Financial Crisis

[Naam]

so Naam, do you agree or not with this perspective regarding Germany's intervention ?

We are the schmucks of Europe yet again!

http://www.bild.de/BILD/news/bild-english/...ucks-again.html

let me put it this way Midas. i don't read and i don't care what any schmuck-journàsslist writes for "Bild". one of the worst insults in Germany (among intellectuals) is "you must be a Bild reader!". here's my view:

-Greece should have been left alone to default coming wednesday when some of its debt matures and coupons on other debt are due.

-Merkel failed completely. her delaying/hesitating tactics did not work this time. the EU should have either stepped in months ago or leave the debacle to run its course. now the bail-out is billions more costly and still a default of Greece is in my [not so] humble opinion unavoidable because the greek citizens will not accept the necessary austerity measures and therefore Papandreou will not be able to implement them. i admire Papandreou's ability to speak, but talk is (as we all know) cheap.

-the situation in Portugal, Spain and Italy looks much more positive. the war chest which was agreed upon and which is not pocket money has scared the speculators. CDS values are proof and it looks like the PIIGS are able to refinance their debt at sustainable rates.

[Naam]

It must be remembered that at the moment this bailout is still only a proposal. Looking back over the last month at all the Greek bailouts..... Euro starting to roll over as I type. 1.29. The dodgy DoJ? I'll get my coat. Regards.

another wrong assumption.

Hmmm. What is the wrong assumption? Euro did turn over, with a 1.25 handle as I type. The dodgy DoJ is a given. Did you check your facts Herr Naam?

the "wrong assumption" referred to "still only a proposal" (not the EUR) which -i repeat- is a wrong assumption as the bail-out of Greece is a fact, no IMF cash needed. my facts are checked, are valid and i don't care what some IMF-Lipsky has to say about IMF money because he has "no say" but will be told what to do via orders from Washington.

[churchill]

so Naam, do you agree or not with this perspective regarding Germany's intervention ?

We are the schmucks of Europe yet again!

http://www.bild.de/BILD/news/bild-english/...ucks-again.html

let me put it this way Midas. i don't read and i don't care what any schmuck-journàsslist writes for "Bild". one of the worst insults in Germany (among intellectuals) is "you must be a Bild reader!". here's my view:

-Greece should have been left alone to default coming wednesday when some of its debt matures and coupons on other debt are due.

-Merkel failed completely. her delaying/hesitating tactics did not work this time. the EU should have either stepped in months ago or leave the debacle to run its course. now the bail-out is billions more costly and still a default of Greece is in my [not so] humble opinion unavoidable because the greek citizens will not accept the necessary austerity measures and therefore Papandreou will not be able to implement them. i admire Papandreou's ability to speak, but talk is (as we all know) cheap.

-the situation in Portugal, Spain and Italy looks much more positive. the war chest which was agreed upon and which is not pocket money has scared the speculators. CDS values are proof and it looks like the PIIGS are able to refinance their debt at sustainable rates.

I cannot see how you can be postive - Tax increases coming in all Euro countries / Euro falling

A falling currency has not helped the UK - Why should a falling Euro help Germany - The US is not spending and why should Asia buy expensive products from Europe ?

[teletiger]

It must be remembered that at the moment this bailout is still only a proposal. Looking back over the last month at all the Greek bailouts..... Euro starting to roll over as I type. 1.29. The dodgy DoJ? I'll get my coat. Regards.

another wrong assumption.

Hmmm. What is the wrong assumption? Euro did turn over, with a 1.25 handle as I type. The dodgy DoJ is a given. Did you check your facts Herr Naam?

the "wrong assumption" referred to "still only a proposal" (not the EUR) which -i repeat- is a wrong assumption as the bail-out of Greece is a fact, no IMF cash needed. my facts are checked, are valid and i don't care what some IMF-Lipsky has to say about IMF money because he has "no say" but will be told what to do via orders from Washington.

You know very well I was referring to the NEW proposals. Bank bail-outs, Euro support, call it what you will.

"my facts are checked, are valid". Yes, yes, we can all spout, as you so love to point out. Well, what facts would they be? What about some details. 'And please, not some second rate Euro bank analysis, as you have come up with in the past. I prefer blogs to that Kee. Do you have any? Such a reluctant giver.

Regards.

[Naam]

so Naam, do you agree or not with this perspective regarding Germany's intervention ?

