After Pissing Off Germany, Lagarde Now Angers France, Which Blames The Collapse In Financial Markets On The Seasons

Tyler Durden's picture

Earlier today, German financial regulator Bafin roundly smacked down Christine Lagarde's Jackson Hole proposal to use the EFSF as a bank recapitalization vehicle (as we noted over the weekend, it already has its hands full with merely keeping Italy afloat). Now it is France's turn to be indignant:

  • BANK OF FRANCE'S NOYER SAYS DOES NOT UNDERSTAND IMF LAGARDE'S RECENT CALL FOR EU BANK RECAPITALISATIONS
  • BANK OF FRANCE'S NOYER SAYS MAYBE LAGARDE WAS BADLY INFORMED BY IMF STAFF ON BANK RECAPITALISATIONS
  • BANK OF FRANCE'S NOYER SAYS SEES NO REASON TO WORRY ABOUT FRENCH BANKS
  • BANK OF FRANCE'S NOYER SAYS SPECULATION ABOUT POSSIBLE FRENCH DEBT DOWNGRADE IS AN "ABSURD RUMOUR"
  • BANK OF FRANCE'S NOYER SAYS CONSTITUTIONAL DEFICIT LIMIT WOULD BE COMMON SENSE

And just in case there was a need for a scientific explanation for the recent plunge in French banks, which invoked an indefinite short-selling ban, here it is:

  • NOYER SAYS FINANCIAL MARKETS DON'T OPERATE NORMALLY IN SUMMER

Expect to hear comparable arguments about the Fall, Winter, and, lastly, Spring.