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Joint Statement From Merkel And Sarkozy On Global Financial Crisis

Tyler Durden's picture


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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Sun, 08/07/2011 - 15:06 | 1533461 Mongo
Mongo's picture

Intervention bitchez!

Sun, 08/07/2011 - 15:14 | 1533476 MarketTruth
MarketTruth's picture

What is the difference between a central bankster and a counterfeiter?

Sun, 08/07/2011 - 15:17 | 1533498 carbonmutant
carbonmutant's picture

Is this a trick question?

Sun, 08/07/2011 - 15:18 | 1533500 LeBalance
LeBalance's picture

their law.

Sun, 08/07/2011 - 15:26 | 1533523 Founders Keeper
Founders Keeper's picture



Sun, 08/07/2011 - 16:32 | 1533784 Reese Bobby
Reese Bobby's picture

Brilliant answer.  Very funny....

Sun, 08/07/2011 - 16:54 | 1533861 Johnbrown
Johnbrown's picture


Sun, 08/07/2011 - 17:45 | 1533997 goldfish1
goldfish1's picture

I'd like to see you at a microphone with bernank in the hot seat.

Sun, 08/07/2011 - 15:27 | 1533534 Founders Keeper
Founders Keeper's picture

...counterfeiting is transitory.


Sun, 08/07/2011 - 15:37 | 1533583 uno
uno's picture

Helicopter Ben flying Jackson Hole again, perfect timing

Sun, 08/07/2011 - 15:58 | 1533677 bigdumbnugly
bigdumbnugly's picture

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.

Sun, 08/07/2011 - 15:58 | 1533676 snowball777
snowball777's picture

Counterfeiters are subject to arrest.

Sun, 08/07/2011 - 16:02 | 1533688 NumNutt
NumNutt's picture

One is paying off the government, the other keeps all profits for themselves.

Sun, 08/07/2011 - 19:48 | 1534569 vocational tainee
vocational tainee's picture


Sun, 08/07/2011 - 15:15 | 1533483 So Close
So Close's picture

Because the govenrment knows best.

Sun, 08/07/2011 - 17:46 | 1534002 Manthong
Manthong's picture

"the EFSF will be improved and its flexibility increased"

We already know where the flexibility is coming from.

Sun, 08/07/2011 - 17:49 | 1534015 espirit
espirit's picture

Global Financial Crisis? Who could have seen that one coming?

Gold, bitchez.

Tue, 03/27/2012 - 01:45 | 2293530 jaffa
jaffa's picture

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.
Vacation Rentals

Mon, 04/02/2012 - 05:44 | 2309053 jaffa
jaffa's picture

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

Sun, 08/07/2011 - 15:47 | 1533636 jplotinus
jplotinus's picture

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.

Sun, 08/07/2011 - 16:19 | 1533743 Coke and Hookers
Coke and Hookers's picture

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.

Sun, 08/07/2011 - 16:30 | 1533774 Kat
Kat's picture


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.

Sun, 08/07/2011 - 16:35 | 1533794 Central Bankster
Central Bankster's picture

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.

Sun, 08/07/2011 - 17:47 | 1534009 goldfish1
goldfish1's picture

global currency bitchez?

Sun, 08/07/2011 - 16:55 | 1533867 Ramboy
Ramboy's picture

German Govt is in favor of massive bond buying for Italy and Spain as per Der Spiegel 4:47 EST

No word on Zerohedge

Sun, 08/07/2011 - 18:38 | 1534254 Dave Thomas
Dave Thomas's picture

It can only shit out so much pertenant economic news. How bout you head over to Yahoo Finance and take a load off.



Sun, 08/07/2011 - 17:48 | 1534012 DRT RD
DRT RD's picture

Where are my green and red up down buttons? Do i need to adjust my ssetting or something?

Sun, 08/07/2011 - 15:07 | 1533464 narapoiddyslexia
narapoiddyslexia's picture

"finance recapitalization of financial institutions???"

Not again... Can't we just let them die.

Sun, 08/07/2011 - 15:27 | 1533536 toady
toady's picture

We must finance the finaciers who finance the financiers in finance.


Or we could just kill them all and let Allah sort them out.

Sun, 08/07/2011 - 17:48 | 1534011 goldfish1
goldfish1's picture

Deja vu Tarp?

