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Goldman Recaps Germany's Eurozone Stance On The Eve Of Thursday's Critical, And Much Despised, EFSF Expansion Vote

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Mon, 09/26/2011 - 04:50 | 1710172 Fips_OnTheSpot
Fips_OnTheSpot's picture

Row, row, row your boat... to a safe heaven </sarc>

Mon, 09/26/2011 - 14:08 | 1712064 covert
covert's picture

sure, but, where is the haven?



Mon, 09/26/2011 - 05:02 | 1710202 yabs
yabs's picture


Thw world is insane if people allow this

GREECE needs to deafualt end of stroy

Mon, 09/26/2011 - 05:07 | 1710206 Mr.Sono
Mr.Sono's picture

this reminds me when bunch of bankers running around and calling to each other then to fed. just like in 2008. lol funny. people going to start writing books about this soon. panic of 2011 or 2012. and wonder wtf did just happen.

Mon, 09/26/2011 - 05:09 | 1710209 Mr_Wonderful
Mr_Wonderful's picture

Pretty direct wording:


U.S. Treasury Secretary Timothy F. Geithner warned at the annual meeting of the International Monetary Fund that failure to combat the Greek-led turmoil threatened “cascading default, bank runs and catastrophic risk.”  - Bloomberg

Mon, 09/26/2011 - 05:13 | 1710215 Sudden Debt
Sudden Debt's picture

If you plan to fuck things up



Mon, 09/26/2011 - 05:52 | 1710224 Catullus
Catullus's picture

"It is in the best interest of Germany to continue to bankroll the Italian 12 hour work week." -- Merkel

Merkel is there because she's your occupying regent, Germans.  In exchange for power, her job is to neutralize the CDU into not disrupting the Euro or movement to a pan-european state.  The social democrats are more than happy about the euro and are more than happy to allow Germany to be completely subservient to a pan-european government.  The old socialists put all their post Cold War marbles into this bet.  They'll let Greece default and maybe let a few banks go under, but they won't break the union up.  That's where they've drawn the line in the sand.

Mon, 09/26/2011 - 05:24 | 1710228 ivars
ivars's picture

Silver went to 26 on Monday, amazing! Exactly where it was predicted to land in this time in this March prediction chart(25-32USD corridor in H2 2011).:


and gold went to 1550! fantastic: Again, exactly where it was expected to be in this April prediction ( which predicted also the bubble-well I expected it to be there in November) - down to 1500-1600 in November 2011.And I expected bubble and crash in October- it happened in September..



Mon, 09/26/2011 - 05:28 | 1710233 guiriduro
guiriduro's picture

As if the banking system needs saving.  The real economy needs saving, the ability of willing workers to work and to consume need saving, the born and unborn taxpayers of the future need saving.

The interests of the banking cartel and the investor class who failed to oversee them absolutely do not need saving - they took the risks and enjoyed the rewards, and now it looks like their capital might be at risk, they want to socialise this either on German taxpayers, or by austerity, on Southern european workers and taxpayers now and in the future.  That must not be allowed to happen.  The idea that we need the banking system "recapitalised" via any public mechanism apart from them going out and selling their failed business models to rich Arabs, is ridiculous.  Let failing businesses fail, banks of whatever size are no exception.  Depositors (for whom the word deposit is used, not bank bondholders or other creditors) deserve state protection, but States (and their taxpayers) also need protection - so the state deposit protection schemes must be legislated into super-senior position on failing banks assets so these losses are not passed to taxpayers via the back-door.

Yes, we need affordable credit solutions going forward, and here the sovereigns and the EFSF/ECB can step in, to help household's and SME's liquidity, but this can as easily happen via newly-created, debt-free credit unions and need not involve any of the zombie banking sector and their huge, underfunded, risky debt pile of old.  Some pension funds would also get wiped out, but that would be a good lesson for future pensioners when seeking out the best pension fund and measuring its risk management, not a reason to save the whole creaking, failing mass of casino capitalism as it stands.  I, for one, would leave the EU if it pushes onto taxpayers or workers any unnecessary burdens and austerity measures that ought to have been taken as losses by the malinvested investor class and the maverick banker spivs they lauded.


Mon, 09/26/2011 - 05:33 | 1710238 Coldfire
Coldfire's picture

If voting changed anything...

Mon, 09/26/2011 - 05:38 | 1710245 BarryG
BarryG's picture

Siemens just moved E4bn to the ECB from French banks....


Mon, 09/26/2011 - 05:53 | 1710257 Peter K
Peter K's picture

Looks like the leveraged ECB has been accepted by the German elites.  Just don't want to talk about it before Thursday's vote.

Mon, 09/26/2011 - 05:59 | 1710264 Moneyswirth
Moneyswirth's picture

Frau Merkel is putting up a pretty strong front in support of the eventual bailout of Greek deadbeats.  "Germany supports this if necessary, etc. blah blah blah"

I wonder what the actual German people are thinking.  How long before we see the disastrous results of the toxic brew of desperate nationalism spurred on by abject financial depspair?

Mon, 09/26/2011 - 09:31 | 1710730 Cast Iron Skillet
Cast Iron Skillet's picture

Actual German people are really pissed off that their hard-earned money is to be used to bail out other countries. I know folks over here who really get all red in the face talking about it.

Merkel stands a good chance of getting the legislation passed, but might not be able to count on her own party for enough votes. The SPD (Social Democratic Party = opposition party) has stated that they will jump to her aid to get passage. If the EFSF bill passes, but without a majority from the CDU (=Merkel's party) voting for it, her government is toast.

Mon, 09/26/2011 - 06:09 | 1710271 Lord Welligton
Lord Welligton's picture

("We would need to reconsider if the troika were to come back one day saying that Greece cannot make it").

Well I can save you some time and expense there angie.

Greece can't "make it".

Mon, 09/26/2011 - 06:32 | 1710284 Outlaw Of The W...
Outlaw Of The Wasteland's picture

wote? we don't need no stinkin' wote


Mon, 09/26/2011 - 06:43 | 1710293 yabs
yabs's picture


It is in the interst of Germns to support greeks to retire at 50 and pay no taxes and let french banksters keep their bonuses

Mon, 09/26/2011 - 06:54 | 1710298 kurzdump
kurzdump's picture

The German people are not too happy about that. However, as they do not "feel" any direct impact on their personal balance sheets they do not care. Shit would become real once taxes are increased or rating agencies step in to downgrade their beloved country.

Mon, 09/26/2011 - 07:05 | 1710306 TradingJoe
TradingJoe's picture

It's window-dressing at it's best, no matter what happens them bonuses need a home :)))!
As to what the Germans would do or not do, only time will tell and the social unrest movements coming soon to a German town near you!
What we see, are in my humble opinion, nothing but last spasmic moves of a dead cat that has exhausted it's nine lives a long time ago!

Mon, 09/26/2011 - 10:12 | 1710992 CrashisOptimistic
CrashisOptimistic's picture

This is nothing more than Goldman trying to lower expectations and get a SPY bounce out of news of passage.

The German opposition parties are more in favor of Greek bailouts than even Merkel.


Tue, 11/01/2011 - 04:52 | 1831028 karmete
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