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EUR Drops As Latest Truth Emerges: Sarkozy Says Eurozone Deal Talks Stuck

Submitted by Tyler Durden on 10/19/2011 09:22 -0400

But, but, but...

France's Sarkozy says Euro zone deal talks stuck over relations between EFSF and ECB according to centre right legislators - RTRS

And the scramble:

France's Sarkozy ready to travel to Berlin this afternoon to make progress on Euro-zone deal according to MPs - RTRS

Time for the counterrumor from whatever British tabloid has not discredited itself.

At this point anyone who trades purely on headline and counterheadline deserves to lose all capital.

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Wed, 10/19/2011 - 09:25 | 1788449 OneEyedJack

What next?

Wed, 10/19/2011 - 09:32 | 1788481 Nascent_Variable

Either a new rumor or a bullshit statement from Merkel and Sarkozy that everything is under control, while those in the know try desperately to dump everything remotely related to Greece or French banks.

Wed, 10/19/2011 - 09:37 | 1788504 geminiRX

Does that include MS and BAC :)

Wed, 10/19/2011 - 09:48 | 1788544 Popo

They have agreed to agree on something right after they get past their politically intractable disagreements, and economically impossible dillemmas.

Wed, 10/19/2011 - 10:31 | 1788696 Ghordius

blablabla

(no offence meant)

"Someone" is desperate to get the EURUSD as near as possible to 1.300 until the end of this month's "Euro/Commodities Bear Raid" aka "Dollar Strenght" theme.

"Gravity" vs "Models"? "Gravity" seems to say 1.425 (I know one of the Tylers will hate my guts for this comment). "Models" seem to say 1.300.

All the news is just interpunctuation noise. And IMHO "ze models are not working".

Sarkozy's sweat on his brows is not from fear, it's because he has to work. Lips not trembling.

A small recap of what the German/Dutch/Finnish/etc. Team has achieved so far:

- ECB to be kept as separate as possible from any Grand Bailout Scheme like the EFSF. Some progress there, let's see what happens...

- EFSF not to be expanded without a consultation of the Bundestag. Seems to be holding (British Press has a different opinion)

- Policy of containment, no hasty resolution, no bloody monetary Tsunami yet. Seems to hold, too.

Folks, this kind of issues are usually not solved, they are managed. Sorry for that. And a word about the Germans: they are conservative. It's not likely they will leave the EuroZone before Kansas leaves the DollarZone.

Wed, 10/19/2011 - 10:48 | 1788855 redpill

They will continue to have meetings until they come up with an arrangement so complicated that the short-attention span financial markets hopefully accept the summary that it "fixes" things on its face and move on to levitating stocks for a few more months.

Wed, 10/19/2011 - 10:27 | 1788733 plantigrade

agreed to plan to agree to ... (etc)

Wed, 10/19/2011 - 11:06 | 1788947 Ghordius

well, Timmy wants a plan - humble allies have to comply

so they plan to have a plan to have a plan to have a plan to...

Wed, 10/19/2011 - 09:32 | 1788482 Mike2756

Not stuck, the EFSF has been expanded to 5T. You heard it here first!

Wed, 10/19/2011 - 09:35 | 1788496 SheepDog-One

Right they declared the $2Trillion 'too simplistic'....$6 trillion is more like it!

Wed, 10/19/2011 - 09:47 | 1788539 AngryGerman

10 trillion billion

Wed, 10/19/2011 - 09:52 | 1788553 daily bread

.. or at least 10 trillion Deutschemarks

Wed, 10/19/2011 - 09:52 | 1788563 AngryGerman

Reichsmark that is

Wed, 10/19/2011 - 09:35 | 1788491 TruthInSunshine

Wait a minute.

The Guardian, that repository of truth and pillar of journalistic integrity has quoted anonymous sources stating that the European Union & PIIGS+France+UK crisis is completely resolved now, and it was done via a bailout from a coalition of nations including Myanmar, North Korea, Papua New Guinea, Sudan & Eritrea.

Wed, 10/19/2011 - 09:46 | 1788538 disabledvet

Whips, chains, grainy videos appearing online. Quite shocking really.

Wed, 10/19/2011 - 10:31 | 1788758 pauhana

http://www.youtube.com/watch?v=w_pSCCzuU4Y&feature=related

This about sums it up!

Wed, 10/19/2011 - 09:25 | 1788450 Ctrl-Alt-Defeat

Deutsche Mark Bitchez!

Wed, 10/19/2011 - 09:25 | 1788451 slaughterer

Sarko's new nickname from traders here is: "Little Whipsaw"

Wed, 10/19/2011 - 09:27 | 1788456 lizzy36

In the immortal words of George Michael: You gotta have faith, faith, faith.

Because HOPE and finger crossing has been a strategy since 2009.

Wed, 10/19/2011 - 09:42 | 1788458 hedgeless_horseman

"I love the smell of socialized losses in the morning!"

