German Lower House Begins Debate On EFSF Ratification, And Other European Events

Tyler Durden's picture

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Fips_OnTheSpot's picture

The voting on EFSF is expected for lunch, at 9am a further talk/discussion started.

Already quite "historic" blabla running from the politicans. Some are now no longer so fond of it, since the leveraging deal would rule them out of decisions.

 

Protestors before Bundestag showing transparents with "EFSF - Europe Finance Suicide Fund"

taraxias's picture

Same story, different day. The are not fond of it, they are outraged but in the end.....they'll vote for it.

THERE'S ZERO CHANCE THIS THING NOT PASSING TODAY WITHOUT THE NEED FOR SUPPORT FROM THE OPPOSITION. 

ZERO

Fips_OnTheSpot's picture

Oh, for sure it will pass. No doubt here.

reload's picture

BBC `Newsnight` politics & current affairs show had 3 talking heads on last night. 2 `think tank` types and a snaggle toothed woman from Shroeders Investment management. Their consensus was that not only is this a done deal, but the next round of `levering up` is a done deal also. And guess what - just like `TARP` they all said if it was not, then it would be the end of the world, unthinkable consequenses etc etc. When the presesnter Jeremy Paxman noted that `the German finance minister is publicly against using an increase in bailout funds as leverage` the consenseus from the talking heads was that `he has to say that at this point` - so as not to scare the sheep too much. This is classic, give them an Inch and they take a Yard stuff.

Paxman feigned incredulity `you mean the politicians are not being honest`? to which the Schroeders woman basicaly said - well they can not be at this point, because the outcome is going to be that Germany backstops the whole EU, France can not do it, Finland will not and so the outcome WILL be that the Germans pick up the whole tab.

The Germans are trying to bring the Frogs to the boil nice and slowly and if they get away with it the German people are going to be utterly screwed - and when they wake up, VERY ANGRY. 

Nussi34's picture

Which opposition? What Europe is concerned they all have the same wet dream: Endless jobs for politicians that have been kicked out in their home countries!

turicum's picture

Does someone know when the talk/discussion is over and the votes will be cast?

Fips_OnTheSpot's picture

Might take another hour.. no fixed schedule.

covert's picture

Germany is moving in roughly the right direction.

http://expose2.wordpress.com

 

Western's picture

Krystallnacht Redux in 3...2...1...

Sequitur's picture

The German version of the Congressional "whip" was saying he has the vote locked, and it will pass.

Fuck Geitner.

JLee2027's picture

No surprise. Anytime it's brought to a vote by the majority, it's a done deal.

Fips_OnTheSpot's picture

Is the S&P downrating template already filled out for Germany? :)

jmcadg's picture

Another day trading on hopium no doubt.

mfoste1's picture

The EMU is going to dissolve anyways....why doesnt germany just say screw it and leave, go back to the deutsche mark.

Fips_OnTheSpot's picture

Because the german Bigcorps profit from this stupid currency union. The debts are paid by the sheeples.

reload's picture

Because a lot of powerful vested interests see this as the perfect cover for EMU to morph into Fiscal AND Political Union. They are working on it and will not rest till they get it. Its well known that this is NOT what the people of Europe want, but hey, fuck them. Think of the size of the Gravy train these bastards are creating for themselves and their Banking overlords - it is truly sickening.

willien1derland's picture

At very least the German vote will indicate if all governments are as arrogant as the US - Socializing losses & Privatizing Profits - I hope the Germans end the relentless game of 'No Debtor Left Behind'

LookingWithAmazement's picture

German Lower House will agree with the proposals. No Armageddon. Yaaaawn.

you enjoy myself's picture

the halflife of this latest rescue doesn't last beyond noon on thursday.  assuming /ES ramps another 10 points at 5am, every sane investor sells into the rally and GTFU before the weekend.  approving EFSF just ensures the collapse will be an order of magnitude greater than it otherwise would have been.  and it doesn't matter anyways since once the quarter ends there's going to be mass dumping by everyone (and the 1st of the month auto-gains have now been front-run for the last several months, so getting liquid is likely due for thurs/fri).

turicum's picture

Please excuse my ignorane, but I keep reading about "ES" and I have no idea what that referes to. Can someone explain?

Sequitur's picture

Futures market. Traded on Globex. Underlying is the S&P. Look up e-mini future.

Wolferl's picture

Why is the Bundestag the "Lower house" ? Germany doesn´t have a two chamber parliament. The "Bundesrat" isn´t a part of parliament. 

Nussi34's picture

I hope we will see a second Hitler emerging soon. I do not wish that he becomes pwerful, but his sole existance would scare the Europhiles to death and they will start to care about what the people think again.

anyways's picture

yawn.

Done. Yes: 523 No: 85 Abstention: 3