Is The Euro Summit Already A Failure Following An Early EcoFin Meeting Cancellation?
The European farce descends into surrealism and gortesque tragicomedy. Just out of the FT's Brussels Blog which discussed what appears to be an early cancellation of the critical EcoFin (not to be confused with Euro Coffin) meeting: "A letter sent last night by Jacek Rostowski, the Polish finance minister, makes an [EcoFin meeting doubtful]. Since Poland currently holds the European Union’s rotating presidency, Rostowski is charged with convening a meeting of all 27 EU finance ministers tomorrow ahead of the big summit to lay the groundwork for a final agreement. But officials tell Brussels Blog the so-called “Ecofin” council meeting is now likely off, and in a letter to Jean-Claude Juncker, the Luxembourg prime minister who chairs the group of 17 eurozone finance ministers, Rostowski makes it appear the cancellation is due to a failure to agree on outstanding issues." No.... they couldn't agree??? Nobody could have possibly foreseen this. Nobody.
Here is Rostowsky's letter:
As things stand at present, I understand that the full package may not be ready by Wednesday, 26 October. Were this the case, the presidency would need to postpone the Ecofin council meeting by a day or two. Therefore I would like to ask you to keep me informed on when the remaining elements of the package will be completed by the Eurogroup so that I can convene the Ecofin meeting as promptly as possible.
And more from the FT:
An Ecofin council meeting ahead of the summit is specifically called for in the conclusions of Sunday’s summit, which say Ecofin must “finalise this work” on a bank recapitalisation plan before the Wednesday gathering.
Other officials told Brussels Blog that there is a growing belief that any meeting of Ecofin or Mr Juncker’s eurogroup is superfluous, since heads of government will have to make all the major decisions Wednesday night anyway. But cancelling meetings of finance ministers ahead of time may not augur well for what’s to come.
What this means is that as we get closer with each day to a "free fall" Greek bankruptcy, the only weapon left for the global central bankers will be the bazooka option: namely wanton, gratuitous printing of money, Weimar republic flashbacks be damned. Which is why, for once, Gartman's bullish sentiment on gold may actually not be a contrarian indicator...
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