Joint Statement From Merkel And Sarkozy On Global Financial Crisis
Below is the full text of the joint French-German statement attempting to prevent another European market collapse. Next up are comparable statements from the ECB and from theG7. We expect many more before the night is out.
Following is the full text of a joint statement issued on Sunday by German Chancellor Angela Merkel and French President Nicolas Sarkozy on measures to tackle the euro zone debt crisis.
President Sarkozy and Chancellor Merkel reiterate their commitment to fully implement the decisions taken by the heads of state and government of the euro area and the EU institutions on July 21st 2011.
In particular, they stress the importance that parliamentary approval will be obtained swiftly by the end of September in their two countries.
They welcome the recent measures announced by Italy and Spain with regard to faster fiscal consolidation and improved competitiveness. Especially the Italian authorities' goal to achieve a balanced budget a year earlier than previously envisaged is of fundamental importance. They stress that complete and speedy implementation of the announced measures is key to restore market confidence.
As decided on July 21st, the effectiveness of the EFSF will be improved and its flexibility increased linked to appropriate conditionality, in particular through the following instruments: precautionary program, finance recapitalization of financial institutions and to intervene in secondary markets on the basis of an ECB analysis recognizing the existence of exceptional financial market circumstances and risks to financial stability and on the basis of a decision by mutual agreement of the member states, in order to avoid contagion.
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Intervention bitchez!
What is the difference between a central bankster and a counterfeiter?
Is this a trick question?
their law.
...tradition?
Brilliant answer. Very funny....
+79au
I'd like to see you at a microphone with bernank in the hot seat.
...counterfeiting is transitory.
Helicopter Ben flying Jackson Hole again, perfect timing
he'll be filling that hole with new FRN's soon too.
they'll have to change the name of the place to just plain Jackson.
Counterfeiters are subject to arrest.
One is paying off the government, the other keeps all profits for themselves.
love..
Because the govenrment knows best.
"the EFSF will be improved and its flexibility increased"
We already know where the flexibility is coming from.
http://www.youtube.com/watch?v=uzDStcltWLc&feature=related
Global Financial Crisis? Who could have seen that one coming?
Gold, bitchez.
Negative GDP growth lasting two or more quarters is called a recession. An especially prolonged recession may be called a depression, while a long period of slow but not necessarily negative growth is sometimes called economic stagnation. Since these phenomena affect much more than the financial system they are not usually considered financial crises as such though there are clearly links between the two. Thanks a lot.
Regards,
Vacation Rentals
In corporate finance, a company's capital structure is the total mix of financing methods it uses to raise funds. One method is debt financing, which includes bank loans and bond sales. Another method is equity financing the sale of stock by a company to investors, the original shareholders of a share. Thanks for sharing. Regards, banking information
International cooperation bitchez!
Too bad the US has not joined in on that effort, let alone led it.
Thus is the fatal flaw of self-seeking capitalism exposed. The way forward for overcoming the world financial crisis lies in a greater capacity for international cooperation based on a financial system where sharing, rather than profit, is paramount.
This is what socialism mandates and what capitalism fails, utterly, to grasp.
You are joking, right?
What do you think all the 'capitalists' have been up to for the last few decades? They have been knocking down trade barriers, increasing international cooperation massively, both financial and industrial. This has resulted in incredible imbalances in the world economy where one part has industrialized and amassed wealth while the other has deindustrialized and amassed debt. This is called 'globalism' and it makes pinkos like you get a major hardon.
While all the 'cooperation' and 'sharing' looks good when you've never been out in the real world, it has actually wrecked the world economy. The west has dug itself into a debt hole where the east owns the debt but will never get it paid back. Everybody is fucked and 'international cooperation' (globalism) is directly to blame for the situation.
Suggesting more of it as a solution is about as stupid as suggesting more debt as a solution to a debt problem.
Frankly, your post looks like it was posted from the Twilight Zone.
I'm fucking speechless.
Fool,
The fatal flaw of socialism is the collapse you see before you. Note that capitalist Hong Kong and Singapore aren't imploding along with all of your beloved social democracies.
Since you are a fool, I doubt you'll understand.
And without capitalism and the price mechanism, how will we allocate resources? Who will decide who gets what? And if I or anyone disagrees with those who command control resources, what means other than violence, will they have to get what they need? Socialism always leads violence because it destroys free choice.
global currency bitchez?
German Govt is in favor of massive bond buying for Italy and Spain as per Der Spiegel 4:47 EST
No word on Zerohedge
It can only shit out so much pertenant economic news. How bout you head over to Yahoo Finance and take a load off.
