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Full Remarks By Unelected European Council President Herman Von Rompuy

Tyler Durden's picture




 

As expected, nothing has been resolved. Everything to be pushed back to
some other indefinite time. The only actual agreement, ironically deals,
with a date so far in the future, the EUR will likely no longer even
exist: 'Agreement has been reached that banks should be
required, by 30 June 2012, to have 9 % of the highest quality capital.
This figure should take into account a marking down for sovereign bond
holdings against current market prices (as of 30 September 2011).
"

Direct from the insolvent Eurozone:

Remarks by President of the European Council Herman Van Rompuy after the meeting of EU Heads of State or Government

At today's meeting, I informed the members of the European Council about the state of preparations of the Euro Summit that will take place later in the day.

We discussed the situation and all leaders underlined their common resolve to do their utmost to overcome the crisis and to help face in a spirit of solidarity the challenges confronting the European Union and the Euro area.

The members of the European Council welcomed the consensus on measures to restore confidence in the banking sector reached by the Council (ECOFIN) on 22 October. The banking measures form part of a broader package, alongside the decisions to be taken by today's meeting of the Euro Summit, and are subject to its full approval. The Council (ECOFIN) will finalise the work and adopt the necessary follow up measures.

The consensus concerns both the banks' short-term and longer-term needs. The overarching goal of the exercise is to foster confidence in the European banking sector.

Improved access of the banks' medium- and long-term funding is essential to avoid a credit crunch and to safeguard the flow of credit to the real economy. States will provide guarantees enabling banks to raise term funds. We decided to rely on a truly coordinated approach at EU level regarding the conditions and criteria.

Short term recapitalisation is needed in the current exceptional circumstances to create a temporary buffer allowing the banking system to withstand shocks in a reliable manner. Agreement has been reached that banks should be required, by 30 June 2012, to have 9 % of the highest quality capital. This figure should take into account a marking down for sovereign bond holdings against current market prices (as of 30 September 2011). Banks should raise capital in the first place from private sources, and only if that is not possible, seek support from national governments. If the latter support is not available without creating systemic risks for the Eurozone, the EFSF should provide the loans for recapitalisation.

Any form of public support, whether at a national or EU-level, will have to comply to the rules of the state aid crisis framework. The Commission has indicated it will be applied with the necessary proportionality in view of the systemic character of the crisis. With these measures, we restore confidence and put Europe's banking sector on a sound footing.

Source

 

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Wed, 10/26/2011 - 14:21 | 1813522 Mugatu
Mugatu's picture

Market is supposedly rising due to another "China will buy EFSF Bonds" rumor.

 

NEW YORK (MarketWatch) -- U.S. stocks struck solid gains Wednesday on reports tied to European efforts to resolve its debt trouble. "The market is rallying on the story that China will buy bonds issued by the EFSF (European Financial Stability Facility)," Peter Boockvar, equity strategist at Miller Tabak, said in emailed comments, citing the Irish Times newspaper. 

 

So does that mean Europe will bail out China to return the favor?

Wed, 10/26/2011 - 14:31 | 1813582 LongSoupLine
LongSoupLine's picture

Wash, Rinse, Repeat Breakdown:

Rumor: China will prop all
Result: Markets ramp 2%

Later: China refutes "prop" rumor
Result: Markets fall 1%

End result: Markets up 1% on pure MSM shilltardology.

Wed, 10/26/2011 - 14:32 | 1813586 Troll Magnet
Troll Magnet's picture

yawn.  slow news day, huh?

is the whole thing burning in flames?  no?  okay i'm going back to bed then.

Wed, 10/26/2011 - 14:34 | 1813600 Ag1761
Ag1761's picture

Unbelievable, I thought the market rallied on this rumour some weeks back.

Are we now in a groundhog situation, whats the next rumour that will start a rally we've already seen.

It's rinse, repeat the rumours now.

Default now and get this shit over with or just bloody well print print print. Either way I'm ready.

What bugs me is the sheer expense of these summits and for what....

Keep on Stakin because at this rate I can see them kicking this for many years to come and by then there should be very little physical around for when SHTF.

