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GERMANY-No Greek bail out signals end of the euro

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Author Topic: GERMANY-No Greek bail out signals end of the euro  (Read 228 times)
Lisa
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« on: July 21, 2011, 03:30:39 pm »

Germany blocks Greek bailout at eurozone crisis summit as debt-ridden country warns it faces ‘slow death’ without £45bn handout
Merkel says Greece must face 'selective default' after pact with Sarkozy
She persuades French president to drop bank levy plan for £45bn bailout

Crunch talks in Brussels could lead to death of euro if there's no agreement
Fears of European Black Friday engulfing Britain if no Greek deal is sorted

But stock markets RISE on news that two biggest economies are 'resolved'

By Daily Mail Reporter

Last updated at 5:37 PM on 21st July 2011


Comments (120) Add to My Stories Share
Greek hopes for second massive bailout may have been crushed today after Germany blocked a new £45billion cash injection during a crunch Brussels summit to save the euro.
However, fears that Greece will default on its £290billion debt - and trigger the break up of the single currency - may have been allayed by an alternative plan proposed by Chancellor Angela Merkel.

Mrs Merkel suggested that the beleaguered Mediterranean country should fall into 'selective default' - meaning some of its loans would not be serviced as originally planned.
  'Pact': German chancellor Angela Merkel and French president Nicolas Sarkozy, seen arriving in Brussels today for the emergency debt summit, after she persuaded him to drop plans for a Greek bailout funded by a bank tax

 No dice: Mrs Merkel has a fixed look as she meets Greek PM George Papandreou before the summit
But, instead of leaving buyers of Greek debt penniless, she suggested private investors swap their 10-year bonds for ones that mature in 30 years.
Mrs Merkel is likely to persuade other leaders of her plan after removing her main stumbling block -  France's alternative of bailing out Greece and paying for it over five years with a bank levy.

In a meeting last night in Berlin, the German chancellor scored a major victory by persuading French president Nicolas Sarkozy to drop the idea.
With a selective default, Greek banks may still need funds to recapitalise - but the sums required would be considerably less than the 50billion euros the Athens government wants.
Greece's development minister Mihalis Chrysohoidis said his country's economy faced a 'slow death' unless leaders took decisive action.

  But news that the two biggest economies in the eurozone are in agreement has been been warmly received. Britain's FTSE 100 rose by just under 1% today.
However, no decisions by the 17 currency bloc leaders at the emergency summit have yet been made and discussions may continue into the night.
Among other proposals being discussed are issuing a single eurozone bond debt.

This idea was also mooted by Chancellor of the Exchequer George Osborne, who in a dramatic move away from  traditional Tory reticence over a more centralised Europe, called for greater fiscal union among countries using the single currency.

He also urged European leaders to 'get a grip' and warned that if action was not taken there was potential for a set of economic events that could be as damaging as 2008' and that Britain would not be spared.

He insisted Britain should remain outside the euro, but said the 'remorseless logic' of the single currency meant issuing a single bond for those 17 member states 'worthy of serious consideration.'
The central problem facing the the currency bloc is that the most indebted nations, principally Greece, are approaching a stage where they cannot service debts taken out through the issuing of separate sovereign bonds.

The interest payments that markets demand in from these weaker economies for these loans has been rising.

The rate on a 10-year Greek bond is 17.34 per cent, compares with 2.79 per cent for the equivalent German one.
 Dire straits: The relative debts of Europe's weakest economies (figures from May)
Spanish and Italian bond yields have risen to euro-era records this week as nerves grow over their ability to repay debts.
Mr Osborne and others have suggested that the European Central Bank consolidates member state's borrowing by creating 'euro bonds' as a way of shoring up the most indebted nations.
This would provide cheaper borrowing for the indebted nations but would raise costs for richer ones - notably Germany - and would involve richer nations guaranteeing the debt of their indebted neighbours.
It is also controversial because it would create a two-speed EU - with Britain sitting outside the main bloc of eurozone members - an idea that both the Coalition and previous Labour governments have tried to frustrate.