-Sarkozy

Wed, 10/19/2011 - 09:47 | 1788537 TruthInSunshine

Sarkozy is checking to see if his shit does/doesn't smell.

It's hard to tell in the land of over 200 cheeses, including Le Fromage De Frommunda.

Wed, 10/19/2011 - 09:51 | 1788554 gojam

Nice picture.

Can he see light at the end of the tunnel ?

Wed, 10/19/2011 - 10:36 | 1788787 Arie L Ultra

Nah all he found was a fudge cake

Wed, 10/19/2011 - 09:49 | 1788548 disabledvet

Apparently a little yoga doesn't hurt either.

Wed, 10/19/2011 - 09:27 | 1788460 falak pema

We have to get RM to publish a dire warning on euro bank run kick-off any moment to trigger knee jerk chez frau Merkel! PRONTO!

Where are you RM when we need you?

Wed, 10/19/2011 - 09:27 | 1788462 butchee

What happened to "When it gets serious, you have to lie"?

Wed, 10/19/2011 - 09:27 | 1788463 Imminent Collapse

This won't end well.

Wed, 10/19/2011 - 09:29 | 1788464 slaughterer

Why has a phone call now become a personal visit to Berlin? Will he stay overnight at Angie's trying to coerce just a few more leverage ratios for the ESFS for his desperate banks? The carnal scenario that goes through my mind is disturbing.

Wed, 10/19/2011 - 09:36 | 1788501 SheepDog-One

Maybe his IPhone broke.

Wed, 10/19/2011 - 09:30 | 1788465 gojam

"France's Sarkozy says Euro zone deal talks stuck over relations between EFSF and ECB according to centre right legislators"

Translation- France's Sarkozy says Euro zone deal talks stuck over relations between Germany and France.

Wed, 10/19/2011 - 09:37 | 1788503 CrashisOptimistic

In the immortal words of Tyler Durden:

"Can we stop with the bullshit?"

Wed, 10/19/2011 - 09:42 | 1788524 lizzy36

I think those words go something like this:

"It's only after we've lost everything that we're free to do anything"

Wed, 10/19/2011 - 09:53 | 1788566 disabledvet

Actually it's when you and I lose everything that "they" get to do anything. When you gonna invite all of us out to your place like you promised btw? We all love afternoon tea...even if we don't what it is. And we promise to be loud and obnoxious too!

Wed, 10/19/2011 - 09:30 | 1788467 slaughterer

If DAX breaks below 5905 you know they are taking this seriously in Frankfurt.

Wed, 10/19/2011 - 09:30 | 1788468 AngryGerman

Germans will eat the little man

Wed, 10/19/2011 - 09:30 | 1788469 mayhem_korner

I thought the deal was stuck because everyone's insolvent.

Wed, 10/19/2011 - 09:31 | 1788476 AngryGerman

nope, 2 million billion trillion bailout fund on the way

Wed, 10/19/2011 - 09:31 | 1788473 Belarus

But....but.....but< I am 100% confident stocks do not give up the gains they've gotten from previous rumors, until..............

NEXT WEEK WHEN THEY FINALLY HAVE TO SHOW THEIR FUCKING HAND.

Wed, 10/19/2011 - 09:31 | 1788474 knight99

Easily one of the hardest markets to trade or even just sit tight I have ever encourtered.

Wed, 10/19/2011 - 09:38 | 1788507 Sgt. Oddball

These days you will have far better odds in Vegas. At least they aren't so transparent about how rigged their games are.

Wed, 10/19/2011 - 09:39 | 1788512 CrashisOptimistic

It's not a market.

It's a civilization losing its fuel supply.

When was Brent last south of $100?

Wed, 10/19/2011 - 09:32 | 1788478 dukeland

Can some newspaper/tabloid please quote this as 'Deal stRuck' not 'Deal stuck' , so that we can have that hopium melt up again?

Wed, 10/19/2011 - 09:37 | 1788479 Quintus

France's Sarkozy ready to travel to Berlin this afternoon to make progress on Euro-zone deal according to MPs

Boy, Mrs. Sarko won't be pleased that he is scooting off to Germany, leaving her in the labor ward to get on with having their baby alone.

Not many excuses good enough for that one.

Wed, 10/19/2011 - 09:53 | 1788568 youngman

Its probably not HIS baby......its Merkels.....lol..or Papendooos

Wed, 10/19/2011 - 09:33 | 1788483 SheepDog-One

Talks stuck....until the usual :30 minutes from close big knee-jerk rumor melt up!

Wed, 10/19/2011 - 09:33 | 1788484 YesWeKahn

At some point, these "leaders" will realize that they never need to reach any agreement, they just need to keep talking, rumor will run by itself.

""Live, then, and be happy, beloved children of my heart, and
never forget that until the day when God shall deign to
reveal the future to man, all human wisdom is summed up in
these two words, -- 'Wait and hope.' Your friend, "

Yes, Wait and hope!

