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German FinMin Warns "I Never Said The Euro Crisis Was Over"

Tyler Durden's picture




 

Following on the heels of Merkel's adviser Lars Feld's comments, German finance minister Schaeuble has raised concerns over the results of the Italian elections. His comment that,"I never said the euro crisis was over," stands in contrast to the claims of Monti, Draghi, Lagarde, Barroso, and Sarkozy who all have. along with the market's "doubts that a stable government can be formed," raises the risk of turmoil spreading to other euro countries. Schaeuble commented further that, "now it is up to those who were elected in Italy on Sunday to form a stable government. The faster they do this, the quicker the uncertainty will be overcome." The problem, as Reuters reports, appears to be not just Italy's public dissension over Germany's demands for austerity but his French counterpart's comments that "austerity has gone far enough," to which the German rebuked, "France must also do more here, Hollande knows this and so does Pierre Moscovici." Tension is certainly rising in the depression-addled union, even as Draghi explains - it's all ok, he promises.

 

  • Barroso (The Guardian): "we can say that the existential threat against the euro has essentially been overcome"
  • Monti (Bloomberg): "the euro area crisis is almost over"
  • Draghi (BBC): "the worst is over, the situation is stabilizing"
  • Lagarde (Voice of Russia): "eurozone crisis largely over"
  • Sarkozy (China News): "I think we came out of the financial crisis"

 

Via Reuters,

German Finance Minister Wolfgang Schaeuble said on Wednesday that Italy's inconclusive weekend election had raised the risk of market turmoil spreading to other euro countries and urged Italian politicians to form a stable government quickly.

 

...

 

"The election result in Italy has sparked doubts in the market that a stable government can be formed. When such doubts arise there is a danger of contagion. We saw this last year when elections in Greece led to political uncertainty. Other countries are then infected," Schaeuble said.

 

...

 

"Now it is up to those who were elected in Italy on Sunday to form a stable government. The faster they do this, the quicker the uncertainty will be overcome," Schaeuble added.

 

"And by the way, I never said the euro crisis was over. I only said that we have made significant progress. We need to continue on this path, but we will have setbacks."

 

...

 

Schaeuble, 70, has played an important role in shaping Germany's response to the crisis, pushing the idea that southern euro states must consolidate their budgets and reduce debt in order to win back market confidence.

 

...

 

Speaking to Reuters on Tuesday, Schaeuble's French counterpart Pierre Moscovici said the Italian vote, which delivered strong scores for former premier Silvio Berlusconi and upstart comic-turned-politician Beppe Grillo, showed austerity had gone far enough.

 

...

 

"France must also do more here," Schaeuble said. "(French President Francois) Hollande knows this and so does Pierre Moscovici."

 

...

 

"We had a weak fourth quarter last year, but all signs are now pointing to a broad-based recovery in Germany," Schaeuble said.

 

"We will need to cultivate this, not only the politicians but also those negotiating wages," he added, saying that a narrowing of labor cost differentials between Germany and southern euro countries would bring stability to the single currency bloc.

 

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Wed, 02/27/2013 - 16:20 | 3283022 q99x2
q99x2's picture

Banksters are running behind on their drone program over there as well.

Wed, 02/27/2013 - 16:21 | 3283034 bank guy in Brussels
bank guy in Brussels's picture

Speaking of drones, and Mr Drone Murderer himself -

Obama assassination plot ...

From an often intriguing and curious, and much-quoted, Irish 'conspiracy' site today ...

FWIW

« ... American President Barack Obama may be about to be assassinated by factions within the US Military ...  the big banks and giant financial institutions are key players in that oligarchy which the Obama regime is determined to protect, but the US military is prepared to destroy »

http://www.whatdoesitmean.com/index1661.htm

Wed, 02/27/2013 - 16:24 | 3283048 Divided States ...
Divided States of America's picture

We live in a world where HFT programs run the stock market and soon drones flying over your neighborhood...Its true, the machines will take over the world one day.

 

Wow, today is the most fucked up low volume meltup I have seen.

Wed, 02/27/2013 - 17:02 | 3283201 Stock Tips Inve...
Stock Tips Investment's picture

Europe is the critical area within the global economy. Take many years to rebuild this situation. Surely the Eurozone continue to generate market turbulence. However, the relative weight of Europe is declining very rapidly. With the U.S. economy improving, stable of Japan, China's growing and developing in many countries showing great progress, Europe does not seem so important.