But, in an interview with the Financial Times, Mr Osborne insisted it was time to take 'decisive action'.
 There are fears that Greece was allowed to default on its debts, it could poison access to the bond market for bigger countries such as Spain and Italy.
And, if investors think those countries - which together make up more than a quarter of the eurozone's economy - will not pay back their loans, some economists say the impact on the single currency could be devastating.
In such a situation, possible that there would be a rush to sell euros, causing rampant inflation in member states and wiping out the value of millions of Europeans' savings.
The impact on Britain would also be severe as a recession spread amid fears the country also could not service its loans.
News today that the amount Britain borrowed last month was £400million than expected will not help dampen these concerns.
Also, UK banks own billions of pounds worth of debt in Europe's weakest economy, which if nations defaulted could instantly lead to another credit crunch.

Except this time, the Government would have no means of bailing out the financial sector like it did in 2008.

In the short term, with debts still being serviced - but rising across Europe - British homebuyers and firms are facing higher lending costs as banks try to boost their capital.
Yesterday, the Bank of England warned that turmoil on the Continent was ‘likely to affect the price and affordability of credit to many households and businesses adversely’.
The outcome of today's crunch Brussels summit could be pivotal to allaying these fears.

Although a direct bailout of Greece may prove the best short-term way of stopping the bond market from crashing, Mrs Merkel believes that in the long term it will do harm.
Her countrymen are also very wary of bailouts and historically have an obsession with fiscal prudence after era of hyperinflation in the 1920s.

Before attending the summit today she said: 'We have a Eurogroup meeting today which will be about a further important step in overcoming the debt crisis.

'I expect that we will be able to seal a new Greece programme. That is an important signal. And with this programme we want to grasp the problems by their root.

'That is to say the sustainability of the debt must be improved and the competitiveness must be improved above all, those are the two reasons why some countries in the euro zone have problems.'
  Concern: Both Prime Minister David Cameron and Deputy PM Nick Clegg have called for the debt to be tackled

And on Tesuday she told The Guardian: 'I know there's a great longing for a big decision, proposals for eurobonds, a big restructuring [of Greek debt], for a transfer union, and much besides
'I will not give in to this. The government will not give in to this.'
In Britain, the phone hacking scandal has paralysed politics for a fortnight, meaning that there has been little input from our own leaders.
But, as Westminster finally started to lift its gaze, David Cameron said Britain faced ‘very bad consequences’ unless decisive action is taken.
The Prime Minister described today's talks as a ‘last-chance saloon’.
Mr Cameron told Tory MPs Britain faced tough economic and political times and asked them to ‘keep walking towards the economic arguments’.
Labour former chancellor Alistair Darling said the eurozone needed to show it would ‘do whatever is necessary’ to stop the contagion spreading outside of Greece to bigger economies such as Italy.
He said bailing out Greece would cost the German taxpayer but they ‘would be in it up to their necks’ if there was meltdown in the eurozone.

Mr Darling told BBC Radio 4's Today programme there were ‘consequences’ to a single currency.
He said: ‘Two things are necessary. I think the eurozone does need to look at the full issuing of euro bonds, which would make it cheaper for those indebted countries to borrow and give them some chance of getting out of it.
'Secondly, you have got to accept that if you are in a single currency, you have got to behave as any other country would and that is the richer parts help the poorer parts through the reforms they need so they can start to grow.'
‘It is essential that an agreement be reached on a plan that prevents further escalation of the crisis. Deciding not to decide could mark the end of the eurozone as we know it,’ they said.



Read more: http://www.dailymail.co.uk/news/article-2017335/Euro-debt-crisis-Germany-blocks-Greek-bailout-eurozone-summit.html#ixzz1Sm2QYNNy
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« Reply #1 on: October 26, 2011, 09:33:52 pm »

We Have A Deal!26 October 2011, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/we-have-deal

We just may have a deal:

   EU OFFICIAL SAYS DEAL REACHED ON GREEK DEBT-CUTTING PLAN: AP

    'PRIVATE CREDITORS TO TAKE 50% CUT ON GREEK BONDS, AP SAYS

    EU official, who wished to remain anonymous, tells Bloomberg that euro-area leaders are set to approve accord for 50% writedown on Greek bonds

If true, this means that Portugal, Ireland, Spain and Italy will promptly commence sabotaging their economies (just like Greece) simply to get the same debt Blue Light special as Greece.

