This page has been archived and commenting is disabled.

Follow The ECB's 2;30pm CET Press Conference Live

Tyler Durden's picture




 

The ECB's press conference, which lately has been seeing rather aggressive questions from the press corps (especially if the Finns are present like last time) and very rambling non-answers from Trichet
can be followed live below. Expect to see some volatility in the EUR as a
result of Trichet's carefully chosen words. Once again, the keyword of
note is "vigilance."

 

And the meandering responses begin:

Questions:

How does raising rates not impact PIIGS and is the ECB comfortable with the quality of the collateral?

1. We are anchoring stability and anchoring confidence. We believe what is good for the core is good for everyone. We are contributing to the prosperity of everyone. The demand for price stability comes from all citizens.

2. We have a framework, and have strong determination to apply rules whatever happens "here and there" and have clear position with respect [worst answer ever]

Is this a start of interest rate increases? Was decision unanimous and if not what were the arguments? Will ongoing fiscal tensions impact non-standard interest rate measures policy?

1. Yes on unanimous.

2. On indication, would say it means that we are in mode where there might be an increase of rates but are never precommited. If we would raise rates would say so. We are not signalling any particular pace for future movement of interest rates.

3. Nonstandard measures will be commensurate with proper functioning of some markets.Whatever happens we must delivery price stability.

Will there be a commitment from the private sector on Greece without triggering a default event. If rating agencies then declare this to be a credit event, will it impact ECB to accept Greek bonds as collateral?

1. Not in favor of restructuring. Exclude all elements that would not be purely voluntary. Call for avoiding any credit event and selective default. We have no dialog with one particular government [ahem Germany] have dialog with 17 countries, the Eurogroup We are fiercely independent. No clear answer on whether Greek bonds will be eligible following EOD: will demand collateral rules [on what? bankrupt bonds? - is that a 10 point haircut?]

2. On private sector involvement: surprised by the narrow view on the private sector  in the present debate: should not foget that private capital is also utilized when embark on privatization. We urge Greece to mobile private capital and accelerate its privatizations.

Schauble would like to prolong Greek bonds on a voluntary basis. Do you agree with this?

We exclude all concepts that would not be purely voluntary.

You have not excluded a voluntary rollover. Will ECB rollover its own holdings of Greek bonds? If Rating Agencies said voluntary rollover was EOD, would Rating Agencies be given the final world.

[And back to the same old] - council would exclude any EOD. Not the ECB's intention to roll over its Greek bonds. [this is actually important as it indicates just how "voluntary" a voluntary rollover would work. I.e., not at all]

Public perception is that ECB is at loggerheads with German finmin. Is that detrimental to perception of Eurozone as a whole. Also will ECB raise haircut on Greek bonds to incentivize roll over decision.

We are the Central Bank of 17 countries and 331 million people, and can not engage in particular dialogue with 17 governments. The governing council of the eurosystem takes place with the "college" [WTF] of the government.  We have an organized dialogue with the college called the Eurogroup.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 06/09/2011 - 08:36 | 1354049 Azannoth
Azannoth's picture

All I can understand is 'merde qui sort de votre bouche'

Thu, 06/09/2011 - 08:42 | 1354052 falak pema
falak pema's picture

"merde" is a relative concept; its manure to some...

Thu, 06/09/2011 - 08:40 | 1354055 Cognitive Dissonance
Cognitive Dissonance's picture

Blah blah blah interest rates blah blah blah Bazooka Ben blah blah blah Turbo Tax Timmy blah blah blah grease fire blah blah blah rain falls on Spain's plain blah blah blah DSK is DOA blah blah blah hand puppets blah blah blah Euro commode blah blah blah I see no inflation blah blah blah The Great and Mighty Oz.

Thu, 06/09/2011 - 08:43 | 1354059 Oh regional Indian
Oh regional Indian's picture

Not quite a greenspan, this trenchant(not) bundle of banker geniality. 

Teh poodles in the troupe are ghastly to behold. Look at evey one of them. Angry old men. 

And the world is truly the reflection of their bitterness.

I hope somebody "shoes" him.

ORI

http://aadivaahan.wordpress.com/2010/06/11/deepwater-thinking/

Thu, 06/09/2011 - 13:45 | 1355021 JW n FL
JW n FL's picture

it is sad the only way you can get someone to click on your site is by finding a new person here to click.. becuase all the old timers here know better than to waste their time on your trash.

 

the reason you dont have a following and the reason you still post your links at the top of these pages is becuase your shit stinks! thusly you have no following!

 

stop posting your shit here, no one wants to smell it.. now go sign in under your other name and talk to yourself about how great you are! LMFAO!

Thu, 06/09/2011 - 08:47 | 1354066 KondaU
KondaU's picture

He did say strong vigilance is needed - if anyone missed it

Thu, 06/09/2011 - 08:45 | 1354071 Paralympic Equity
Paralympic Equity's picture

Why is this frase the same for "I'll increase the key rate for 25 bps", I don't get it

Thu, 06/09/2011 - 08:56 | 1354080 falak pema
falak pema's picture

I think he meant "strong vigilante vigilance" indicating apprehension from bond vigilante action...which would send his nuts in Fuk u shima type molten state effusion. I'd hate to be in his vicinity then...

Thu, 06/09/2011 - 09:12 | 1354114 bigdumbnugly
bigdumbnugly's picture

maybe. wasn't that a silhouette of charles bronson i saw on the moon last night?

Thu, 06/09/2011 - 09:05 | 1354067 Paralympic Equity
Paralympic Equity's picture

What is this crap on bloomberg (terminal), "European governments and IMF would lend as much as an extra 45 bln EUR to Greece under the latest three-year plan" Of course some people with direct knowledge of the talks said.

 

But Greece didn't vote on the austerity measures? Even Germany did't get the OK from the parliament.

Thu, 06/09/2011 - 08:46 | 1354069 Re-Discovery
Re-Discovery's picture

Looks like he is doing his best to beat Bernanke at his own game, i.e. tanking his currency.

Thu, 06/09/2011 - 08:59 | 1354088 falak pema
falak pema's picture

He has no options... the Oligarchy holds them both by the balls... and they won't stop protecting the TBTF guys, at the expense of the people, until it all blows up in their faces...but by then Trichet will have retired with a job "well done". Somebody else will then kick the can...As he speaks today we hear ..."No restructuring no haircuts...only voluntary government action....". Ha, ha, ha...

Thu, 06/09/2011 - 09:03 | 1354100 RobotTrader
RobotTrader's picture

I'm amazed that futures are not crashing on this news.

Nice pop in gold.

Thu, 06/09/2011 - 09:12 | 1354121 Dr. No
Dr. No's picture

That is because we are back to the good ole' end of day crashes which made 2008-2009 so much fun.  ramp up all day with last 20 minute crash.

Thu, 06/09/2011 - 10:58 | 1354428 speconomist
speconomist's picture

I just hope that press conferences with Draghi will become way funnier, at least because of the accent.

Do NOT follow this link or you will be banned from the site!