Count of Monte Cristo, Dumas

Wed, 10/19/2011 - 10:28 | 1788742 slewie the pi-rat

no "buts", BiCheZ!

(signed) Sir bong-a-long

Wed, 10/19/2011 - 09:33 | 1788486 misterc

I hate this french midget visiting my city every two weeks!!!
We don't want him around here. Nobody likes him. He shall stay at home with Carla.
He's a beggar acting like a president. He always gets caught with his hand in our wallet.

Wed, 10/19/2011 - 09:55 | 1788581 disabledvet

Again "he's not a midget he's a dwarf." there's a difference.

Wed, 10/19/2011 - 09:33 | 1788487 Sgt. Oddball

So I guess we will have to wait till about 3:00 Eastern Time for FT to come out with another rumor of a great grand compromise and we watch as the Dow spikes back up yet again. It really does feel like we are living in Groundhog Day.

Wed, 10/19/2011 - 09:33 | 1788489 falak pema

its all psy ops and under table leg play and knee caressing. Who says that greeks smell of leeks. Its the welsh who enjoy that privilege. And so greeks go back to their traditional fishy smells, like calamari. Will french cheese mix with german beer?

Who can tell!

Ask Frau Merkel or Mme Lagarde. Don't ask Nigel Farage, the john bull of europe.

Wed, 10/19/2011 - 09:41 | 1788521 JW n FL

The markets will drop 20%.. then people will ccome back to the table..

and for those that dont know.. QE - Global is in FULL SWING!!

right now.. money, by the truck load.. is being delivered around the world.. with the printers (servers) working over time!! LOL!!

look for metals to JUMP!

Wed, 10/19/2011 - 09:43 | 1788522 RecoveringDebtJunkie

The Guardian has attempted to regain some credibility by referecing ZH's analysis of faux bank earnings:

"Several US banks have recorded benefits from declines in the value of their own debt. Although that should be a bad thing, it means a bank could theoretically buy back its own debt for less - and can book a profit as a result.

Stripping out the debt, the profit was just 3 cents a share.

Business blog Zerohedge has not done much to hide its contempt for the debt accounting - saying that it leads to investors trying to compare results on an "apples to unicorns" basis."

http://www.guardian.co.uk/business/blog/2011/oct/19/european-debt-crisis...

Wed, 10/19/2011 - 09:51 | 1788556 youngman

2 trillion...20 trillion...they just pop it out of the air...I guess printing money is so easy....amazing...just thow out a number...what the hay....

Wed, 10/19/2011 - 09:51 | 1788561 JenkinsLane

I'm tuning out this "will they, won't they" EU horsehit until they publically announce a formal plan.

Wed, 10/19/2011 - 09:52 | 1788562 oogs66

This must be really important. The French did fight the Nazis this hard in world war II

Wed, 10/19/2011 - 09:54 | 1788573 AngryGerman

you meant "didn't"?!?

Wed, 10/19/2011 - 10:07 | 1788629 oogs66

Merde. Yeah, I meant didn't

Wed, 10/19/2011 - 09:56 | 1788585 daily bread

If the german banks had the DNA of the squid, then they would let France fall, and buy up all the French banks at pennies on the euro.

Wed, 10/19/2011 - 10:02 | 1788603 AngryGerman

why would we like to own them?

Wed, 10/19/2011 - 09:54 | 1788575 steve from virginia

There is not going to be any resolution, there never is. Economies cannot allocate 'scarce' resources. The EU is broke, that is, there is a shortage of money value. The Europeans need value for the currency to represent.

The Europeans have trapped themselves, how clever.

Money value, what is it? Does the euro have 'proxy value'? What does the euro represent? Riots in Greece and Portugal, Sarkozy's & Berlusconi's lies? The euro represents little in the way of production only crimes.

Does the euro have scarcity value? Not when the ECB is spewing out battleship loads of it!

Does the euro have 'R' value? It could but most Europeans use fiberglass to insulate their attics.

...

Wed, 10/19/2011 - 10:04 | 1788611 NDXTrader

I'm still surprised ZH doesn't focus more on options expiration week. If I had to show a casual investor one thing to prove the market was totally rigged I would have them watch this manipulation. The max pain right now on the NDX is 2350. You could have thermonuclear war and Apple could have reported $0.00 earnings and they would keep it there for the option boys to make their rake. Whoever predicted next Monday for the big fall might look like a genius

Wed, 10/19/2011 - 10:27 | 1788731 Don Diego

Sarkozy's wife is giving birth as we speak....he will be late for his meeting with Angela.

On second thought, who cares, Sarko and MErkel are just actors, decisions are taken at several levels above.

Wed, 10/19/2011 - 11:19 | 1788995 Aloysian

Bayern Paris - new team to join Bundesliga next season. To be announced on Oct 23 by Merkel

Wed, 10/19/2011 - 11:51 | 1789135 love

should read Sarkozy has been summonsed to Berlin

EUR Drops As Latest Truth Emerges: Sarkozy Says Eurozone Deal Talks Stuck

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