End game Europe approaching.

BoyRacer · **Joined:** Jul 26, 2009 **Posts:** 10088

EU's Barroso to Eurozone: Come Up With a Timetable -> http://www.foxbusiness.com/markets/2012 ... timetable/

Quote:

Euro zone countries should come up with a timetable to reach full economic union, to reassure investors about the future of the single currency bloc, European Commission President Jose Manuel Barroso said on Tuesday.

Barroso said in a speech that presenting such a roadmap now was important - even if the economic union itself was only to happen much later.

"It is very important, even if you believe that it doesn't come immediately, to define the trend, the objective," Barroso said.

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i.e. Barroso does not want to be blamed for Euro breakup.

BoyRacer · **Joined:** Jul 26, 2009 **Posts:** 10088

Euro Area – The Cacophony Resumes, More Bailouts Are In Train - Pater Tenebrarum -> http://www.acting-man.com/?p=17548

Quote:

Aunt Mitzi Speaks Out of Turn

In a somewhat amusing slip-up, Austria's finance minister Maria ('Mitzi') Fekter decided to continue the tradition of putting her foot in her mouth at inopportune moments by suggesting that Italy would be the 'next country that requires a bailout'.

Mario Monti was less than amused by the public airing of this assessment – never mind that it certainly has a chance to turn out to be true, judging from Italy's bond yields.

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BoyRacer · **Joined:** Jul 26, 2009 **Posts:** 10088

TNS radio - http://tnsradio.ning.com/

BoyRacer · **Joined:** Jul 26, 2009 **Posts:** 10088

ECB last hope as dam breaks in Spain - AEP -> http://www.telegraph.co.uk/finance/fina ... Spain.html

Quote:

"The ECB needs to intervene very quickly or it is game over," said Nicholas Spiro from Spiro Asset Management. "There is a whiff of capitulation in the air."

The dramatic escalation comes just days after the eurozone agreed a €100bn rescue package for the Spanish state to recapitalise its crippled banks. "It is very worrying. Markets are behaving as if the eurozone is heading for break-up," said Jens Sondergaard from the Japanese bank Nomura.

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Tensions are building and some very worried sounding members of the eurocracy and analysts make "Mr. Screechhards" job easy.

BoyRacer · **Joined:** Jul 26, 2009 **Posts:** 10088

Euro-Krise Kurz vor dem Kollaps - Wolfgang Münchau -> http://www.spiegel.de/wirtschaft/sozial ... 38581.html

Quote:

Muss nach Spaniens Banken bald auch Italien unter den europäischen Rettungsschirm? Die Hilfen würden bei weitem nicht reichen - der Euro-Zone droht der Kollaps. Wie würde ein Zusammenbruch ablaufen?

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Quote:

Spain's banks need to Italy soon, under the European bailout? The assistance would not be enough by far - the euro-zone threat of collapse. How would a collapse occur?

google translate

BoyRacer · **Joined:** Jul 26, 2009 **Posts:** 10088

Dutch Retail sales fall a lot - AEP -> http://blogs.telegraph.co.uk/finance/am ... h-disease/

Quote:

As if matters were not bad enough already in Euroland:
Dutch retail sales collapsed by 11pc in April, even worse than the 9.7pc drop in Spain. (Royal holidays cannot explain this).
As you can see from today’s chart by Lombard Street Research, it is a sight to behold.

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Show Some Will, Will Ya? - Dr. Constantin Gurdgiev -> http://trueeconomics.blogspot.ie/2012/0 ... ll-ya.html

Quote:

In brief - Christine Lagarde might be right on timing (3 months, but with a margin of error both ways), but she is wrong on the required course of the action. Showing will is no longer an option. Deploying solutions is now the only immediately necessary step the EU can take.

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BoyRacer · **Joined:** Jul 26, 2009 **Posts:** 10088

Banks shrink from counterparty risk as euro crisis rolls on - Luke Jeffs -> http://www.reuters.com/article/2012/05/ ... GQ20120529

Quote:

(Reuters) - Alarmed by Europe's latest debt crisis and its unpredictable outcome, banks are getting increasingly picky about who they do business with for fear of taking on risky exposures to rivals who could be about to be whipsawed by bad debts.