Wed, 10/26/2011 - 14:46 | 1813651 TruthInSunshine
TruthInSunshine's picture

Off topic, but only because it comes remotely close to the idiocy of anyone who actually believes the EU is one step closer to resolving their Eurodebtapocalypse crisis rooted in mathematical proof than they were yesterday (the solution will come, and it will come in a massive wave of blinding red numbers all over the board, but I digress):

The complete lunacy of the day OP/ED, courtesy of the New York Times:

Op-Ed | JAMES LIVINGSTON It’s Consumer Spending, Stupid

Consumer debt and government spending are what really drive economic growth, not private investment.

Excerpt:

 

AS an economic historian who has been studying American capitalism for 35 years, I’m going to let you in on the best-kept secret of the last century: private investment — that is, using business profits to increase productivity and output — doesn’t actually drive economic growth. Consumer debt and government spending do. Private investment isn’t even necessary to promote growth.

...We don’t need the traders and the C.E.O.’s and the analysts — the 1 percent — to collect and manage our savings. Instead, we consumers need to save less and spend more in the name of a better future. We don’t need to silence the ant, but we’d better start listening to the grasshopper.

*James Livingston, a professor of history at Rutgers, is the author of “Against Thrift: Why Consumer Culture Is Good for the Economy, the Environment and Your Soul.”

 

It's odd...you know. Go into more debt to resolve your debt crisis, and not a mention of the necessity of employment or wage growth to fuel even net-debt consumer spending.

He thinks an increasing number of jobless people, coupled with those still working but making less in real wages (or even nominal wages), can fuel an economic rebound, and save debt-drowned governments, as well....

Hmmmm. Brilliant!

Wed, 10/26/2011 - 16:20 | 1814096 lunaticfringe
lunaticfringe's picture

You cannot make this shit up. Spend our way out of debt. Another day, another genius. Will there ever be a shortage of them?

Wed, 10/26/2011 - 19:04 | 1814613 Dugald
Dugald's picture

Just give the unemployed a credit card.....

There, fixed!!

Wed, 10/26/2011 - 14:20 | 1813528 NEOSERF
NEOSERF's picture

Tyler - what do you think the chances are that Germany is privately planning to back out of the Euro before Greece goes. With most of the electorate for this, would the Germans get out while the getting is good which is why this endless can kicking might actually be strategic?

Wed, 10/26/2011 - 16:24 | 1814112 lunaticfringe
lunaticfringe's picture

I think the chances are better than avg. Why would the Germans want to get sucked into a debt vortex of never ending and understated liabilities? When they exit- the whole fucking mess fails. You can bet every central banker on the planet is busy trying to buy the German vote.

Wed, 10/26/2011 - 20:26 | 1814980 Zero Govt
Zero Govt's picture

it's not about German voters ...it's about German banks if they stay or go

whatever best suits the bankers the village idiots (politicians) in their pockets will do. That's why Germany has gone down the toilet twice before (see most other countries on Earth too) and will do so again

Bankers and politicians ...the worst partnership in the world  

Wed, 10/26/2011 - 14:20 | 1813529 redpill
redpill's picture

June 30 2012?  LOL

 

Wed, 10/26/2011 - 14:25 | 1813554 Unprepared
Unprepared's picture

What qualifies as "highest quality capital" nowadays?

99.99% pure Vatican bonds?

Wed, 10/26/2011 - 14:37 | 1813616 Imminent Crucible
Imminent Crucible's picture

I think it means "Fed credit".

"'Agreement has been reached that Congress should be required, by November 6, 2011 to consist of the highest quality individuals available, with not greater than 9% convicted felons."

EU is over, but the markets are still pretending. Dow up 153% at this point.

Wed, 10/26/2011 - 16:25 | 1814118 lunaticfringe
lunaticfringe's picture

A minimum security wing of any state prison is more reliable and trustworthy than Congress.

Wed, 10/26/2011 - 14:28 | 1813569 kito
kito's picture

i used to laugh also, but these bastards are going to get their way as long as the markets are kept content. and as of now, it looks that way. i just shake my head......

Wed, 10/26/2011 - 14:28 | 1813571 caerus
caerus's picture

rompuy's pres of the council until may 31, 2012...pass the buck bitchez!

Wed, 10/26/2011 - 14:29 | 1813576 tarsubil
tarsubil's picture

Exactly what my reaction was. They might as well say June 30th 2011 or June 30th 3012. Talk about jumping the shark.