We are the schmucks of Europe yet again!

http://www.bild.de/BILD/news/bild-english/...ucks-again.html

let me put it this way Midas. i don't read and i don't care what any schmuck-journàsslist writes for "Bild". one of the worst insults in Germany (among intellectuals) is "you must be a Bild reader!". here's my view:

-Greece should have been left alone to default coming wednesday when some of its debt matures and coupons on other debt are due.

-Merkel failed completely. her delaying/hesitating tactics did not work this time. the EU should have either stepped in months ago or leave the debacle to run its course. now the bail-out is billions more costly and still a default of Greece is in my [not so] humble opinion unavoidable because the greek citizens will not accept the necessary austerity measures and therefore Papandreou will not be able to implement them. i admire Papandreou's ability to speak, but talk is (as we all know) cheap.

-the situation in Portugal, Spain and Italy looks much more positive. the war chest which was agreed upon and which is not pocket money has scared the speculators. CDS values are proof and it looks like the PIIGS are able to refinance their debt at sustainable rates.

I cannot see how you can be postive - Tax increases coming in all Euro countries / Euro falling

A falling currency has not helped the UK - Why should a falling Euro help Germany - The US is not spending and why should Asia buy expensive products from Europe ?

is my english that bad Churchill or do you need reading glasses? not i am positive but the situation for the PIIGS to refinance their debt is much more positive. the economies of Germany, France and Italy are export orientated. a falling EUR is a blessing for the producers who export their products to non-€UR areas and no concern of those who export to €UR areas. Asia will buy expensive (or with a weaker EUR less expensive) products from Europe because that was always the case -no matter what the exchange rates were- because Europe delivers quality. a concern for Europe is inflation because a weaker EUR makes imports of raw material and energy more expensive. last not least... who the eff cares about potential tax increases in Europe? i don't care and i think you don't care. please correct me if i am wrong.

p.s. evening prayer of most german exporters since october last year: "thank you LORD for letting our bloody EUR fall. please LORD... keep up the good job and let it fall MUCH FURTHER!"

[churchill]

so Naam, do you agree or not with this perspective regarding Germany's intervention ?

We are the schmucks of Europe yet again!

http://www.bild.de/BILD/news/bild-english/...ucks-again.html

let me put it this way Midas. i don't read and i don't care what any schmuck-journàsslist writes for "Bild". one of the worst insults in Germany (among intellectuals) is "you must be a Bild reader!". here's my view:

-Greece should have been left alone to default coming wednesday when some of its debt matures and coupons on other debt are due.

-Merkel failed completely. her delaying/hesitating tactics did not work this time. the EU should have either stepped in months ago or leave the debacle to run its course. now the bail-out is billions more costly and still a default of Greece is in my [not so] humble opinion unavoidable because the greek citizens will not accept the necessary austerity measures and therefore Papandreou will not be able to implement them. i admire Papandreou's ability to speak, but talk is (as we all know) cheap.

-the situation in Portugal, Spain and Italy looks much more positive. the war chest which was agreed upon and which is not pocket money has scared the speculators. CDS values are proof and it looks like the PIIGS are able to refinance their debt at sustainable rates.

I cannot see how you can be postive - Tax increases coming in all Euro countries / Euro falling

A falling currency has not helped the UK - Why should a falling Euro help Germany - The US is not spending and why should Asia buy expensive products from Europe ?

is my english that bad Churchill or do you need reading glasses? not i am positive but the situation for the PIIGS to refinance their debt is much more positive. the economies of Germany, France and Italy are export orientated. a falling EUR is a blessing for the producers who export their products to non-€UR areas and no concern of those who export to €UR areas. Asia will buy expensive (or with a weaker EUR less expensive) products from Europe because that was always the case -no matter what the exchange rates were- because Europe delivers quality. a concern for Europe is inflation because a weaker EUR makes imports of raw material and energy more expensive. last not least... who the eff cares about potential tax increases in Europe? i don't care and i think you don't care. please correct me if i am wrong.

p.s. evening prayer of most german exporters since october last year: "thank you LORD for letting our bloody EUR fall. please LORD... keep up the good job and let it fall MUCH FURTHER!"

so what are all those wise Germans doing with their spare cash / Buying USD - I don't think so - Gold and Silver

[12DrinkMore]

Bill Clinton...

There´s a bigger problem here. Which is, too much of our growth in the last decade was in finance. Ever since we left the gold standard, which was necessary for economic management purposes....economic inequality has increased..."

:D

http://www.realclearpolitics.com/video/201...is_suspect.html

And Alex, how about this for a conspiracy theory?