Where are my green and red up down buttons? Do i need to adjust my ssetting or something?
"finance recapitalization of financial institutions???"
Not again... Can't we just let them die.
We must finance the finaciers who finance the financiers in finance.
We MUST!
Or we could just kill them all and let Allah sort them out.
Deja vu Tarp?
Fresh Ink
http://www.xerox.com/digital-printing/digital-printing-press/color-print...
Chancellor Merkel:
"Stop bothering me. I'm hiking."
..... My dress. See the black forest
Oh dear. No mention of a larger EFSF.
Fail.
Not at all what the markets want to hear.
That is precisely my read, too.
There is NOTHING in this statement about more money for the EFSF. There is nothing in this statement other than support for an agreement July 21 (which has not been funded).
They have no new agreement. This statement is empty.
They are greasing up the roller bearings as the printing presses are going to be working OT this week.
The interventions are going to be off the charts/books
Make sure its all off-book. We don't want any of this coming back on us.
Threeggg, I hope they are using grease for high temperatures... Or those bearings will, wait for it:
FAIL!
Lithium Biatchez !
High Temperature! High Pressure!
eventaully, people will dismiss anything that any governemt say.
Were Merkel & Sarkozy holding hands for that statement?
They're talking to themselves, at this point.
LOL "swiftly by the end of september", fail.
Bloomberg Homepage. Why not just write "Don't Panic" in large friendly letters and hope for the best?
S&P downgrade "mostly harmless"
Bloomberg is likely correct. I hate to see ZHers become so shrill over something that is, well, transitory. Even if it's 'big down' on Monday, there's a good chance it'll be a 'big up' on Tuesday, Thursday latest.
You heard it here first.
Chill
"I hear a train a comin', it's rolling round the bend......"
http://www.youtube.com/watch?v=-lm-PCULOuc
"Gonna make a whole lotta money...gonna be big yeah...I'm gonna buy this town...put it all in my shoe...might even give a piece to you..."
O/T
Tyler, are you having trouble keeping the site up? I keep getting errors periodically that the site is not available. Anyone else having trouble?
Yes......and it is coming in all goofy on my Blackberry.....its all lineal...
Thanks...and my BB feed is unformatted as well.
I guess after that upgrade (and well-done, I might add) and the server explosion, things have yet to settle down.
Here's hoping the show is open so I can enjoy my popcorn in a few hours.
Oh yes, please keep the show running tonight!
Thanks...my BB feed is unformatted as well.
Here's the problem - http://www.alexa.com/siteinfo/zerohedge.com
Look at TRAFFIC STATS and set the chart to max.
Traffic has been increasing, and strangely enough the graph LOOKS EXACTLY LIKE GOLD!
Check it out, dude.
Very interesting narapoid, thanks for sharing.
Simple answer. People will seek out the truth.
Amazing how consistent people are. They may be slow to wake, but they finally come to their senses and seek the truth.
This has been going on for a week. But hey, this is ZH, so you deal with it.
I am sure they will iron this stuff out.
"Time to change the Gerbils in the server"
"In particular, they stress the importance that parliamentary approval will be obtained swiftly by the end of September in their two countries."
How the heck do they know that?
Because democracy in the EU died a long time ago.
the EU is not a nation state, but a cooperation of NS. Its institutions are more bureaucratic than democratic because the individual NS don't want to delegate democratic powers, their national prerogratives, to the supranational entity. So democracy didn't die in EU, it was never BORN in EU collectively, at the behest of its members.
They know the guy who counts the votes, I guess.
Sell your family for ( eur) and stock up on Preparation H !
So everything is OK for another year...oops month..oops week...oops day I guess..cause they said so....back to watching the Asian gold market open..
lots of blah blah, as always.
Blah blah....S E L L ! !
George Orwell you were prescient...
Wow, they're basically saying nothing new. Not even hinting at throwing the kitchen sink at the market and defending Italy & Spain at all costs.
EURCHF should gap down huge.
by the way....where's Bunga-Bunga?
<--- Intervention !
<--- Game Over
There is now a shortage of ink-toner now that all printing presses have been re-filled. Swap lines of credit are now open between the Fed and ECB, and they are ready to print a quick 5 trillion!
Plausible deniability...
It's the old format !
Gerbils are transitory....................................
By God it is indeed the old format! I guess the new one was hanging up the site and I thought they just needed a fresh Gerbil on the wheel!
I think you will find that if you go back to old threads you will also see all of the comments as "archived". Don't worry - I'm sure this is transitory, not tradition.