Wed, 02/27/2013 - 19:43 | 3283727 TruthInSunshine
TruthInSunshine's picture

Jean-Claude Juncker & Mariano Rajoy Joint "Lying Is Necessary" Tribute Video

Featuring their greatest hits, such as:

  •  "When it becomes serious, you have to lie."
  •  "It is all untrue, except for some things."
Wed, 02/27/2013 - 19:45 | 3283752 nightshiftsucks
nightshiftsucks's picture

.....brought to you by Obummers propaganda team.

Thu, 02/28/2013 - 06:35 | 3285020 Ar-Pharazôn
Ar-Pharazôn's picture

"With the U.S. economy improving"

if you believe to the statistics that this american regime is providing to you, yes.....................

Wed, 02/27/2013 - 16:37 | 3283099 HelluvaEngineer
HelluvaEngineer's picture

If the people writing those kinds of articles would bother to organize their thoughts instead of doing a brain-dump, someone might take them seriously.

Wed, 02/27/2013 - 17:00 | 3283198 css1971
css1971's picture

The people writing these kinds of articles are not able to organize their thoughts.

http://en.wikipedia.org/wiki/Thought_disorder

 

Wed, 02/27/2013 - 16:48 | 3283144 McMolotov
McMolotov's picture

As much as I loathe the man, this would be the black swan (see what I did there?) to end all black swans. This would make the whole shithouse go up in flames.

Wed, 02/27/2013 - 17:19 | 3283194 Laser Shark
Laser Shark's picture

.

Wed, 02/27/2013 - 17:37 | 3283304 God Bless The V...
God Bless The Virtuous's picture

Consumers of the world, time to send a message to the fucking scumbags running this perversion, Slobama  / Bernanke and their counterparts across the PUTRID POND!

No more spending on ANYTHING but your must survive basics!

Theses scumbags, Bernanke out front are giving us all the MIDDLE (FUCK YOU) FINGER every day!

Time to flip these PRICKS OFF BACK!

No more buying CRAPPLE GARBAGE, NOTHING!

Fuck off you progressive assholes!

Wed, 02/27/2013 - 16:21 | 3283028 CaptainSpaulding
CaptainSpaulding's picture

Spider thought he was alright and he got his fucking toe blown off

Wed, 02/27/2013 - 16:20 | 3283029 ParkAveFlasher
ParkAveFlasher's picture

Nobody said "it's over" buddy.  Just taking a break, trying to throw off some "collapse fatigue."

Wed, 02/27/2013 - 16:23 | 3283030 Cognitive Dissonance
Cognitive Dissonance's picture

"I never promised you a rose garden. I never said it would be easy. I never promised you a leisure lifetime. I only said you'd never leave me." - Schaeuble

Wed, 02/27/2013 - 16:29 | 3283076 Ghordius
Ghordius's picture

ah, what romance, in europe. ;-)

Wed, 02/27/2013 - 16:37 | 3283097 Irelevant
Irelevant's picture

I beg your pardon

I never promised you a rose garden

Along with the sunshine there's gotta be a little rain sometime

When you take you gotta give so live and let live and let go

oh oh oh oh ....

Wed, 02/27/2013 - 16:24 | 3283037 mdtrader
mdtrader's picture

All crisises are over. POMO's and algos fix all. 

Wed, 02/27/2013 - 16:26 | 3283057 bonzo112358
bonzo112358's picture

Our market seems to think its over.  CNBC also agrees Europe has stablized and they are never wrong.  HFT's look like they're trying to hit that all time high before the market closes today.  And me adding to short positions that I covered on Monday.  Will I never learn?

Wed, 02/27/2013 - 16:27 | 3283067 HD
HD's picture

The public is starting to turn against these bastards and they know it. The spin and money printing are meaningless to the people on the bottom.

Wed, 02/27/2013 - 16:33 | 3283087 thismarketisrigged
thismarketisrigged's picture

what crisis? everything is great, at least that is what the market tells u.

 

i will ask myself everyday until it happens, how the fuck are the bastards not in prison yet?

Wed, 02/27/2013 - 17:39 | 3283312 God Bless The V...
God Bless The Virtuous's picture

Spot on!

Fuck Jon Corzine and put his fuckin' ass in jail,

RIGHT FUCKIN NOW!

Then Geithner, Obama and Bernanke!

Wed, 02/27/2013 - 16:43 | 3283122 css1971
css1971's picture

This is all going to take another decade.

Wed, 02/27/2013 - 16:46 | 3283131 DutchR
DutchR's picture

German FinMin [hand wave]

"This is not the crisis you're looking for"

 

 

Wed, 02/27/2013 - 19:47 | 3283760 nightshiftsucks
nightshiftsucks's picture

Obama....You didn't build this crisis

Wed, 02/27/2013 - 16:51 | 3283154 booboo
booboo's picture

Wait until that newly elected comedian gets a peak at the super secret pile of dog shit sitting on the Italian books, he ain't gonna be laughing then.