It also means that, at least according to Barclays, we have a CDS credit event, although we are certain that Europe would never announce this deal unless ISDA (complete determinations committee list here) was onboard, and corrupt as always.

In addition, Greece was unable to generate a 90% acceptance for a 21% haircut tender offer. And we are somehow supposed to believe they can do it with 50%?

Lastly, as a reminder, on September 14, Moody's put SocGen, BNP and Credit Agricole on downgrade review. This will be the trigger
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« Reply #2 on: October 27, 2011, 10:43:35 am »

http://www.reuters.com/article/2011/09/04/us-germany-europe-idUSTRE7831IE20110904

(Reuters) - Former German chancellor Gerhard Schroeder on Sunday called for the creation of a "United States of Europe," saying the bloc needed a common government to avoid future economic crises.

Schroeder, a Social Democrat who ran the country from 1998 to 2005, said in an interview with Der Spiegel that European Union leaders were wrong to expect the euro to drive the bloc on its own.

"The current crisis makes it relentlessly clear that we cannot have a common currency zone without a common fiscal, economic and social policy," Schroeder said.

He added: "We will have to give up national sovereignty."

"From the European Commission, we should make a government which would be supervised by the European Parliament. And that means the United States of Europe."

Schroeder, who nurtured a close relationship with France during his leadership, welcomed an initiative launched by German Chancellor Angela Merkel and French President Nicolas Sarkozy to move toward a fiscal union in 2012.

Their proposal, which would mean giving up sovereignty over budgetary policies with the aim to shore up the 17-nation currency union, has received a lukewarm response from other euro zone countries.

"Germany and France have sent a strong signal with the plan for a European economic government, if it is meant seriously and receives suitable authority such as a European finance minister," Schroeder said.

"That is the correct way forward and the precondition for the correct funding -- euro bonds," he said.

Germany, which enjoys lower costs for issuing debt than its single currency partners, has led resistance to joint euro-denominated bonds.

"It is a huge bond market -- speculators would no longer harbor hopes of splitting it up," Schroeder said.

In order to initiate these changes, Schroeder said EU member states would have to return to the negotiating table and hammer out a new treaty to replace the one agreed in Lisbon that currently serves as the bloc's institutional framework.

"In the crisis lies a real opportunity to achieve a political union in Europe," he said.

Schroeder, who says the EU can only respond to growing competition with the United States and Asia by being fully united, has long pointed to Britain as a hurdle to further EU integration.

"Great Britain causes the greatest problems. (It is) not in the euro but the British nevertheless always want to participate when it comes to designing a European economic area," he said. "That doesn't work."

(Reporting by Brian Rohan; Editing by Karolina Tagaris)
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... knowing this first: that scoffers will come in the last days, walking according to their own lusts, and saying, “Where is the promise of His coming? For since the fathers fell asleep, all things continue as they were from the beginning of creation.”  (2 Peter 3)
Kilika
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« Reply #3 on: October 27, 2011, 01:58:34 pm »

Quote
He added: "We will have to give up national sovereignty."


Well of course they will. Just like the US is having to give up it's own sovereignty.
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« Reply #4 on: October 27, 2011, 03:40:14 pm »

Well of course they will. Just like the US is having to give up it's own sovereignty.

It's been accelerating at a great pace since 9/11.

And let's not forget how the church buildings voluntary gave up their sovereinty when they decided to yoke up with the 501c3 tag.
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« Reply #5 on: October 27, 2011, 05:32:45 pm »

It's been accelerating at a great pace since 9/11.



Yep - kinda like birth pains or something, eh? Smiley
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... knowing this first: that scoffers will come in the last days, walking according to their own lusts, and saying, “Where is the promise of His coming? For since the fathers fell asleep, all things continue as they were from the beginning of creation.”  (2 Peter 3)
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« Reply #6 on: October 27, 2011, 06:01:35 pm »

This is a HUGE Red Flag! Be ye not deceived...

http://finance.yahoo.com/news/Wall-St-climbs-3-percent-on-rb-1609427568.html?x=0

10/27/11

Wall Street soars 3 percent as Europe deal draws buyers

By Ryan Vlastelica

NEW YORK (Reuters) - Stocks surged 3 percent on Thursday as an agreement by European leaders to help contain the region's two-year debt crisis lifted a cloud hovering over markets.