"The US based rating agencies are systematically downgrading foreign sovereign debt in order to bolster the sales of US debt and preserve the USD as the global reserve currency"

:D

Edited May 13, 2010 by 12DrinkMore

[Naam]

so what are all those wise Germans doing with their spare cash / Buying USD - I don't think so - Gold and Silver

i have no idea what all those wise Germans are buying with their spare cash and frankly... i couldn't care less.

[Naam]

Bill Clinton...

There´s a bigger problem here. Which is, too much of our growth in the last decade was in finance. Ever since we left the gold standard, which was necessary for economic management purposes....economic inequality has increased..."

:D

http://www.realclearpolitics.com/video/201...is_suspect.html

And Alex, how about this for a conspiracy theory?

"The US based rating agencies are systematically downgrading foreign sovereign debt in order to bolster the sales of US debt"

:D

why call a widely known fact a conspiracy theory?

[teletiger]

Wasn't Moody's the subject of a recent 'cease and desist' order from the SEC on it's ratings business?

Regards.

[midas]

I cannot see how you can be postive - Tax increases coming in all Euro countries / Euro falling

A falling currency has not helped the UK - Why should a falling Euro help Germany - The US is not spending and why should Asia buy expensive products from Europe ?

is my english that bad Churchill or do you need reading glasses? not i am positive but the situation for the PIIGS to refinance their debt is much more positive. the economies of Germany, France and Italy are export orientated. a falling EUR is a blessing for the producers who export their products to non-€UR areas and no concern of those who export to €UR areas. Asia will buy expensive (or with a weaker EUR less expensive) products from Europe because that was always the case -no matter what the exchange rates were- because Europe delivers quality. a concern for Europe is inflation because a weaker EUR makes imports of raw material and energy more expensive. last not least... who the eff cares about potential tax increases in Europe? i don't care and i think you don't care. please correct me if i am wrong.

p.s. evening prayer of most german exporters since october last year: "thank you LORD for letting our bloody EUR fall. please LORD... keep up the good job and let it fall MUCH FURTHER!"

I just can’t imagine how any country or society can keep increasing the tax burden indefinitely without people eventually saying enough is enough.

[AlexLah]

Bill Clinton...

There´s a bigger problem here. Which is, too much of our growth in the last decade was in finance. Ever since we left the gold standard, which was necessary for economic management purposes....economic inequality has increased..."

:D

http://www.realclearpolitics.com/video/201...is_suspect.html

And Alex, how about this for a conspiracy theory?

"The US based rating agencies are systematically downgrading foreign sovereign debt in order to bolster the sales of US debt and preserve the USD as the global reserve currency"

:D

12, I can tell you about the big picture and what the next steps are. But you would not believe it, and I am not allowed to tell it directly.

So just wait until the next clue I will give.

But hey, I already did.......

[sokal]

so Naam, do you agree or not with this perspective regarding Germany's intervention ?

We are the schmucks of Europe yet again!

http://www.bild.de/BILD/news/bild-english/...ucks-again.html

let me put it this way Midas. i don't read and i don't care what any schmuck-journàsslist writes for "Bild". one of the worst insults in Germany (among intellectuals) is "you must be a Bild reader!". here's my view:

-Greece should have been left alone to default coming wednesday when some of its debt matures and coupons on other debt are due.

-Merkel failed completely. her delaying/hesitating tactics did not work this time. the EU should have either stepped in months ago or leave the debacle to run its course. now the bail-out is billions more costly and still a default of Greece is in my [not so] humble opinion unavoidable because the greek citizens will not accept the necessary austerity measures and therefore Papandreou will not be able to implement them. i admire Papandreou's ability to speak, but talk is (as we all know) cheap.

-the situation in Portugal, Spain and Italy looks much more positive. the war chest which was agreed upon and which is not pocket money has scared the speculators. CDS values are proof and it looks like the PIIGS are able to refinance their debt at sustainable rates.

I think she is just trying to make the Euro out live the dollar. Some powers that be may know how short the life of the dollar really is and told her that this will give the Euro the time. Remember the US has done this 2 times. First the 750 billion bailout,then the 700 billion stimulus. Before that was the Bush stimulus and bear sterns bailout ect.

The Euro is still scrap but if the dollar goes down before it then the euro might be where the new system is built on.

[Abrak]

so Naam, do you agree or not with this perspective regarding Germany's intervention ?

We are the schmucks of Europe yet again!

http://www.bild.de/BILD/news/bild-english/...ucks-again.html

let me put it this way Midas. i don't read and i don't care what any schmuck-journàsslist writes for "Bild". one of the worst insults in Germany (among intellectuals) is "you must be a Bild reader!". here's my view:

-Greece should have been left alone to default coming wednesday when some of its debt matures and coupons on other debt are due.