Sun, 08/07/2011 - 15:08 | 1533469 grunk
grunk's picture

Chancellor Merkel:

"Stop bothering me. I'm hiking."

Sun, 08/07/2011 - 15:19 | 1533509 max2205
max2205's picture

..... My dress. See the black forest

Sun, 08/07/2011 - 15:12 | 1533472 Quintus
Quintus's picture

Oh dear.  No mention of a larger EFSF.


Not at all what the markets want to hear.

Sun, 08/07/2011 - 16:25 | 1533764 CrashisOptimistic
CrashisOptimistic's picture

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.

Sun, 08/07/2011 - 15:13 | 1533475 Threeggg
Threeggg's picture

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

Sun, 08/07/2011 - 15:30 | 1533553 toady
toady's picture

Make sure its all off-book. We don't want any of this coming back on us.

Sun, 08/07/2011 - 15:36 | 1533567 DoChenRollingBearing
DoChenRollingBearing's picture

Threeggg, I hope they are using grease for high temperatures...  Or those bearings will, wait for it:




Sun, 08/07/2011 - 15:49 | 1533630 Threeggg
Threeggg's picture

Lithium Biatchez !

Sun, 08/07/2011 - 16:08 | 1533703 DoChenRollingBearing
DoChenRollingBearing's picture

High Temperature!  High Pressure!

Sun, 08/07/2011 - 15:14 | 1533477 zebra
zebra's picture

eventaully, people will dismiss anything that any governemt say.



Sun, 08/07/2011 - 16:15 | 1533736 Taku
Taku's picture

Were Merkel & Sarkozy holding hands for that statement?

They're talking to themselves, at this point.

Sun, 08/07/2011 - 15:13 | 1533478 scratch_and_sniff
scratch_and_sniff's picture

LOL "swiftly by the end of september", fail.

Sun, 08/07/2011 - 15:15 | 1533482 augie
augie's picture

"Big Foreign Buyers Likely to Stick With Treasuries Despite Downgrade"

Bloomberg Homepage. Why not just write "Don't Panic" in large friendly letters and hope for the best? 

Sun, 08/07/2011 - 15:48 | 1533620 hedgeless_horseman
hedgeless_horseman's picture

S&P downgrade "mostly harmless"

Sun, 08/07/2011 - 16:15 | 1533740 jplotinus
jplotinus's picture

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.


Sun, 08/07/2011 - 15:16 | 1533485 Sophist Economicus
Sophist Economicus's picture

"I hear a train a comin', it's rolling round the bend......"

Sun, 08/07/2011 - 16:06 | 1533697 snowball777
snowball777's picture

"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..."


Sun, 08/07/2011 - 15:16 | 1533486 holdbuysell
holdbuysell's picture

Tyler, are you having trouble keeping the site up? I keep getting errors periodically that the site is not available. Anyone else having trouble?

Sun, 08/07/2011 - 15:18 | 1533502 youngman
youngman's picture

Yes......and it is coming in all goofy on my Blackberry.....its all lineal...

Sun, 08/07/2011 - 15:32 | 1533560 holdbuysell
holdbuysell's picture

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.

Sun, 08/07/2011 - 15:35 | 1533576 DoChenRollingBearing
DoChenRollingBearing's picture

Oh yes, please keep the show running tonight!

Sun, 08/07/2011 - 15:30 | 1533564 holdbuysell
holdbuysell's picture BB feed is unformatted as well.

Sun, 08/07/2011 - 15:35 | 1533575 narapoiddyslexia
narapoiddyslexia's picture

Here's the problem -

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.

Sun, 08/07/2011 - 15:38 | 1533594 DoChenRollingBearing
DoChenRollingBearing's picture

Very interesting narapoid, thanks for sharing.

Sun, 08/07/2011 - 15:43 | 1533615 Jeremy Roenick
Jeremy Roenick's picture

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.

Sun, 08/07/2011 - 15:19 | 1533508 Threeggg
Threeggg's picture

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"

Sun, 08/07/2011 - 15:16 | 1533487 papaswamp
papaswamp's picture

"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?

Sun, 08/07/2011 - 15:20 | 1533511 Quintus
Quintus's picture

Because democracy in the EU died a long time ago.

Mon, 08/08/2011 - 05:39 | 1534058 falak pema
falak pema's picture

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.

