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Barroso Issues Statement On Failed Europe Bailout #2, Says All Is Peachy

Tyler Durden's picture





 

Italy and Spain, and now France, CDS hitting all time highs? Been a few hours since Unicredit was last halted? Europe looking like it is about to implode all over again (and nobody even remembers Greece any more)? Have no fear. President (he was elected?) Barroso is here, telling us all the imploding sovereign bond markets of Italy and Spain are "unwarranted." All this and many more jokes in the full just released statement which confirms that Europe is starting to freak out all over again.

Statement by President Barroso on the euro area sovereign bond markets

"Developments in the sovereign bond markets of Italy and Spain are a cause of deep concern. These developments are clearly unwarranted on the basis of economic and budgetary fundamentals in these two Member States and the steps that they are taking to reinforce those fundamentals. In fact, the tensions in bond markets reflect a growing concern among investors about the systemic capacity of the euro area to respond to the evolving crisis.

The systemic nature of the sovereign debt crisis was recognised by the Heads of State and Government of the euro area at their meeting of 21 July. At that meeting, a unique solution for the crisis in Greece was found involving a partnership between the official and private creditors, but it was agreed that private sector involvement would not be a standard feature of the euro area’s crisis management. Agreement was also reached on ground-breaking measures that will reinforce the euro area’s systemic response to the crisis by enhancing the effectiveness of the European Financial Stability Facility (EFSF), by reforming euro area governance structures and by adapting our working methods to the needs of crisis management with each institution playing its part. It is essential, therefore, that we move forward rapidly with the implementation of all of that has been agreed by the Heads of State and Government and send an unambiguous signal of the euro area’s resolve to address the sovereign debt crisis with the means commensurate with the gravity of the situation.

The necessary technical work to implement the measures agreed on 21 July is already underway and will be completed as a matter of urgency. The Commission services are actively supporting the Member States in this technical work. Implementation of some of these measures will also require actions by national parliaments and today I am writing to the Heads of State and Government urging them to ensure that these actions are taken without delay.

 


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Wed, 08/03/2011 - 09:22 | Link to Comment Trying to Understand
Trying to Understand's picture

"Says All If Peachy" . . . . "Says All Is Peachy"??

Wed, 08/03/2011 - 09:47 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

  

 

These developments are clearly unwarranted...

Really?  How are we to be sure?  Recall your colleague's Instant Classic from May of this year...

 

SPIEGEL: Are you saying that, as a finance minister in the age of global capital markets, you cannot tell people the truth?

 

Juncker: I do not have a ready answer to your question.

http://www.zerohedge.com/article/jean-claude-juncker-europe-doing-gods-work-lying-about-greek-insolvency-and-keeping-eurusd-l

 

Soundtrack: http://www.youtube.com/watch?v=PA43ETEU1Vg

Wed, 08/03/2011 - 10:38 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

This might just be the new European theme: Freak out! (http://www.youtube.com/watch?v=cqupk71a-O0)

Wed, 08/03/2011 - 09:57 | Link to Comment flacon
flacon's picture

The Euro Cheese Shop is EMPTY!

http://www.youtube.com/watch?v=B3KBuQHHKx0

 

Wed, 08/03/2011 - 19:48 | Link to Comment StychoKiller
StychoKiller's picture

Barroso is here, telling us all the imploding sovereign bond markets of Italy and Spain are "unwarranted."

Screaming 'All is well!' is no way to go through life, son.

Wed, 08/03/2011 - 09:23 | Link to Comment The Axe
The Axe's picture

Bizzare or prolific is that the DAX is down to the flash crash that Tyler pointed out several days ago..thats scary...

Wed, 08/03/2011 - 09:25 | Link to Comment Quintus
Quintus's picture

Clearly, the markets are deliberately and unfairly threatening former (and probably current) Marxist Barroso's grand schemes and must be therefore be dissolved and replaced with a committee of approved EU representatives who will decide the 'Fair' price of financial instruments within the EU.

 

http://en.wikipedia.org/wiki/Marxist–Leninist_Students'_Federation

Wed, 08/03/2011 - 10:00 | Link to Comment Hobbleknee
Hobbleknee's picture

Twelve members to rule them all.