Wed, 10/26/2011 - 14:21 | 1813531 Ahmeexnal
Ahmeexnal's picture

Now that's a sign of a madman...losing his control

http://www.youtube.com/watch?v=RIiH_qIn_4A

Wed, 10/26/2011 - 14:21 | 1813533 legal eagle
legal eagle's picture

Proportionality!   Yes, hello Duetche Mark.

Wed, 10/26/2011 - 14:22 | 1813538 orangedrinkandchips
orangedrinkandchips's picture

Sweet..let's all lend to eachother in a domino effect manner...THEN all join hands and sing cum by ya my lord!!

 

wait....next headline will read that the sun might come up tomorrow.....

Wed, 10/26/2011 - 14:22 | 1813539 Let them eat iPads
Let them eat iPads's picture

9% of the highest quality capital?

Wed, 10/26/2011 - 14:31 | 1813584 Mark123
Mark123's picture

Funniest thing I ever heard coming from these con artists. I heard the same thing from guys selling Rolex watches int he Gran Bazaar in Istanbul!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Wed, 10/26/2011 - 14:22 | 1813540 Cone of Uncertainty
Cone of Uncertainty's picture

Let the selling commence.

2012....!!!

Hahahaha, fucking douches, hahahahah!!!!

Wed, 10/26/2011 - 14:32 | 1813587 SheepDog-One
SheepDog-One's picture

Yea, we're all bankrupt right now, and today was our LAST DITCH final hour drop-dead date for a total resolution...but fuck it, there is no solution at all so we're closing it out for this year, will resume talking again sometime next year so PARTY ON!

Wed, 10/26/2011 - 14:22 | 1813541 machineh
machineh's picture

'With these measures, we restore confidence that it's always the same sh*t, different day.'

See yas ...

Wed, 10/26/2011 - 14:22 | 1813543 Sequitur
Sequitur's picture

Are you fucking kidding me. The "highest quality" capital? Weeks of meetings, and this is what they come up with?

Wed, 10/26/2011 - 14:26 | 1813560 sabra1
sabra1's picture

they're refering to pension plans, 401K's, stuff like that, there!

Wed, 10/26/2011 - 14:23 | 1813544 Quintus
Quintus's picture

That's it?  A big, fat zero after 6 days and nights of 'Work?

They're fucked.  Totally fucked.  

The most substantial threat faced by their beloved currency union since it's inception and following the very best, no hold barred, no expense spared efforts the Eurogroup could possibly apply to deal with it, they come up with nothing at all.

 

Wed, 10/26/2011 - 14:25 | 1813556 pods
pods's picture

Should have had Warburg there.  Say what you want, but he engineered the takeover of the US in that amount of time.

pods

Wed, 10/26/2011 - 14:26 | 1813562 machineh
machineh's picture

 

'Parturient montes, nascetur ridiculus mus.'

The mountains labored, and brought forth a ridiculous mouse.

 

Wed, 10/26/2011 - 15:11 | 1813833 Elliott Eldrich
Elliott Eldrich's picture

Now now... it wasn't "nothing at all." From what I can tell, they have agreed in principle to continue looking into the possibility of future agreements. 

In other words, yet another colossal nothingburger of an announcement from Euroland. Lots of pretty phrases and important sounding words, with all of the substance of a beer fart. 

Wed, 10/26/2011 - 14:24 | 1813549 Piranha
Piranha's picture

but most important....they have a plan!

Wed, 10/26/2011 - 14:24 | 1813550 Dick Darlington
Dick Darlington's picture

With these measures, we restore confidence

 

Aaaand scene!

Wed, 10/26/2011 - 14:25 | 1813551 TruthInSunshine
TruthInSunshine's picture

 

 

"I used to be clueless about math, but I turned that around 360 degrees."

-Unelected European Council President Herman Von Rompuy

 

The answer to the EuroDebtapocalypse is clear, will be quite painful & is inevitably unavoidable. The comedy resides in the delay, obfuscation and lying.

Wed, 10/26/2011 - 14:24 | 1813552 totem
totem's picture

Wait.  They have a "von Rompuy" talking about "state of preparations?"

If the speech is titled "Rompuy's Preparation H", I think we've got a winner!

Wed, 10/26/2011 - 14:25 | 1813555 Let them eat iPads
Let them eat iPads's picture

H is for Hopium.