Sun, 08/07/2011 - 15:39 | 1533598 Instant Wealth
Instant Wealth's picture

They know the guy who counts the votes, I guess.

Sun, 08/07/2011 - 15:16 | 1533490 Yen Cross
Yen Cross's picture

Sell your family for ( eur) and stock up on Preparation H !

Sun, 08/07/2011 - 15:17 | 1533491 youngman
youngman's picture

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..

Sun, 08/07/2011 - 15:17 | 1533493 Pectoralis
Pectoralis's picture

lots of blah blah, as always.

Sun, 08/07/2011 - 15:17 | 1533495 max2205
max2205's picture

Blah blah....S E L L ! !

Sun, 08/07/2011 - 15:18 | 1533497 Nate H
Nate H's picture

George Orwell you were prescient...

Sun, 08/07/2011 - 15:17 | 1533499 FoieGras
FoieGras's picture

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.

Sun, 08/07/2011 - 15:19 | 1533503 Negro Primero
Negro Primero's picture

by the way....where's Bunga-Bunga?

Sun, 08/07/2011 - 15:19 | 1533504 Marcuz Aurelius
Marcuz Aurelius's picture

<--- Intervention !

<--- Game Over

Sun, 08/07/2011 - 15:19 | 1533506 Irrational Exub...
Irrational Exuberance's picture

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!

Sun, 08/07/2011 - 15:21 | 1533514 carbonmutant
carbonmutant's picture

Plausible deniability...

Sun, 08/07/2011 - 15:22 | 1533515 Threeggg
Threeggg's picture

It's the old format !


Gerbils are transitory....................................

Sun, 08/07/2011 - 15:26 | 1533527 Fazzie
Fazzie's picture

 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!

Sun, 08/07/2011 - 17:46 | 1534003 saulysw
saulysw's picture

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.

Sun, 08/07/2011 - 15:23 | 1533516 Fazzie
Fazzie's picture

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.



Sun, 08/07/2011 - 15:45 | 1533613 cosmictrainwreck
cosmictrainwreck's picture

"we will taunt you a sceond time" LMAO....recall the Frenchman taunting Arthur from the parapets... ha!

Sun, 08/07/2011 - 15:24 | 1533517 vast-dom
vast-dom's picture

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.

Sun, 08/07/2011 - 15:27 | 1533530 mikmid
mikmid's picture

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)

Sun, 08/07/2011 - 15:37 | 1533586 toady
toady's picture

90 days = 90 minutes

Sun, 08/07/2011 - 15:27 | 1533535 LetThemEatCake
LetThemEatCake's picture

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.

Sun, 08/07/2011 - 15:55 | 1533665 THE DORK OF CORK
THE DORK OF CORK's picture

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.

Sun, 08/07/2011 - 15:28 | 1533543 Racer
Racer's picture

And all that hot air did exactly what?

Sun, 08/07/2011 - 15:33 | 1533566 hungarianboy
hungarianboy's picture

Who cares? At least the Dutch PM had his party at Dance Valley :-)

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 :-)


Sun, 08/07/2011 - 15:34 | 1533569 Racer
Racer's picture

They are closely monitoring the situation.... just like a drunk  closely looking into his bottle to see how empty it is

Sun, 08/07/2011 - 15:35 | 1533573 Fazzie
Fazzie's picture

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!!!

Sun, 08/07/2011 - 15:50 | 1533635 Cast Iron Skillet
Cast Iron Skillet's picture

OUR printers can out print YOUR printers anyday, and we're gonna damn well prove it!!!!

Sun, 08/07/2011 - 15:37 | 1533588 24KGOLD FOIL HAT
24KGOLD FOIL HAT's picture

A bland and generic statement...they must be too scared to say anything...A historic week, both behind and ahead!

Sun, 08/07/2011 - 15:36 | 1533596 raya123
raya123's picture

The ECB statement will be key with regard to bailing out Italy and Spain, not this statement by Merkel and Sarkozy.

Sun, 08/07/2011 - 15:41 | 1533602 Watson
Watson's picture

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.

Sun, 08/07/2011 - 15:39 | 1533607 Caviar Emptor
Caviar Emptor's picture

 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

Sun, 08/07/2011 - 15:39 | 1533608 css1971
css1971's picture

Mmm, I love the smell of fresh notes. None of your manky old used ones.