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Madness of Crowds · **Joined:** Apr 4, 2010 **Posts:** 1789

Apocalypse Postponed

bokonon · **Joined:** Aug 12, 2009 **Posts:** 439

Spotted this on an FT comment. I haven't watched it yet so can't vouch for it -

http://www.catastroika.com/indexen.php

(Ken Loach, Naomi Klein and Greg Palast apparently appear in it. It's made by the same people who made Debtocracy which was praised in some quarters, while others slammed it as political propaganda.)

mylovelyhorse · **Joined:** Mar 4, 2010 **Posts:** 171

All sorts of craziness today ....
http://www.independent.ie/business/euro ... 44834.html
http://www.zerohedge.com/news/finland-t ... -rumormill
http://www.washingtonpost.com/business/ ... story.html

I sense there is a huge amount of flapping going on behind the scenes.

Larry · **Joined:** Jun 28, 2008 **Posts:** 4435

It's a bit scary that €750b bails out Italy and Spain, but little Ireland would probably need close-on 10% of that pot of cash to get ourselves right. €50b for the banks + a bit more.

jmc · **Joined:** Feb 21, 2008 **Posts:** 2835

Larry wrote:

It's a bit scary that €750b bails out Italy and Spain, but little Ireland would probably need close-on 10% of that pot of cash to get ourselves right. €50b for the banks + a bit more.

You know there is no 750B? Firstly it has not been ratified by the key governments. Plus almost 300B of that 750B comes from...Spain, Italy, Greece, Portugal and Ireland.

So who does Ireland borrow its 20B from?

And who is going to pick up the 600B of rollover that Spanish banks on their own will be trying to finance in the next 12 / 18 months?

At least Madoffs ponzi had some grounding in financial reality.

Enoch Root · **Joined:** Aug 13, 2009 **Posts:** 916

The interesting development in Greece is the union of previous political enemies Pasok and New democracy in a new government.

The way the cards appear to be falling is that the 'insiders' of the traditional political classes will stick together against the 'newcomers' who 'don't really understand how the system works - don't want to support the status quo.

There is an interesting lesson for Ireland in this. At the next general election, the electorate will be pissed off with FG/Lab and there will be a surge in support for SF/others. The latter will probably campaign on the grounds of renegotiation/default. FG/lab did this during the last election and have lost credibility on this issue.

If it goes down to the wire, there may be a coalition between FF/FG/Lab to keep SF/others out.

kennyb3 · **Joined:** Mar 3, 2010 **Posts:** 1116

jmc wrote:

Larry wrote:

It's a bit scary that €750b bails out Italy and Spain, but little Ireland would probably need close-on 10% of that pot of cash to get ourselves right. €50b for the banks + a bit more.

You know there is no 750B? Firstly it has not been ratified by the key governments. Plus almost 300B of that 750B comes from...Spain, Italy, Greece, Portugal and Ireland.

So who does Ireland borrow its 20B from?

And who is going to pick up the 600B of rollover that Spanish banks on their own will be trying to finance in the next 12 / 18 months?

At least Madoffs ponzi had some grounding in financial reality.

+1, Ireland paying over 11bn to help bail out itself. Other PIIGS doing similar.

Even if the 750bn magically appears, what happens when it disappears instantly. What next?

How long will the the 750bn buy time wise? Not much i'd imagine.

dolanbaker · **Posted:** Wed Jun 20, 2012 7:46 pm

kennyb3 wrote:

jmc wrote:

Larry wrote:

It's a bit scary that €750b bails out Italy and Spain, but little Ireland would probably need close-on 10% of that pot of cash to get ourselves right. €50b for the banks + a bit more.

You know there is no 750B? Firstly it has not been ratified by the key governments. Plus almost 300B of that 750B comes from...Spain, Italy, Greece, Portugal and Ireland.

So who does Ireland borrow its 20B from?

And who is going to pick up the 600B of rollover that Spanish banks on their own will be trying to finance in the next 12 / 18 months?

At least Madoffs ponzi had some grounding in financial reality.

+1, Ireland paying over 11bn to help bail out itself. Other PIIGS doing similar.

Even if the 750bn magically appears, what happens when it disappears instantly. What next?

How long will the the 750bn buy time wise? Not much i'd imagine.

I suspect that they could keep up this game of "pass the parcel" for ever, just keep on reinventing "instruments" for the debt and passing it on!

After all the financial world just creates money(debt) on demand, all they need to do is not expect to get it back!

End game Europe approaching.

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