-Merkel failed completely. her delaying/hesitating tactics did not work this time. the EU should have either stepped in months ago or leave the debacle to run its course. now the bail-out is billions more costly and still a default of Greece is in my [not so] humble opinion unavoidable because the greek citizens will not accept the necessary austerity measures and therefore Papandreou will not be able to implement them. i admire Papandreou's ability to speak, but talk is (as we all know) cheap.

-the situation in Portugal, Spain and Italy looks much more positive. the war chest which was agreed upon and which is not pocket money has scared the speculators. CDS values are proof and it looks like the PIIGS are able to refinance their debt at sustainable rates.

I have to agree entirely on all counts apart from possibly the last.

Allowing Greece to be the 'Lehmans' really should have happened because everyone can see it will default eventually.

Merkel prevaricated but she had an interesting dilemma - either German taxpayers were going to lose through bank bailouts from defaults or they would likely lose from the country bailouts. The idea that Germany was presented with a no-cost option is ridiculous.

I entirely agree that PIIS really have more of a liquidity problem going forward rather than a solvency one but the problem remains the precedent set by Greece. Namely you can be a totally corrupt and irresponsible Government, you can even pretend to change your ways but your local electorate wont allow it. Now that the financing is in place and Greece can play class conflict card knowing that the financing is in place what chance do more sensible Euros have in imposing austerity when the benefit for implementing it is essentially nothing.

Greece has no good options - it is deflation to death or a Banana Republic post Euro. Unfortunately that is the Lehmans option - default and exit, a painful and not very pleasant lesson. The problem for everyone at the moment - all the PIIGS - is they see the glimmering light of the banking bailout option. Namely no real pain, a huge financing line in place and business as usual.

It wont work because while the Germans are incredibly stubborn but they are not inherently stupid.

[Naam]

I cannot see how you can be postive - Tax increases coming in all Euro countries / Euro falling

A falling currency has not helped the UK - Why should a falling Euro help Germany - The US is not spending and why should Asia buy expensive products from Europe ?

is my english that bad Churchill or do you need reading glasses? not i am positive but the situation for the PIIGS to refinance their debt is much more positive. the economies of Germany, France and Italy are export orientated. a falling EUR is a blessing for the producers who export their products to non-€UR areas and no concern of those who export to €UR areas. Asia will buy expensive (or with a weaker EUR less expensive) products from Europe because that was always the case -no matter what the exchange rates were- because Europe delivers quality. a concern for Europe is inflation because a weaker EUR makes imports of raw material and energy more expensive. last not least... who the eff cares about potential tax increases in Europe? i don't care and i think you don't care. please correct me if i am wrong.

p.s. evening prayer of most german exporters since october last year: "thank you LORD for letting our bloody EUR fall. please LORD... keep up the good job and let it fall MUCH FURTHER!"

I just can’t imagine how any country or society can keep increasing the tax burden indefinitely without people eventually saying enough is enough.

there is no talk about increasing taxes and if sooner or later taxes will be increased it will not hurt too much the sheeple who don't pay any taxes but have a vote which is as good as the vote of an individual who pays 45% income tax. it's not taxes the average German is scared of, the big scare is being unemployed. besides, there are several countries in Europe where citizens bear an even higher tax burden without any muttering or revolutionary thoughts.

[Naam]

12, I can tell you about the big picture and what the next steps are. But you would not believe it, and I am not allowed to tell it directly. So just wait until the next clue I will give. But hey, I already did.......

here we go again!

[Naam]

You know very well I was referring to the NEW proposals. Bank bail-outs, Euro support, call it what you will.

"my facts are checked, are valid". Yes, yes, we can all spout, as you so love to point out. Well, what facts would they be? What about some details. 'And please, not some second rate Euro bank analysis, as you have come up with in the past. I prefer blogs to that Kee. Do you have any? Such a reluctant giver.

Regards.

you know what Tiger? read blogs and be happy and i will try hard not wasting my time with your three-liners. your last input on Germany introducing her own new currency this weekend tells a whole story and of course i will not do any homework when asked, except if i please to do so.