Wed, 10/26/2011 - 14:38 | 1813623 Piranhanoia
Piranhanoia's picture

Hermanroid von Rumpus

Wed, 10/26/2011 - 14:25 | 1813558 Smartie37
Smartie37's picture

The Euro is SAVED ! (for kindling)

Wed, 10/26/2011 - 14:27 | 1813568 pods
pods's picture

So after almost a week they have agreed that banks should raise their capital reserves to somewhere around 9% by around 2012.

Is it just me or do y'all see some wiggle room in there?

pods

Wed, 10/26/2011 - 14:29 | 1813575 Iriestx
Iriestx's picture

Weren't sub-prime mortgages that were packaged into AAA rated debt, pre-2008, considered the highest quality capital?  Maybe they can be again!

Wed, 10/26/2011 - 14:33 | 1813588 tarsubil
tarsubil's picture

There's an idea. Why not? 

Hey, anyone know where to get some good distillery and brewing equipment? After the collapse, I'd like to be able to still get drunk.

Wed, 10/26/2011 - 14:45 | 1813678 JohnG
JohnG's picture

Here ya go:

http://www.milehidistilling.com/

Northern Brewer has pretty good prices on a wide selection of beer brewing stuff.

Careful with that still, make sure you take it apart after, ....using...., still are illegal, parts are not :)

Wed, 10/26/2011 - 14:30 | 1813577 knukles
knukles's picture

Maybe some Nitrous Oxide :)

It's official!
The Guiness Book of World Records for the Longest Can Kick of Significance in Human History.

Wed, 10/26/2011 - 14:30 | 1813578 topcallingtroll
topcallingtroll's picture

BORING!!!
QE and bailout fatigue setting in.

Cant somebody start a new war or at least some more legislative fistfights?

Wed, 10/26/2011 - 14:31 | 1813581 Tao 4 the Show
Tao 4 the Show's picture

The image of an old guy with pomp and authority morphs into a teenage girl chewing gum while she says, "Oh there's a problem with my Visa card? , that's okay, I'll call and get the limit raised on Daddy's Mastercard."

Wed, 10/26/2011 - 14:31 | 1813583 pcrs
pcrs's picture

... or else ??? 

Wed, 10/26/2011 - 14:33 | 1813591 Josh Randall
Josh Randall's picture

Von Rompuy: "Wait - I didn't get a HARUMPH outta that guy.."

Wed, 10/26/2011 - 14:33 | 1813593 Piranhanoia
Piranhanoia's picture

"Agreement has been reached that banks should be required,  by 30 June 2012, to have 9 % of the highest quality capital."   

I can hardly wait for the new grading scale for manure.  Agreement has been reached that requires we say that agreement has been reached.

These idiots are Vogons.

Wed, 10/26/2011 - 14:33 | 1813595 Honey Badger
Honey Badger's picture

Article Translation:  Banks should first see if they can find some dumb fucking private investors to give them money.  If that is not enough, then governments will give it to them.  And if that is still not enough, then the EFSF will give it to them. 

Good luck with that!

Wed, 10/26/2011 - 15:30 | 1813921 earleflorida
earleflorida's picture

it works for the 'fed', and for that matter all cb's

you don't need to print something out of then air when the sizzle sells it for ya through an empty stomach

running on fumes has carried many unto nirvana,... so what's different this time  

Wed, 10/26/2011 - 15:53 | 1813996 letitgo
letitgo's picture

Nice summary of the German political agenda (I followed their debate this morning).  In step 2, governments means national governments of the countries with exposed banks (not the Germans).  In step 3, you should add that any further German contribution to the EFSF now has to be approved by German Parliament. 

It's tough love from Angie.

Wed, 10/26/2011 - 14:51 | 1813599 Vuvuzela
Vuvuzela's picture

The financial and economic model of this so called NWO is nothing you learned in college.

If normal prediction in a mathematical financaill model will indicate lets say greece will defaul, they will find a way and avoid it no matter what. look what happend in the past 6 months.

So my point is those guys piss in the wind and they dont get wet.