There will be swift, decisive effective action, even though it hasnt happened yet, wont happen now, but is 110% certain by the end of Sept.
Also Italy has promised to quit being insolvent just like Greece did. Heck they even promised to speed up the promise a whole year!
We are the EU, we are 100% united and not full of shit. Maybe all those other times we claimed Euroland was fixed we were full of it but not now, honest Injun, cross our hearts promise.
Ok, If you dont beleive us stay tuned for our big bad G-7 brother. We told you free markets to shut up and buy crap Euro bonds but you insulted our integrity so that does it. You just wait for G-7s promises of instant solutions sometime in the future.
Now you bond vigilantes had better get real scared and do the right thing and go all in on these sure thing PIIGS bonds or...or.....We will taunt you a second time!!!
There, fixed it for them.
"we will taunt you a sceond time" LMAO....recall the Frenchman taunting Arthur from the parapets... ha!
I know how Europe can be saved! I know! I know!
Put Sarkozy and Merkel in touch with Graham Summers for that $350/oz gold deal. Germany and France could then flip all that dirt cheap gold to China, India and USofA and save Greece et al!!!!!!!!
All other conferences and policy actions are futile.
In other words they are going to bailout everyone they can until they can't and then print mo-money and do it again. It will be interesting to see how long this works. I give it 90 days. Anyone wan't to start a pool on which government is going to bankurpt first?
MAN THE LIFEBOATS, SAVE YOURSELVES!! (beans, bullets and bullion)
90 days = 90 minutes
This statement says nothing new. Sarkozy wants full ECB intervention and Merkel wants to wait and see. This says wait and see with perhaps easing in the future. Next, the crisis will intensify, and Merkel will get flak from everyone in Europe and the opposition and the majority of the German press that she has been too 'timid'. At that point she will (a) either concede and allow full ECB intervention (with massive instability/inflation to become apparent in the months to follow) or (b) do what's necessary and leave the Euro, with massive immediate problems,/turmoil in the markets but long term convergence towards stability. Since (b) is a rather remote chance IMO, I am not even thinking that the entire EU could come to its senses.
When you don't default on private debt thats non productive then fiscal debts MUST RISE - otherwise you get a breakdown in the payments system.
I got out of the Euro for the most part 2 years ago after it became obvious they would sacrifice the currency to pay the truely massive shadow bank deposits in the Eurozone.
If they want this experiment to continue they must provide the money to pay this odious debt.
And all that hot air did exactly what?
Who cares? At least the Dutch PM had his party at Dance Valley :-)
http://www.youtube.com/watch?feature=player_embedded&v=Z4DiiVh-nVQ
The guy with the sunglass. Simply EPIC. No bodyguards, and bullshit, Truly as it should be.
I don't see Zapatero, Gpapa, Sarkozy, Obama, or Merkel doing this in public like Mark Rutte does :-)
Respect for the Dutch PM. Only in Holland with AAA rating :-)
They are closely monitoring the situation.... just like a drunk closely looking into his bottle to see how empty it is
The EU are a bunch of Latte sipping, sausage eating wannabe printers who cant keep their collective pieholes shut (and in some cases their zippers closed) because they keep thinking a Euroland solution is just a clever statement away.
There is only one printer on the planet who is up to this task, and he prints first and worries about a few bloody revolutions later and consequences be damned. He can lie his ass off with the best, but mostly he shuts up and does stuff off the radar and dosent feel the need to spout off BS every 12-24 hours.
Ben "I have not yet begun to print" Bernanke!!!
OUR printers can out print YOUR printers anyday, and we're gonna damn well prove it!!!!
A bland and generic statement...they must be too scared to say anything...A historic week, both behind and ahead!
The ECB statement will be key with regard to bailing out Italy and Spain, not this statement by Merkel and Sarkozy.
Not so remote to me. Merkel really does believe in all that unified Europe nonsense (combined with German angst for WW2). But at the end of the day she is a politician, and her party is getting hammered by her refusal to return to the DEM.
precautionary program, finance recapitalization of financial institutions and to intervene in secondary markets on the basis of an ECB analysis recognizing the existence of exceptional financial market circumstances and risks to financial stability and on the basis of a decision by mutual agreement of the member states, in order to avoid contagion.
In other words abolish the free markets, once again. There won't be failure, but there also won't be success since new entrants, ideas and true competition are not permitted. They pick the winners and losers. The well-connected maintain their status, not the meritorious.
And the world drifts further toward centralized government. Next you'll be told where to work and for how much. Finally, you'll be told how long you can live and if you need castration