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Germany Coalition Member: "No EU Aid For Greece, Must Help Itself"

Tyler Durden's picture




 

It has been at least 15 minutes without a rumor, report, or actual development on Greece. So here is one: Market News reports that a senior member of Chancellor Palpatine, er, Angela Merkel's CDU/CSU-FDP government coalition has told the news agency that "Greece cannot count on financial help from the European Union and has to solve its budget problems on its own."

Some more nails in the Greek financial (not "technical", mind you, whatever that means - ask the real soon to be announced source of bailout funds, the IMF) bailout rumor (at least until the next counter-rumor emerges in about 20 seconds).

Michael Meister, who is a deputy leader of the CDU/CSU's parliamentary group and responsible for budget and fiscal policies, stressed that Greece had to undertake the necessary consolidation and reform steps to regain the confidence of financial markets.

"The European Commission and the EU won't help Greece" financially, Meister said. "The Greeks have to be aware that they have to get by without help from Europe."

He reminded that the EU treaties do not allow Eurozone member states to bail out another member.

The EU has to encourage the Greek government to "courageously" carry forward its structural reforms "so that Greece can become a trustworthy borrower again," the coalition member reasoned.

"If Greece does not undertake the necessary reform steps then it will have problems refinancing its debt and that will be more painful than carrying out the structural reforms," Meister argued.

Oh, and just in case you mistakenly thought Mister Meister has some clue what he is talking about, he opens his mouth and quickly disproves that assumption.

The politician also stressed the need for a reform of the market of credit default swaps in order to curb the speculation against the euro. "We must do something against this speculation," Meister said. There must be a change of structures which currently allow speculative attacks, he urged. Such a reform "can be taken on right away," he said.

All in all, the usual idiocy everywhere, with ever more rubbish spouted , just polluting the airwaves. Nothing too unexpected for this Alice in Wonderland capital markets environment.

 

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Tue, 03/02/2010 - 12:29 | 251047 godfader
godfader's picture

Europe is heading into a 10 year deflation glut. Once Axel "The Ax" Weber takes over and unleashes his inflation prevetion programme fears of hyperinflation will feel like believing in the tooth fairy.

Tue, 03/02/2010 - 12:33 | 251056 Fritz
Fritz's picture

The whole mess sounds eerily like the spring of 2008 for US financials.

Tue, 03/02/2010 - 13:34 | 251063 williambanzai7
williambanzai7's picture

Ya, ya, das ist gut....how about credit default schnapps anyone?

http://2.bp.blogspot.com/_wkgIzuqJM0w/S41JTshsyJI/AAAAAAAACvw/l5clDl39z1...

 

Tue, 03/02/2010 - 12:39 | 251064 Headbanger
Headbanger's picture

What we have here, is a failure to communicate.

Tue, 03/02/2010 - 12:42 | 251068 Gobsmacked
Gobsmacked's picture

What time is the dual press confess (typo stays) with Alan Schwartz and Dick Fuld?

Tue, 03/02/2010 - 12:42 | 251071 Rainman
Rainman's picture

Nobody or nothing wants to touch the Greece fly paper.

By default, enter the greasy IMF....by now busily seeking a Greek backstop deal from Timmy. They already know a bailout is really a gift.

Tue, 03/02/2010 - 12:43 | 251073 10044
10044's picture

Nice, btw has gold taken off already??

Tue, 03/02/2010 - 12:52 | 251088 Ruth
Ruth's picture

Can't we just get the derivatives players in here and just derivatives this shit away?  In fact just do a derivatives save our ass day, we'll have all the derivative kings meet at the local coliseum and countries and failing borrowers can have their asses saved and the accountants will be on hand lending free tax advice.  We'll be serving wine and cheese in the lobby.

Tue, 03/02/2010 - 12:53 | 251090 glenlloyd
glenlloyd's picture

The IMF needs to sell the balance of their gold sale to China in order shovel some money into the greecy fire pit.

Tue, 03/02/2010 - 13:05 | 251115 Anonymous
Anonymous's picture

Ruth, that is hilarious...

Tue, 03/02/2010 - 15:07 | 251308 Ruth
Ruth's picture

I can get you into the VIP room for employees only, we've got champagne in there;)  Anyone else?

Tue, 03/02/2010 - 16:38 | 251455 bugs_
bugs_'s picture

Oh not THAT kind of VIP room.  Never mind!

 

Tue, 03/02/2010 - 13:14 | 251127 Postal
Postal's picture

Better to be thought a fool, than to open one's mouth and remove all doubt...

Tue, 03/02/2010 - 13:55 | 251197 RSDallas
RSDallas's picture

Why don't they just borrow some of California's and Illinois IOU's?

Tue, 03/02/2010 - 13:56 | 251200 Anonymous
Anonymous's picture

Great news. "Markets" up.

Tue, 03/02/2010 - 15:01 | 251291 carbonmutant
carbonmutant's picture

This is the kind of climate that produces counterfeit Euros.

In fact...

Tue, 03/02/2010 - 15:33 | 251346 fasTTcar
fasTTcar's picture

Brussels beat you to it.

Fri, 04/16/2010 - 10:05 | 303800 Tom123456
Tom123456's picture

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