Emergency Meetings Galore: ECB To Hold Crisis Conference Sunday, G20 To Hold Call At 2230 GMT Tonight
For a world that has supposedly largely priced in the US downgrade, the amount of emergency conference calls this weekend is a little disturbing. First, tonight at 22:30 GMT the G20 deputy finmins will hold a conference call It to "exchange of information and opinions." Next tomorrow sometime the ECB will hold a separate call in "response to the latest developments in the euro zone's debt crisis, an ECB source said on Saturday." Somehow we think the tangential topic of the historic US downgrade may also be breached. And, as always, the market is sure to be delighted with the outcome of this latest political hodge podge of responses to what is increasingly shaping up like a market perfect storm of epic proportions.
Deputy finance ministers from the Group of 20 leading economic powers will hold a conference call on Saturday to discuss the crises in Europe and the United States, a Brazilian finance ministry official said.
The official told Reuters the call was scheduled for 2230 GMT.
"It will be an exchange of information and opinions," the official said by e-mail without providing further details.
Investors are eager to see signs of a coordinated policy response among major economies, which might prevent the crises from spreading or getting worse.
And also from Reuters:
The European Central Bank will hold a conference call on Sunday to discuss its response to the latest developments in the euro zone's debt crisis, an ECB source said on Saturday.
Italy's pledge to speed up austerity measures and whether the ECB should buy Italian government bonds could be discussed but the call's focus would be on the broader situation in the bloc, the source said.
Two sources earlier said ECB President Jean-Claude Trichet was due to hold a teleconference over the weekend, and that the ECB remained divided over whether to buy Italian government bonds.
Add Germany's opposition to make a "GDP-for-Italian entitlement benefits" distressed exchange and the fan is on full blast just, waiting for the latest batch of excrement to hit.