Wed, 02/27/2013 - 16:57 | 3283179 lolmao500
lolmao500's picture

We never said we wouldn't invade France again...

Wed, 02/27/2013 - 16:57 | 3283184 walküre
walküre's picture

EU Fiscal Pact and Fiscal Union are never ever getting from the drawing board into practice.

If they could have done it 10 years ago, they would have done so at the inception of the Euro. Not now that the whole thing has derailed beyond anyone's control or even anyone's attempt at controlling it again.

The Euro, the EU are all hot potatoe issues that no European wants to hear about anymore. Greeks have started using a secondary currency and barter as mediums of exchange for their goods locally. That model will make rounds across all of the EU and soon you will find many regional currencies which get accepted in their regional economies. Maybe then there will be an exchange system between the regional currencies.

But the Euro experiment will fail because the idiots who dreamed this shit up have not been able to persuade the Europeans to accept a single fiscal union across all of the EU. Despite all the money that has been wasted on EU bureaucracy and politics, the people are retreating from the idea of a common market, a common currency and common responsibilities. Nobody wants the EU communism under German/French hegemony.

The Euro is dead in the hearts of the people but kept alive in the minds of the bankers. If it takes a revolution to change course and abandon this path, there will be revolution. Considering that regional currencies are starting to appear in Greece and soon elsewhere (might have happened already, don't know) the people have started to de facto revolt already.

Wed, 02/27/2013 - 17:08 | 3283219 Catullus
Catullus's picture

Oh Dr Strangelove.

Wed, 02/27/2013 - 17:51 | 3283333 trx
trx's picture

It's really disturbing that thay get away with this pure propaganda, time after time...

Anyway - my favorite quote is from back in December 2009, elegantly executed by forner finance minister of Ireland, Brian Lenihan , almost comparing himself to John F. Kennedy, saying :  

“The inauguration of John F Kennedy as President of the United States in 1961 gave a powerful sense of hope, possibility and self-belief to Irish people all over the world,” he said, speaking about how the Irish people wanted the country to start believing in itself again.

He had earlier declared that the “worst is over” and that “we are now on the road to economic recovery”. “As we begin to emerge from the unrelenting economic gloom of the last 18 months, we need to rediscover our optimism and our self-belief.”

He concluded by stating: “Our plan is working.We have turned the corner.” 


Yeah, December 2009!

 

Thu, 02/28/2013 - 01:27 | 3284697 dunce
dunce's picture

All those political leaders that said the crisis was over remind of the people who are often wrong but never in doubt. The German is the only one worth listening to. The rest are fools or liars, maybe both.

Thu, 02/28/2013 - 01:45 | 3284723 Lord Of Finance
Lord Of Finance's picture

"I never said the crisis was over. I'm a politician you bafoon. I never say what I really mean, and I never really mean what I say. That is why you elected me, you impish troglodyte lemmings. Now shut the f#ck up and give me your vote so I can devour you again!"

Thu, 02/28/2013 - 02:00 | 3284760 Brit_Abroad
Brit_Abroad's picture

Jesus, I know this guy is senile and everything...but still worthy of the double tap of the year award.

Every time i see his mugshot I want to loose my lunch.

Thu, 02/28/2013 - 02:55 | 3284821 Lord Of Finance
Lord Of Finance's picture

Here in the states we get no coverage of the disaster that is the Euro currency. Thank God for sites such as this one. I have some friends on that once proud and mighty continent and they said it is all over the news, but the news is skewed to further the political propaganda. You rarely get the truth although I have to admit that your media does allow more contrarian voices to have their say. In America, free speech is only free if you follow the "program". But we do feel your pain in having to see all those evil, lieing, decieptful politicians/banksters mugs all over the t.v.  I have friends who are natives in several European countries and they tell/write that they just want to throw out their t.v. sets from all the bullshit they are being told.

 

 

  Contrarian voices like Ron Paul or Santelli here in America are voices crying out in the wilderness and it is a damm shame what has become of this once proud nation. We are still mighty, but I feel that things will change on that front as well.

 

  To sum it all up. Most of the media outlets are just mouthpieces for the beast of government/political propaganda. To say it is skewed is an understatement, and to say that we are all screwed is an ever bigger one.

 

 

  From every nationality and language across America, Europe as well as the whole globe, the citizens are not just being fed horse meat, but horse shit too! :)

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