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Le Figaro Discloses France Has Prepared An Emergency "Just In Case" Nationalization Plan For "2 Or 3" Banks
There are three phrases the market never wants to hear. Ever. They are "contingency", "just in case", and "only." Alas, it just got all three of them in an article just released by French Le Figaro which, per Bloomberg, has disclosed that "France has been working for a number of days on a plan that would allow the state to take a stake in the country’s financial institutions if needed, Le Figaro reports, citing a source. The plan, the article continues, is being prepared “just in case” it’s needed and only 2 or 3 banks may be affected under plan." So, let's get this straight: France has scrambled to put together a nationalization plan to bail out just "2 or 3" banks, "if needed"... Uhhh, all we can say to this is, LEEEEEEEROOYYYYYYY JENKINS. Although the person we would most love to hear say it, is the person who until two months ago was the French minister of finance and currently head of the world's most irrelevant and disorganized organization.
Full Google Translated story:
Paris prepares a plan to help its banks
The Agency for State Holdings (EPA), meanwhile, has been working for several days in a scheme that would allow the French to enter the capital of financial institutions.
In the heart of summer, the little phrase from the Executive Director of the IMF, Christine Lagarde , the need for recapitalization of banks in Europe had created an uproar on this side of the Atlantic, both in government than among bankers. In France, especially, we stick tooth and nail for several weeks this summer's strategy, namely the implementation of the plan to rescue Greece from July 21 will address concerns and to redress market the situation.
But according to our sources, Paris is ready to act. If the level of European support-which must still be approved by some national parliaments, provides that the EFSF to recapitalize banks, the agency of state ownership (EPA), meanwhile, has been working for several days in a diagram that would allow the French to enter the capital of financial institutions. "It's just in case ..." said a source familiar with the matter. Unlike what happened in 2008, which had pushed Bercy that all banks should call the financial office that had opened so that no-it-is stigmatized, only "two or three banks "This time would be affected by the device. "We're not in the same situation three years ago," says another source. And today, some are not willing to "pay" for others.
The Ministry of Economy, which is feared to fuel distrust of markets, it ensures that no recapitalization scenario is under consideration.
Controversy over the "AAA"
Whatever the option chosen at the end, France will act in any case keeping in mind that it is under the eye of the markets. Wednesday, after the announcement of the guarantee provided by the state borrowing by Dexia, the controversy over its continued financial rating "AAA"-one that enables it to borrow on the markets with the best price was great. This is Laurent Fabius who opened hostilities on the consequences of the guarantee provided by France. For the former Socialist prime minister, if the State "turns it on its back, it means that our triple A will not be comforted." Europe 1, he found the issue "very worrying". François Fillon has dryly responded, asking "several times to turn his tongue in his mouth before using expressions that are not accurate." The Prime Minister tried to reassure the public, adding that the state guarantees to Dexia will be "paid". However, he acknowledged, "no one can say in advance that this guarantee will cost the French taxpayer, although naturally each guarantee operation, there is a risk."
The Minister of Economy, Baroin, agreed meaning to the microphone RTL . "It will not increase the debt of the French state since, according to Eurostat, which is the body ESS, all the guarantees to banks are not included in public debt." Reasoning is true, as they are not lacking ...
But it is a rating agency who has probably the most reassured Wednesday: "It is clear that increased financial commitments is not a good thing, but efforts to support the banking system can be positive" and strengthen its note, assured Maria Malas-Mroueh, an analyst at Fitch Ratings in charge of France.
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Tellement vrai...
Oh my god, to see Leeeeeeerroooooooyyyyy JEEEENKIIIINS in the same post as French banks failing....
Epic Win. what the fuck I thought only WOW nerds know this shit.... What are you some super nerd from college playing MMO and now just trashing banks (who deserve it)?
Epic win
Welcome home. (you should check out the 8th rule if no one has yet pointed it out) ;)
I fucking love when worlds collide like this. Zerohedge has done me one more time. I don't play either game but understand them both thanks to nerd man and Tyler D.
That was funny as hell, Leroy Jenkins. Good god I have to search that on youtube when I go home. Also what was that game they where playing, I like the idea of a team situation like that. And for the French govt. to be doing this tells me that this plan is a go and Sogen (that is the main reason is insolvent).
World of Warcraft. Collosal waste of time and money.
The chinese prisoners who are forced to play it to farm gold are not given a chance to rate it. Or else it's ratings would look like...
http://spong.com/asset/349575/2/11049160/entity
Wow claimed 12 million subscribers at one point but no counter program has ever logged much over 4 million active accounts.
And yes they really used chinese prisoners to farm gold.
http://www.forbes.com/sites/insertcoin/2011/06/02/chinese-prisoners-forc...
Don't worry, Europe has a plan.
1. Barroso has found 65.69 Euro down the back of the Sofa to contibute to the bailout funds
2. Ashton is threatening Lichenstien with invasion unless they give the EU Christmas party budget back (about 5 billion Euro's)
3. Papa Doc has dug up some unpaid hotel bills owed some German tourists from 1982
4. Berlusconi, after in depth discussions with Sarcozy has recommended the vitues of Itallian chambre maids and put them at Frances disposal to help with relief from the EU banking crisis.