Sun, 08/07/2011 - 15:46 | 1533616 Travis Bickel
Sun, 08/07/2011 - 15:44 | 1533618 machineh
machineh's picture

'parliamentary approval will be obtained swiftly by the end of September'


'swiftly' = 7 weeks from now ... when markets' time horizon is 'tomorrow morning.'

More delusional word salad from incoherent eurowimps.


Sun, 08/07/2011 - 15:45 | 1533624 Sudden Debt
Sudden Debt's picture

Now some of you guys seem positive about this but when a Frenchman and a German woman talk about what will happen without putting numbers in the conversation, THAT MEANS IT ARE HOLLOW WORDS!

10 Euro's or 10 TRILLION EURO's? WHO KNOWS?!

Sun, 08/07/2011 - 19:54 | 1534579 vocational tainee
vocational tainee's picture

statement ,nil..

Sun, 08/07/2011 - 15:50 | 1533642 chinaguy
chinaguy's picture


Sun, 08/07/2011 - 15:48 | 1533645 Lucius_Junius_Brutus
Lucius_Junius_Brutus's picture

I feel way more confident about my future now, thank you mister president.

Sun, 08/07/2011 - 15:55 | 1533674 Peter Pan
Peter Pan's picture

Unless you are being sarcastic, I can assure you that you can be confident only of things becoming worse. Your President and his aunt Merkel have come up with only half baked responses instead of preemptive strategies. At the end of the day, they will be doomed because Greece, Italy and the others cannot shake themselves off the breast of government and cannot give up their tax evading habits.

Sun, 08/07/2011 - 15:52 | 1533653 Peter Pan
Peter Pan's picture

The fact that that they stayed up all night and were only able to come up with this pitiful statement is a fair warning to all and sundry that the politicians are desperately trying to save their heads from the guillotine whilst sending the own citizens to the dogs.

Sun, 08/07/2011 - 15:56 | 1533669 mikmid
mikmid's picture

The difference between a couterfitter and the central banks is that the central banks has olot of very big guns backing it up.

Sun, 08/07/2011 - 15:58 | 1533684 Peter Pan
Peter Pan's picture

Very true, but all counterfeiters are punished in the long run and all their clients are destroyed.

Sun, 08/07/2011 - 16:03 | 1533693 Little John
Little John's picture

Mao Tse Tung said all political  power flows from machine gun  

Sun, 08/07/2011 - 16:11 | 1533711 Peter Pan
Peter Pan's picture

You're so right. Even the Egyptian president had machine guns.

Sun, 08/07/2011 - 16:15 | 1533725 snowball777
snowball777's picture

All of Mao's did.

Sun, 08/07/2011 - 17:24 | 1533942 Yen Cross
Yen Cross's picture

  I try to dis-agree with you 777!  I just can't find a reason?   +`~

Sun, 08/07/2011 - 16:06 | 1533704 falak pema
falak pema's picture


This will talk stronger than statements.

Sun, 08/07/2011 - 16:15 | 1533729 Peter Pan
Peter Pan's picture

Of course. The EU and the ECB have already done things in the past that were not strictly by the book. Even if they don't act immediately, they could try and pump money from different (secret) sources into the stock market and hammer gold so as to give the appearance of confidence.

Mon, 08/08/2011 - 05:40 | 1533751 falak pema
falak pema's picture

According to Le monde Journal on line : ECB has an unwritten brief from both Merkel and Sarkozy to strongly support Italian and Spanish bonds come Monday. But as the ECB is independent of national governments it is the role of the german Bundesbank which will determine come Monday the extent to which the ECB management will support this buy strategy, depending on market response. Its now the Bundesbank which is the German watchdog in this central bank play. achtung!!

Sun, 08/07/2011 - 16:06 | 1533705 jmcadg
jmcadg's picture

So why has the EUR jumped 110 on $. 

Shouldn't the EUR be dying on it's arse?

Sun, 08/07/2011 - 16:21 | 1533752 Peter Pan
Peter Pan's picture

The US, Japanese and Chinese termites are holding hands behind the scenes like termites do on a terminal structure in the hope that they will stop the whole thing from falling. In other words, they are massaging the currency markets to allay your fears.