No matter what those parasites will find a way around and implement their agenda

Serious

http://www.sovereignindependent.com/?p=25455

http://www.youtube.com/watch?v=Ox0Q4YIdnGI

This look like Sieg Heil Reloaded, just look @ the EU Map

Wed, 10/26/2011 - 14:35 | 1813605 Mark123
Mark123's picture

Some Bazooka all right....I stand in awe of the mighty arsenal that has been unleashed to save the world's finances!!

I would type some m,ore, but I have to go start buying NFLX shares immediately.

Wed, 10/26/2011 - 14:37 | 1813615 s2man
s2man's picture

...to have 9 % of the highest quality capital. This figure should take into account a marking down for sovereign bond holdings against current market prices

Did he say mark to market?  that'll never fly.

Wed, 10/26/2011 - 14:37 | 1813618 Everybodys All ...
Everybodys All American's picture

Bear in mind the market is up over 1000 DOW points on this empty promise since Oct. 4th. You have got to be impressed with the show.

Wed, 10/26/2011 - 14:37 | 1813620 midgetrannyporn
midgetrannyporn's picture

this is really good news for the usa markets. it means euro banks have eight months to raise cash and take their marks. No fire sale today.

Wed, 10/26/2011 - 14:41 | 1813652 machineh
machineh's picture

Probably a bank run is underway in Europe ... but it's invisible as the ECB just advances credit to replace the fleeing deposits.

Wed, 10/26/2011 - 14:44 | 1813671 Ag1761
Ag1761's picture

I'm not even going to ask WTF your avatar is all about my friend, are you sure you have logged onto the correct forum with that one...unless, if it's a direct jibe at a particular Euro politician, then lets have his name.

 

Wed, 10/26/2011 - 14:42 | 1813657 Peter K
Peter K's picture

I'm speachless. They can't even produce words anymore.

Wed, 10/26/2011 - 14:43 | 1813669 letitgo
letitgo's picture

I don't know why all you people are so frustrated with leaders trying to make the banks take a hit in a crisis.  I thought that defending the interests of the taxpayer and honest saver against the banksters was part of what ZH was about.

As I see it this continued fluffing about with two background themes of: (1) the banks must recapitalise because they're going to take a big hit soon; and (2) we're not going to print, is hurting the banks more than the average Joe.  Surely you people aren't hoping they do what the US did in the subprime crisis and bail out risk-taking banks while robbing the little guys and savers through inflation!  Perhaps many of you are no so deeply invested in PMs that your interests are now aligned with those of the banksters and TPTB rather than the people at large.  That would be sad.

For my part, I maintain the hope that this is all part of an ingenious plan (by Germany at least) to pretend to be doing something, but actually just stalling while getting the banks to absorb as much of the losses as possible, before they spring into action and nationalise the banks on favourable terms to the government.  I certainly wouldn't have a problem with that.

Wed, 10/26/2011 - 14:55 | 1813752 Tao 4 the Show
Tao 4 the Show's picture

Most ZH'ers would be thrilled to see the banks take a lethal hit and just shut down. What great optimism to hope that Germany has a real plan behind the apparent sell out of the country by Merkel et al. On whose back does this leveraged fund ride? I also hope for something good but strain to see any signs of sanity or self preservation beyond the mega rich expanding their empires.

Wed, 10/26/2011 - 15:18 | 1813858 letitgo
letitgo's picture

How exactly is Germany selling out the country? 

For the moment, they just seem to be refusing to do what TPTB want them to do.  If they went the bazooka option and restored the status quo before using the crisis to make the banks take a hit and the Southern European governments tighten their belts a bit, then they'd be selling out the German people.  They seem to be doing the opposite for now.

Wed, 10/26/2011 - 15:34 | 1813933 Tao 4 the Show
Tao 4 the Show's picture

Do you think the money given to bail out the banks that made loans to Greece was well spent? How many Germans liked the idea? How does the money given to the ESFS help Germany? Who will be on the hook for the leverage? Who bails that out when the PIGS still can't fly?

Sure, if they are planning something completely unseen, it might be great. We can always dream.

Wed, 10/26/2011 - 15:48 | 1813980 letitgo
letitgo's picture

The Germans have hardly given the banks a cent so far.  They haven't yet agreed to leverage off the EFSF and they are making noises about getting bank assets in return for any bail out money that goes across to them and regulating all EZ banks and hedge funds like German banks and hedge funds.

