the Standard & Poor's 500 and the Nasdaq composite — were higher in afternoon trading.
Banks and financial stocks had the biggest gains. Those companies would have the most to lose if European banks suffer big losses because of a default by the Greek government. A default would cause the value of Greek bonds held by banks in the U.S. and Europe to plunge in value, weakening their balance sheets and making it harder for them to lend. European leaders are working to shore up those banks so they can withstand the impact
Folks, what we have here is called "political cover". The politicians are just protecting themselves from their anti-bail out constituents. It's real simple. They vote "no" one day and then "yes" the next. This way they can look their voters in the eyes and say they voted "no" for the bank bail out and, technically, they wouldn't be lying. It's called politics folks. Our congressmen do it all the time. Remember TARP? It took 2 separate voting sessions to pass it.
Of course the banks knew the politicians had their backs all along and have loaded up on uber risky European government debt (bonds of the so called PIIGS). They'll have to take a relatively small hair cut but they will reap great returns thanks to the tax payers. This is what occupy Wall Street is protesting against....a system that privatizes the gains while socializing the risks/losses. WAKE UP PEOPLE!
If you make risky loans, that have high rate of returns, there should be the real risk of losing everything. This risk helps prevent bad bank behavior. This is not how the system is currently working though. It is sick and needs a doctor.......DOCTOR RON PAUL in 2012!
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