Sun, 08/07/2011 - 16:09 | 1533713 sulfur
sulfur's picture

please keep paying your taxes and buy our bonds nothing to see here

Sun, 08/07/2011 - 16:15 | 1533728 George the baby...
George the baby crusher's picture

Spin doctors and not very good ones at that.

Sun, 08/07/2011 - 16:17 | 1533733 Gunther
Gunther's picture

deleted , comment belongs elsewhere

Sun, 08/07/2011 - 16:17 | 1533735 f16hoser
f16hoser's picture

Well if Merkel And Sarkozy say everything is fine then everything is fine. RIGHT? Anyone? Anyone?????? Merkel sold out her countrymen and obviously Sarkozy's honeymoon is over.........

Sun, 08/07/2011 - 16:36 | 1533807 Johnbrown
Johnbrown's picture


Sun, 08/07/2011 - 16:38 | 1533821 Yen Cross
Yen Cross's picture

Lay off those meds!

Sun, 08/07/2011 - 16:40 | 1533816 Yen Cross
Yen Cross's picture

[Kermit and Beaker] borrowing from Big Bernanke!   Gumby ( Timmah) & Pokey ( p.o.t.u.s) in the Grandstands!!!!   YEAAA!

Sun, 08/07/2011 - 16:49 | 1533851 Piranha
Piranha's picture

This is "IT"? will be bad tomorrow

Sun, 08/07/2011 - 16:52 | 1533863 theprofromdover
theprofromdover's picture

Just like Congress last week, they didn't have any understanding as to what was required of them.

They thought that a few platitudes and presumably a photo-opportunity would do the trick.

Those days are long gone.

Pygmies all.

Sun, 08/07/2011 - 17:00 | 1533882 Donlast
Donlast's picture

What bugs governments is that their debt TMA which they used to buy votes and sell heavenly policies has a notice on it:  "Out of Order".   Shut down until further notice.  

Let the politicians spin in the wind. They are out of their depth. No idea what it takes to really create wealth, no idea at all and academic economists with them. Useless. How many have ever created a business, run a company, invented or engineered anything. Zilch. Law always law.  Many of them are as thick as two planks as far as wealth creation is concerned. 

Sun, 08/07/2011 - 17:01 | 1533883 Winston Smith 2009
Winston Smith 2009's picture

ECB to buy Italian, Spanish bonds to stop contagion
Sun Aug 7, 2011 4:48pm EDT

Sun, 08/07/2011 - 17:10 | 1533896 Yen Cross
Yen Cross's picture

  Thank GOD I have a sense of humor, and Manage my margins!

Sun, 08/07/2011 - 17:27 | 1533952 chump666
chump666's picture

an ECB print job via German backstops, this is like...attempt No 6? sarkozy is quite possibly the most ridicules EU leader, mekel is a close second.  Germans now will be underwriting a huge risk engine re: ECB that will have the balance sheet from hell.  wont stop EUR selling, so the europeans will get a nice dose of inflation sent their way from these old Europe a-holes

Sun, 08/07/2011 - 17:31 | 1533959 chump666
chump666's picture

Just kick out greece and maybe will force the other piigs to get their shit together. European leaders need to show strength, leadership for f?cks sake.

Sun, 08/07/2011 - 17:44 | 1533990 Racer
Racer's picture

Years later after all the green shoot hopium we get this headline:

Joint Statement From Merkel And Sarkozy On Global Financial Crisis

Idiots were at the helm and are still there

Sun, 08/07/2011 - 17:46 | 1534001 Mongrel
Mongrel's picture

I bet there's rich folks eatin' in some fancy dinin' car,

They're probably droppin' acid and eatin' big cigars . . .

Wed, 09/14/2011 - 05:01 | 1667478 chinawholesaler
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Sat, 03/24/2012 - 01:32 | 2286066 Saints Jersey
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Sat, 03/31/2012 - 04:50 | 2305939 jaffa
jaffa's picture

Whatever the politicians may pretend, governments, banks and companies continue to make contingency plans for a Greek exit from the euro. And, arguably, the terms of the latest bailout make one easier. Thanks a lot.
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Thu, 03/29/2012 - 04:59 | 2299888 jaffa
jaffa's picture

Finance is conceptualized, structured, and regulated by a complex system of power relations within political economies across state and global markets. Finance is both art and science, although these activities increasingly converge through the intense technical and institutional focus on measuring and hedging risk return relationships that underlie shareholder value. Thanks.
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