Optimism that a deal would be struck to prevent widespread financial distress fueled the market's rebound in October. The S&P 500 is up more than 13 percent this month, on pace for its biggest monthly gain since October 1974.

But some traders said implementing the agreement will present major challenges, observing that the devil is in the details. Roll Eyes

After more than eight hours of talks, European heads of state, the International Monetary Fund and bankers sealed a deal that also foresees a recapitalization of hard-hit European lenders and a leveraging of the bloc's rescue fund to give it firepower of $1.4 trillion.

The agreement includes provisions for write-downs on Greek bonds, though decisions on how to recapitalize hard-hit European banks and boost the EU's rescue fund have not been finalized.

"People had limited expectations for the leadership to do something decisive, and if the market is correct, this is a game changer that will prove bullish for the market down the road," said Robert Schaeffer, a money manager at Becker Capital Management in Portland, Oregon.

The Dow Jones industrial average was up 339.51 points, or 2.86 percent, at 12,208.55. The Standard & Poor's 500 Index was up 42.59 points, or 3.43 percent, at 1,284.59. The Nasdaq Composite Index was up 87.96 points, or 3.32 percent, at 2,738.63.

The day's gains lifted the S&P 500 above its 200-day moving average for the first time since the beginning of August, a sign of an improving trend for stocks after five straight months of losses.

It was the strongest day for volume since October 4, and the rise above the 200-day moving average may pull more long-term buyers into the market in coming days. About 11.95 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, well over last year's daily average of 8.47 billion.

"We are rallying today because the active players, mostly hedge fund managers and tactical investors, have been very neutral to even short until now. The market is up a lot, but they are rushing into getting long because they are capitulating," said James Dailey, portfolio manager of TEAM Asset Strategy Fund in Harrisburg, Pennsylvania.

Financials were the best performers, with JPMorgan Chase & Co up 8.3 percent to $37.02 and Citigroup Inc jumping 9.7 percent to $34.17. The KBW Bank index shot up 6 percent while the S&P financial index soared 6.2 percent.

Analysts see the European developments removing risk to the U.S. economy and tamping down fears of the crisis spilling over into the global financial system. The CBOE Volatility index shed 14 percent.

All 10 S&P sectors rose by more than 1 percent. Materials and energy shares were among the top gainers as the resolution in Europe allayed fears about how weak growth might impact demand. Crude oil rose 4.3 percent.

In a positive sign for the U.S. economy, the government's estimate of third-quarter growth expanded at the fastest pace in a year.

Between the deal in Europe and the GDP data, "there's clearly a scenario where strength in equities can continue into 2012, and in that case stocks look cheap," said David Smith, chief investment officer at Rockland Trust Investment Management Group in Rockland, Mass.

After regular trading, insurer MetLife Inc reported third-quarter earnings that topped analysts' forecasts, sending its shares 2.6 percent higher to $36.60. Baidu Inc climbed 8.2 percent after the bell on the Nasdaq after its results.

Exxon Mobil Corp rose 1 percent to $81.88 after the Dow component said profit rose 41 percent in the third quarter, helped by higher crude oil prices and refining margins.

Dow Chemical Co's quarterly profit narrowly missed expectations. Still, the stock rose 8.2 percent to $29.10, along with the broader market.

Of 262 companies in the S&P 500 that have reported quarterly earnings, 72 percent topped Wall Street expectations, according to Thomson Reuters data.

About 87 percent of stocks on the New York Stock Exchange closed higher while 81 percent of Nasdaq issues ended in positive territory.

(Additional reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Kilika
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« Reply #7 on: October 28, 2011, 03:17:26 am »

The vast majority have no idea what kind of deal that really is, financially speaking, yet they react and trade as though they do. Even the people who put that deal together really don't know how it will go as it's implemented. It's a total crapshoot.

This kind of stuff I consider as how scripture speaks of the world saying "peace, peace, when there is no peace".
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