EU To Issue Statement On Situation In Markets This Afternoon

Tyler Durden's picture

The European Commission will issue a statement on the “situation in the financial markets” later today, spokeswoman Karolina Kottova told reporters in Brussels. We, for one, can't wait to hear how the bureaucrats will convince the bond vigilantes that all is well. We really can't.

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spdrdr's picture

We have always been at war with Eastasia.

oogs66's picture

2 weeks after the grand bailout, we are right back to where we started. they must be getting desperate.  even the most pessimistic politician must have believed they bought themselves a peaceful august vacation

Kingbingo's picture

I would love to be the sound engineer at that gig so I could play the Titanic score in the background while the Eurocrats were telling everyone that the euro will not sink and indeed the European project has merely paused and will be underway shortly.  

weltvermesser's picture

Who said Gold to hit 1750 by end of 2011? Looks more like end of this week. 

However, crazy Merkel will still try to bailout IT as well. Great to see my TAX @work.



Dr. Engali's picture

 The fiat system no longer works so we are going to have to ask you to turn in your gold . If you don't turn it in voluntarily we are going to have to take it.

problemfixr's picture

Yeah, I suspect that it wouldn't turn out well if they tried that.  They would probably collect as much lead as they do gold before it's finished.

IMA5U's picture

the kommunists are at work again...


obama's "infrastructure bank" to rebuild our crumbling roads and bridges will save us all

writingsonthewall's picture

What's the matter - are you surprised to hear about a bank that puts something back in rather than merely 'taking out'?


You had better take Obama's bank because there is going to be no private investment in your crumbling road and bridges for at least a decade.


...if only Bush hadn't of frittered away all that revenue in the boom with popularist tax cuts for the wealthy - then you wouldn't be borrowing as much as you are and growth could be sustained with public spending - until the private sector recovers in 10 years time.

....or you can cling to the unfounded fantasy that cutting govt. spending will miraculously boost the private sector. Sadly that idea is rather flawed as there is no profit in healthcare and food stamp provision.



smlbizman's picture

writing, your comments would find a more receptive group at marketwatch, plus they don't have a thumbs down button...

Badabing's picture

Every time it rains it rains pennies from heaven.

Don’t you know each cloud contains pennies from heaven.

Bring on the bad news beotch!

Ghordius's picture

The EUR will not sink this year and will not sink next year.

Eventually the ECB will have to print a lot and eventually we'll have a zero more on every bill, that's it.

All this Brussels EU Commission talk is only a media theater.

writingsonthewall's picture

The EU will never print money - unless you're seriously suggesting that France and Germany will sacrafice themselves in order to save the broke PIIGS.


If you are suggesting that - I suggest you seek help.

Hmm...'s picture

unless you're seriously suggesting that France and Germany will sacrafice themselves in order to save [the broke PIIGS ] their own banks.

There.  Fixed that for ya!

Ghordius's picture

Help? Help? Nobody coming...


No, I agree that France and Germany will not exxagerate (too much). Have you seen my avatar? Read my posts.

Meanwhile, the english speaking media is full of news of the EU breaking down, all mixing the EUR/ECB matters with the usual anti-EU blabla.

You can't focus on the US and UK too long, it would be too depressing.

Quintus's picture

As easy as that.  Just print some money and all will be well.

I'm sure someone must have tried that before.  What was his name?  Von Havenstein I think.

Surely by now the Germans must have forgotten about that little 'Hyperinflation' incident?  It was all so long ago. 

I suspect not.  Good luck persuading them that "It'll work this time - promise!"

Ghordius's picture

Hi Quintus!

No, I definitely don't think the Germans will ever forget how easy it is to print, how fast you can become addicted to it and how it ends. Ever.

Most Germans I know have learned at school that Hyperinflation was the cause number one of the rise of Hitler. Quite an incentive, isn't it?

One reason why I like to sport this nice avatar (and because it annoys the Sun readership).

Quintus's picture

Nobody 'Reads' the Sun.  They just look at the pictures.

Lord Welligton's picture

By what mechanism will the ECB "print a lot"?

Ethics Gradient's picture

Dear Bank CEO,

You are going to sell us the Greek debt you hold. Please copy and paste the figure at the bottom into your balance sheet and shred the bond.




Lord Welligton's picture

That's ok then.

All within the rules.



Ethics Gradient's picture

To be fair, they've never really hidden the fact that the rules only apply when they don't need to break them.

jmcadg's picture

Out of interest, why is the Euro still so high against the Dollar, although I see it's starting to drop. I thought this would be a 'hit every branch on the way down' scenario, even allowing for the US debt raising fiasco.

Ghordius's picture

because for every new Euro printed there are many, many Dollars printed. The EUR is NOT rising. And on the "way down" some take the stairs and some take the elevator.

Silverhog's picture

Circle of shit getting tighter and tighter.

Sudden Debt's picture

And they are running out of sand....


either way, I do want to see the try :)

Sudden Debt's picture

I've already heard some of the reports that are comming out and it's hilarious! :)

In Euroland, it's becomming clear that everything needs to be centralized and that the "emergency fund" needs to expand to 1.7 trillion euro.

Italy and Spain won't get a bailout but they'll be able to loan money from that fund at a average EU rate.

The fact that banking stocks are going down isn't that bad because STOCKMARKET PRICES ARE ONLY A FICTIVE PRICE!

All pensions and social security system must also be put in 1 common system, and yes... for some it will be less => MOLOTOV COCTAIL PARTY TOMORROW!

And Europe should be able to collect 60% of all taxes directly leaving only 40% to the countries. In this way, they have more financial wealth which they can steal power which they can use to help Euroland.


when I hear all this stuff, it makes me wonder why my own dog isn't running for a seat in the EU parlement....


Ghordius's picture

SD, your dog is not running for a seat in the EU parliament because he ALREADY HAS BEEN ELECTED.

Bad boy, Fifi! Biting the hand that feeds you...

oobrien's picture

I know the conditions in the European Market.

It's called FUBR--fucked up beyond repair.

And I didn't even go to Harvard!

Version 7's picture

The folks in charge know full well that if either Spain or Italy go down, the game is over for the EFSF, as the situation becomes politically unsustainable. A bailout for them is not on the cards. But as long as Germany trades in Euros a sudden crash of the currency is unlikely, even if the PIIGS leave the Eurozone.

grunk's picture

EU statement.

Don't Panic.

Okay, PANIC!!


RemiG2010's picture

"The statment is that there are known "knowns." There are things we know that we know. There are known unknowns. That is to say there are things that we now know we don't know. But there are also unknown unknowns. There are things we do not know we don't know. So when we do the best we can and we pull all this information together, and we then say well that's basically what we see as the situation, that is really only the known knowns and the known unknowns. And each year, we discover a few more of those repos 105, goldman's trojan currency swaps, cdos, mbos, etc and other unknown unknowns ..." 

vamoose1's picture

  i  dub  the the ZEURO.

overmedicatedundersexed's picture

met a German young man here in USA this summer..his family sold thier gold so he could take this trip. should of stayed home.

He thinks bailing out of Greece is ok , but then he does not think the Germans are paying for it.

American's asleep and dumb , what about Jr above??

eu problems dump the Euro, American problems dump FRN, Japan dump swiss, or gold..seems to be the plan..the toilet bowl flush is taking all with it.

goldfish1's picture

Debt crisis: Stock markets take fright over health of global economy

Amid crisis meetings in Italy and Spain, heavy selling in seen in London and Europe

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