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Statement By Heads Of State Or Government Of The European Union - Ever More Confusion
Statement by the Heads of State or Government of the European Union
All euro area members must conduct sound national policies in line with the agreed rules. They have a shared responsibility for the economic and financial stability in the area.
In this context, we fully support the efforts of the Greek government and their commitment to do whatever is necessary, including adopting additional measures to ensure that the ambitious targets set in the stability programme for 2010 and the following years are met. We call on the Greek government to implement all these measures in a rigorous and determined manner to effectively reduce the budgetary deficit by 4% in 2010.
We invite the Ecofin Council to adopt at its meeting of the 16th of February the recommendations to Greece based on the Commission's proposal and the additional measures Greece has announced.
The Commission will closely monitor the implementation of the recommendations in liaison with the ECB and will propose necessary additional measures, drawing on the expertise of the IMF. A first assessment will be done in March.
Euro area Member states will take determined and coordinated action, if needed, to safeguard financial stability in the euro area as a whole. The Greek government has not requested any financial support.
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I was hoping for some more downside this morning
next Leg of Crisis to Begin?
Everyone, flag this as junk please. This is Cetin "I am Ned" Hakimoglu, who is apparently trying to fill these message boards with the same idiotic spam that clogged up the Seeking Alpha message boards for the last several years.
Doesn't Marla usually handle this sort of thing?
Don't worry, it's coming.
You betcha! Head & Shoulders top printing on ES.
Good luck,all.
i have to say, everything "H&S formation" is mentioned, i cringe - i just havent seen this work reliably, and then everyone gets excited about it when its happening and suddenly it becomes a crowded trade and the FED blows it up somehow.
That statement is a joke... right?
"We take this 'very seriously'"
Ecoffin?
Mirror Mirror
Traditionally the EU’s paymaster, Berlin is acutely conscious that the German public is unlikely to welcome any initiative open to the interpretation that German taxpayers would pick up the bill for decades of Greek profligacy, manipulation of financial statistics, public sector corruption and tax evasion.
http://www.ft.com/cms/s/0/226231f0-16fd-11df-afcf-00144feab49a,dwp_uuid=...
It sounds like Greece just got put under the kind of supervision that, say, applies to the Detroit Public School system. That is to say, Greece now has to enact measures such as raising pension entitlement age for public employees from age 61 to age 63 and lower wages and so on.
However, it probably does not envision lowering banker bonuses.
One difference between the Greeks and Americans might be the strength of their public sector (and private sector) unions. I think the measures will likely be implemented, but I would not rule out signficant social uprising during the process of implementation.
When the same thing happens here, for, say, California, Florida, Michigan, New York, New Jersey, Arizona, Nevada, Illinois, etc. and so forth, (most of which are larger than Greece is, by the way), I doubt the public employees will put up nearly as much resistance. Doing so is simply not the norm in the land of the free and the home of the brave.
Too much good television programming these days. And almost all juicy political debate is accentuated with nuclear-option racism.
"However, it probably does not envision lowering banker bonuses."
You rock! +9m (blankfein bonus)
Champagne corks can be heard going off in Sarkozy's office as the EUR takes a dive. This is exactly how they want it.
More the usual BS rally this morning
financial crisis to intensify: More Downside to Come as Debt Takes Toll on Economy
Everyone, flag this as junk please. This is Cetin "I am Ned" Hakimoglu, who is apparently trying to fill these message boards with the same idiotic spam that clogged up the Seeking Alpha message boards for the last several years.
No, nein, non, nej etc...? Oh! this is one of those Danish deals: "a firm commitment to a nonbinding agreement"
Well, they have to announce some kind of hat trick. Too bad the markets follow press conferences instead of real data. How long before the page three story comes out that really it's more of the same and the announcement is just a reiteration of standard policy.
Three blind mice, see how they run.
The EURUSD is on a steady decline from 1.379 to the current 1.363, in less than 10 hours. Heading back to the 1.35 area. The SPX is holding on...
w t f? so was the deal that everybody on financial TV was screaming about..saying the futes were "SHOOTING HIGHER" on the news (they were up 30bps at the time - sweet), was that the EU supports Greece? No shit? who in the hell is authorizing these retarded press releases? If this is the extent of the last week of rumors and denials, and Germany saving Grease (typo intended)...and there is no actual substance...what the hell is everybody cheering?
Thats like saying I support my drug addict elementary school buddy until he gets caught with 3 prosties (trannies no less), 4kilos of black tar heroin and asks me for money to bail him out of jail, at which point my answer would be, "wait, who are you?"
The don't have a f*cking clue as to what is REALLY happening or what they are going to do about it.
Welcome GDII.
luckily, we're not a euro member, so we don't have to conduct sound national policies.
+1 LOL!
Tuesday's rally = sad Joke
They are actually listening to the Stiglitz!
Head in sand butt in air
You can't fix a solvency crisis by having the bankrupt guarantee the more bankrupt. You can't fix too much debt by adding more debt. The EU is flailing because there is no solution. Greece will default. Everyone will default. The only question is how and when. What difference does it make if Greece intentionally does not pay its debts or the ECB prints the money to pay Greece's debts? The effect is the same -- a lower standard of living for Greece.
Greece is merely the preview for the entire world.
They said they're not going to do anything but watch as Greece tries to impliment something that its workers will not tolerate. The longer they wait to act the worse it gets. More bs and spin.
"Greece is merely the preview for the entire world." This is so true.
Sounds like members of the EU summit are all shorting the their own currency.
Well that told Greece.
They're grounded from the phone..............
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