I'm not talking about what they're planning, but what they're doing at the moment.  Which is, precisely, nothing in the way of printing and pretty much nothing in the way of giving money to the banks.  Hell they're not even letting the ECB buy bad bonds anymore.

Of course this could change and Sarkozy qua agent for exposed French banks could get his way in terms of leverage, printing, further ECB bond buying etc, but at this stage, the Germans are getting some serious ground back (after their so-called backdown a few months ago on their demand that the banks take a bigger hit).

Wed, 10/26/2011 - 14:53 | 1813719 GoinFawr
GoinFawr's picture

9%... of the highest quality capital? Where the hell are they going to get all that Silver and Gold VanRompBoy? Hrvatska?

Wed, 10/26/2011 - 14:50 | 1813723 Hansel
Hansel's picture

LOL, I love that last sentence!

"With these measures, we restore confidence and put Europe's banking sector on a sound footing."

They have deemed it so.  All is well!

Wed, 10/26/2011 - 14:51 | 1813727 Steel_Preacher
Steel_Preacher's picture

Oooooookaaay...

 

The Commission has indicated it will be applied with the necessary proportionality in view of the systemic character of the crisis. With these measures, we restore confidence and put Europe's banking sector on a sound footing.

 

wait for it.......... BWHahahahahahhahaha

Wed, 10/26/2011 - 14:52 | 1813736 Syrin
Syrin's picture

Does anyone actually know what the word "austere" means?   What word will they use to describe TRUE austerity programs?   "Really, really austere"?  Giveme a f***ing break.

Wed, 10/26/2011 - 15:23 | 1813749 slewie the pi-rat
slewie the pi-rat's picture

 

 

in order of preference

  1. banksters raise capital in capital markets, which don't care too much for them since the banksters disrespect "M2M valuations"
  2. seek support from national goobermints where ordinary people are in open revolt against giving these fukers one mo (insert fiat currency here)
  3. If the latter support is not available without creating systemic risks for the Eurozone, the EFSF should provide the loans for recapitalisation

and why are we here?  "Short term recapitalisation is needed in the current exceptional circumstances to create a temporary buffer allowing the banking system to withstand shocks in a reliable manner."

loans for recapitaliZation, huh? a temporary buffer?  just till things come around and the fuking banksters can get back on their feet as the productive economy soars under their peerless leadership?

loans for recapitaliZation = more liquidity, same or worse insolvency = BULLSHIT 

once these asswipes get the TBTF imprimatur, they simply exist as zombies to transfer more and more wealth to the uber-elites, who, united as the NWO will not stand for any losses this century, whatsoever!

the time is NOW (as opposed to NWO)!!! make them M2M and come clean.  your 5th grader has a stronger balance sheet!  TPTB have tossed around the hot pota-toe and played musical chairs at the same time for long enuf.  we get the picture!  they have stolen the wealth of the nations and pledged to repay them next tuesday, which never gets here

we can not permit these criminals to continue to run our planet for their benefit under the cover of "laws" from which they claim exemption, time & time again

it's flush or be flushed, so flush the fuking banksters, BiCheZ!

Wed, 10/26/2011 - 15:26 | 1813902 krispkritter
krispkritter's picture

Who is Herman van Rompuy? http://www.youtube.com/watch?v=lqovTGjYjM4  Classic Farage!

Wed, 10/26/2011 - 15:28 | 1813908 lizzy36
lizzy36's picture

Blah...Blah....Blah

Does highest quality capital include cats or merely the debt of insolvent states?

Wed, 10/26/2011 - 15:39 | 1813945 slewie the pi-rat
slewie the pi-rat's picture

marking to cat-scratch, feverishly, aren't they?

Wed, 10/26/2011 - 16:49 | 1814188 ddtuttle
ddtuttle's picture

"Agreement has been reached that banks should be required, by 30 June 2012, to have 9 % of the highest quality capital." 

That would be gold, right?   So 9% of say $10T is $900B which is some 16,000 tons of gold!  That means Europe would need another 6,000 tons, which would drive the price to the moon.

Of course, they're all insolvent, so their captial is less than zero, so technically they would have disgorge gold ... but who's counting.  

Wed, 10/26/2011 - 18:01 | 1814356 Zodiac
Zodiac's picture

Where does this asshat Von Romperroom fit into the EU bureaucracy?

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