[Gambles]

this thread is starting to understand the big picture now

trillions are being sucked up into this massive global restructuring.

run a country into debt and then service that debt (at a price)

what we are seeing is whole countries effectively being bought and sold

the bottom line is that these derivatives cannot be repaid

printing more money to try and service them is creating a bigger problem

1 dollar of paper or

1 dollar in gold

its your future

the problems have moved from the bansk to Sovereign balance sheets

this all needs to be worked through and I can't imagine it being pretty

[Gambles]

so Naam, do you agree or not with this perspective regarding Germany's intervention ?

We are the schmucks of Europe yet again!

http://www.bild.de/BILD/news/bild-english/...ucks-again.html

let me put it this way Midas. i don't read and i don't care what any schmuck-journàsslist writes for "Bild". one of the worst insults in Germany (among intellectuals) is "you must be a Bild reader!". here's my view:

-Greece should have been left alone to default coming wednesday when some of its debt matures and coupons on other debt are due.

-Merkel failed completely. her delaying/hesitating tactics did not work this time. the EU should have either stepped in months ago or leave the debacle to run its course. now the bail-out is billions more costly and still a default of Greece is in my [not so] humble opinion unavoidable because the greek citizens will not accept the necessary austerity measures and therefore Papandreou will not be able to implement them. i admire Papandreou's ability to speak, but talk is (as we all know) cheap.

-the situation in Portugal, Spain and Italy looks much more positive. the war chest which was agreed upon and which is not pocket money has scared the speculators. CDS values are proof and it looks like the PIIGS are able to refinance their debt at sustainable rates.

CDS values are proof - proof of what people think today

monitor very closely- the risk of blow out is extreme IMHO

[Gambles]

I cannot see how you can be postive - Tax increases coming in all Euro countries / Euro falling

A falling currency has not helped the UK - Why should a falling Euro help Germany - The US is not spending and why should Asia buy expensive products from Europe ?

is my english that bad Churchill or do you need reading glasses? not i am positive but the situation for the PIIGS to refinance their debt is much more positive. the economies of Germany, France and Italy are export orientated. a falling EUR is a blessing for the producers who export their products to non-€UR areas and no concern of those who export to €UR areas. Asia will buy expensive (or with a weaker EUR less expensive) products from Europe because that was always the case -no matter what the exchange rates were- because Europe delivers quality. a concern for Europe is inflation because a weaker EUR makes imports of raw material and energy more expensive. last not least... who the eff cares about potential tax increases in Europe? i don't care and i think you don't care. please correct me if i am wrong.

p.s. evening prayer of most german exporters since october last year: "thank you LORD for letting our bloody EUR fall. please LORD... keep up the good job and let it fall MUCH FURTHER!"

I just can't imagine how any country or society can keep increasing the tax burden indefinitely without people eventually saying enough is enough.

Eventually they do

and they realize it would have been better to take the pain earlier

The world desperately needs to wipe away the debt burden with sustained inflation that stops short of hyper inflation

I'm stuggling to see it happening......

[churchill]

I think Greece should be forced to leave the Euro and so should any other countries that have the same problems /

Devalue - get their houses in order and be allowed back in again or not after 5 years or so /

[flying]

I think Greece should be forced to leave the Euro and so should any other countries that have the same problems /

Devalue - get their houses in order and be allowed back in again or not after 5 years or so /

I still think in the end that is what will happen with Greece & a few others.

Return to their own currency & cut a deal for the outstanding liabilities.

[BlackJack]

so Naam, do you agree or not with this perspective regarding Germany's intervention ?

We are the schmucks of Europe yet again!

http://www.bild.de/BILD/news/bild-english/...ucks-again.html

let me put it this way Midas. i don't read and i don't care what any schmuck-journàsslist writes for "Bild". one of the worst insults in Germany (among intellectuals) is "you must be a Bild reader!". here's my view:

-Greece should have been left alone to default coming wednesday when some of its debt matures and coupons on other debt are due.

-Merkel failed completely. her delaying/hesitating tactics did not work this time. the EU should have either stepped in months ago or leave the debacle to run its course. now the bail-out is billions more costly and still a default of Greece is in my [not so] humble opinion unavoidable because the greek citizens will not accept the necessary austerity measures and therefore Papandreou will not be able to implement them. i admire Papandreou's ability to speak, but talk is (as we all know) cheap.

-the situation in Portugal, Spain and Italy looks much more positive. the war chest which was agreed upon and which is not pocket money has scared the speculators. CDS values are proof and it looks like the PIIGS are able to refinance their debt at sustainable rates.

BUT for how long?