Wed, 08/03/2011 - 19:49 | Link to Comment StychoKiller
StychoKiller's picture

"And in the darkness, fsck them!"

Wed, 08/03/2011 - 09:25 | Link to Comment eurusdog
eurusdog's picture

The Eurusd starts falling as soon as he releases his statement! Lots of confidence there.

Wed, 08/03/2011 - 09:28 | Link to Comment Version 7
Version 7's picture

..with the means commensurate with the gravity of the situation..

It's because of gravity that things fall

Wed, 08/03/2011 - 09:46 | Link to Comment Quintus
Quintus's picture

They can easily fix that, simply by calling an emergency conference, producing a short agreement document, in which the law of gravity is declared by unanimous consent to be suspended in all EU territories, and then going on vacation for two months without ratifying the agreement in all the relevant national parliaments.

Right?  That'll work surely?  It worked last time....oh, wait....

Wed, 08/03/2011 - 09:28 | Link to Comment Careless Whisper
Careless Whisper's picture

European Union. FAIL Euro. FAIL

Nigel Farage tears Barroso a new one, 2006;

http://www.youtube.com/watch?v=npU3g5YnD4A

 

Wed, 08/03/2011 - 09:44 | Link to Comment eurusdog
eurusdog's picture

Its really to bad that all politicians can't as forthright as that! Being an American I am not familiar with Farage's politics, but after watching a few on the videos, he seems like what the world needs, and will therefore be marginalized.

Wed, 08/03/2011 - 09:29 | Link to Comment Abitdodgie
Abitdodgie's picture

And now Amerika has is very own dictator, everything is good now , hail Obumma. 

Wed, 08/03/2011 - 09:30 | Link to Comment LMAO
LMAO's picture

Barroso + Euro = Hilarious Farrage hanging both out to dry in 3,2,1.....

Wed, 08/03/2011 - 09:33 | Link to Comment snowball777
Wed, 08/03/2011 - 09:34 | Link to Comment Hansel
Hansel's picture

A "no comment" would have been just as informative.  The guy said nothing.

Wed, 08/03/2011 - 10:05 | Link to Comment XitSam
XitSam's picture

Actually, I think the statement was informative.  Statements like these are always made right before the car goes off the cliff.

Wed, 08/03/2011 - 09:35 | Link to Comment eurusdog
eurusdog's picture

Went short eurusd from 1.4329 looking for it to go back to 1.3900. We'll see how that works out!

Wed, 08/03/2011 - 09:54 | Link to Comment jmcadg
jmcadg's picture

Got a 1.2000 put on. At 1.3900 I'd still make a decent cut, but by all means let's see it slide all the way ;)

Wed, 08/03/2011 - 09:42 | Link to Comment Pay Day Today
Pay Day Today's picture

Don't the Europeans realise that they are being repetitively waterboarded? Do they honestly believe that the awful drowning underwater feeling is going to go away if they just somehow manage to say exactly what they think we want to hear?

Wed, 08/03/2011 - 10:03 | Link to Comment youngman
youngman's picture

"the tensions in bond markets reflect a growing concern among investors about the systemic capacity of the euro area to respond to the evolving crisis."

In a normal market they should not have to respond....that is why interest rates are going up...it is BECAUSE they have to respond to the crisis

 

Wed, 08/03/2011 - 10:34 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

Sure, Barosso was elected, but he was the only choice.

 

I can't wait for Nigel Farage's response. Oh shit, there was just another plane crash....

Wed, 08/03/2011 - 10:48 | Link to Comment pacha75
pacha75's picture

Barroso in Portuguese (Brazilian, the only version) means big dump.

Draw your own conclusions.

Wed, 08/03/2011 - 12:46 | Link to Comment TK7936
TK7936's picture

Thanks Mr. Barosso. This is great news. Im gonna run out now and open my wallet, buy an R8 and do like Tony Stark.

Wed, 08/03/2011 - 12:59 | Link to Comment SovietCong
SovietCong's picture

"...today I am writing to the Heads of State and Government urging them to ensure that these actions are taken without delay..."

Looks like he'll be sending just one letter. It will go something like this: "Dear Angela, please send over the EUR 1.2T check ASAP. Very truly yours..."

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