[BlackJack]

From the Hitch Hikers Guide to the Galaxy

Management consultant

The Golgafrinchans' management consultant tried to arrange the meetings of the colonization committee along the lines of a traditional committee structure, complete with a chair and an agenda. He was also in charge of fiscal policy, and decided to adopt the leaf as legal tender, making everyone immensely rich. In order to solve the inflation problem this caused, he planned a major deforestation campaign to effectively revalue the leaf by burning down all the forests.

Sounds familiar

[flying]

I Liked it !

Edited May 14, 2010 by flying

[churchill]

I Liked it !

+1

[churchill]

Throwing money at a sinking ship

LONDON -- Big problem, big number. The leaders of the euro-area countries have thrown $963 billion -- �Ǩ750 billion -- at shoring up confidence in the single currency. But it doesn't matter how many zeros you put on the end of a bad idea. It's still a bad idea.

In reality, you can't stabilize a sinking ship.

The new stability package suffers from the same problem as all the other ones the European Union has come up with in the months since the Greek crisis started rattling the markets last year: It tries to fix the symptoms, not the causes.

Greece has exposed deep structural problems within the euro. There is no mechanism to stop governments breaking the rules. There is no popular support for massive fiscal transfers between countries. The rules for the euro area have turned out to be unreliable. And there is no way to start stimulating economic growth again in the heavily indebted nations.

Those are the hard questions. Even �Ǩ750 billion won't get close to answering any of them.

The markets have greeted the latest package with a wave of euphoria. No great surprise there. Everyone likes a bailout, and particularly the financial markets. There is so much sovereign debt on the books of European banks that the possibility of default, or just sharp losses on those portfolios, was prompting fears of a meltdown in the financial system. It could have been Credit Crunch Round 2. There was bound to be relief at avoiding that.

Don't expect it to last. In the next few days, tough questions will be asked about the euro.

First, where are the incentives for governments to stick to rules? The crisis arose because the euro area didn't enforce the Stability and Growth Pact, which limited budget deficits to three per cent of gross domestic product in all but exceptional circumstances. If the pact had been rigorously enforced, Greece would never have been allowed into the euro. Once in, it would have been disciplined for allowing its deficits to balloon even when the economy was booming.

If it got bailed out for behaving badly, why should any other government behave itself? The bailout package talks about tougher disciplinary measures, but what are they? Are tanks going to be sent into Dublin if Ireland doesn't stick to its austerity program? Will the Portuguese get kicked out of the euro if they don't control their deficit? Of course not. The only credible deterrent was letting Greece default. By wimping out of that, the EU has no ammunition left.

Second, there is no popular support for the massive fiscal transfers between countries that are now proposed. Take a look at the hammering that German Chancellor Angela Merkel's coalition took in regional elections last weekend. Where is the money supposed to come from? Elected politicians are going to pay a terrible price at the ballot box for offering to foot any of the bill. Don't be surprised if they start sliding on their commitments once they look at their poll ratings.

Third, the rules of the euro area turned out to be about as solid as a slice of brie left out in the midday sun. We were told there wouldn't be any bailouts between member states. We were told the European Central Bank wouldn't buy government bonds in the market. We were told the stability pact would be enforced. None of those promises turned out to be true.

If the rules of the euro can be rewritten once on a Sunday night in Brussels, they can be rewritten next time there is a crisis. Investors will remember that. And they won't believe what they are told about how the euro operates from now on.

Finally, it doesn't address the issue of how you get the heavily indebted countries growing again. The problem in Greece, Portugal, Spain, Ireland, Italy, and potentially France as well, isn't just that governments are going to have to push through huge and painful austerity programs. It is that they can't devalue their currencies at the same time to provide some relief to their economies -- and to provide some hope of future growth.

The immediate battle may have been won. The markets will rally and the panic will abate. Yet investors will pick away at the real issues in the next few weeks until we are back where we started. And next time around, there won't be anything left to throw at the problem.

http://www.winnipegfreepress.com/opinion/f...p-93838739.html

[churchill]

Trichet sounding VERY negative

ECB's Trichet seeks quantum leap in budget oversight

http://uk.finance.yahoo.com/news/ecb-s-tri..._medium=twitter

[churchill]

Demonstrators march in Athens over austerity measures

http://www.earthtimes.org/articles/show/32...s--summary.html

So now every day that the Greeks, Spanish or French strike the Germans have to work even harder to protect the Euro /

[midas]

Demonstrators march in Athens over austerity measures

http://www.earthtimes.org/articles/show/32...s--summary.html

So now every day that the Greeks, Spanish or French strike the Germans have to work even harder to protect the Euro /

so the "Bild" was right...........they are schmucks