5. Van Rompoy has lunched a 30 day rolling plan to storm through the low countries and give Belgium a Government
6. Merkel has re-assured markets with a gauranteed bank re-capitalisation program under two conditions a) Only German banks get re-capitalised and b) The Greeks don't get any money
7. Trichet is going to aid bank liquidity by raising ECB interest rates 2%
The EU parliament is also ratifying a treaty for the 17 Euro countries to give up national parliaments and hand over all powers to Brussells. Soros approves commenting that sacrificing democracy is a price worth paying for financial stability.
Concerning #6, here is what I have understood about what Merkel was saying:
1. Private investors will need to take a bigger haircut so she looks tough torward the banks
2. On the other hand, she talks about bank recapitalisation with taxpayer money.
My conclusion based on that: Private investors lose nothing, taxpayers pick up the bill no matter what.
Is that correct? Are germans happy about their government position?
Wow too funny - a re-enactment of my life
They was twittered.
The media needs to keep the rumor mill churning full steam. The more up days will convince the lemmings to open their wallets and march forward under easy money theater. With the click of a keystroke, wealth will be shifted in milliseconds. Carry on Bulls, keep your tears and opinions to yourself during the wealth redistribution aftermath.
You have been warned.
ZH FOR TEH FUCKING WIN!1!!
Cuckoo.. Cuckoo
Hickory, dickory, dock,
The mouse ran up the clock.
The clock struck one,
The mouse ran down,
Hickory, dickory, dock
High-level Panel Discussion on the Occasion of the Release of the IMF's Regional Economic Outlook for Europe
**Note the John Nash reference "Fuck Your Buddy" aka. Prisoner's Dilemma.
Do people really sit throught an hour and a half of this IMF shit? I've worked for folks who'd been doing projects for the WB/IMF, et al and those places are just amazing bureaucracies chock-a-block stuffed to the gunwales with uselessness. Entirely way too large wastes of good money.
In the spirit of Occupy Wall Street - I put together a collection of videos for people interested in learning more about our financial system. People here have probably seen some of these before... Some are must views, such as The Warning by PBS
http://jeffreygtc.blogspot.com/2011/10/resources-to-learn-more-about-us.html
share holders will be ruined:
http://www.businessweek.com/news/2011-10-05/dexia-breakup-may-make-shareholders-losers-holding-little-value.html
This is why we need run from MS
LMFAO, my buddy sent me that UT vid about a year ago, what a hilarious thing to see here on ZH. tyler you da man!!!!
Ron Paul 2012!!!!!!!!
Where's Noyer???? Noyeeeeerrrr!!!
*NOYER: FRANCE DOESN'T NEED BANKING CONSOLIDATION :DEXB BB
*NOYER SEES NO THREAT TO OTHER FRENCH BANKS :DEXB BB
*NOYER: DEXIA NOT A PRELUDE TO OTHER BANKING VICTIMS :DEXB BB
*NOYER: NO CONCERN OVER FRANCE'S AAA IN LIGHT OF DEXIA :DEXB BB
*NOYER SAID GREECE NOT BIG ISSUE FOR FRENCH BANKS: MOF OFFICIAL
*NOYER: FRENCH BANK PERIPHERAL DEBT EXPOSURE CONCERN EXAGGERATED
*NOYER:DATA DON'T SIGNAL MAJOR UNSUSTAINABILITY IN PERIPHERAL EU
France denies 10-15 bln euro bailout for major banks
ECB’s Noyer Says French Banks Don’t Need to Seek Fresh Capital
French Banks Have EU200 Bln in Un-used Collateral, Noyer Says
Noyer Says Nationalizing French Banks Would Make ‘No Sense’
"Estit de niauchons!!!!"
LOl! Bon en tout cas c'est la merde!
Is that really where all the shy geeky guys were during high school until they emerge as normal people in their late 20's? Plotting their 33.33repeating obviously chance of.....of what I'm still not sure? Wow. Boyz really are weird.
....Although the person we would most love to hear say it, is the person who until two months ago was the French minister of finance and currently head of the world's most irrelevant and disorganized organization....
Here we are at the heart of the dysfunctional world financial system. If the IMF is hamstrung it is because there is ABSOLUTE antagonsim between shareholders who pull the strings behind the screens. It is not the fault of the DG who has only as much power as her shareholders allow her in this EMINENTLY political hot seat.
Like the UN, the IMF is hamstrung by US power play that holds sway and calls all the big shots, whatever the minor shareholders may or may not say about USD's impossible position, as world reserve currency, and the urgent need to create some other balancing mecanism that recognises the world structural financial imbalances that urgently need to be solved.
THIS IS PRECISELY WHAT THE US DOES NOT WANT TO HAPPEN FOR OBVIOUS GEOPOLITICAL REASONS.
So all IMF DGs, who try and propose solutions that are contrary to US interests, however short-term they may be, will meet a brick wall of US NIET, as DSK did in the past on his Irish solution which Geithner shot down immediately.
Ban-ki-Moon is in similar grid-lock on UN front where the Palestine issue is blocked by US veto on political front; to protect it strategic allies in region (Israel-Saud axis).
As for the currency war and the Oligarchal race to the bottom, both in EU and US zone, the IMF is impotent by-stander at best, active arsonist at worst, in its traditional "debt slavery" role to serve the cynical Oligarchs. Nobody wants to truly "bell the cat"!
Mes chers conpatriotes précipitez-vous rue Vivienne! Aujourd'hui ou demain! Convertissez TOUT ce que vous pouvez en espèces sonnantes et trébuchantes!
Et ce blog sera votre boussole dans la tempête : http://www.jovanovic.com/blog.htm
We're ahead of ***interesting*** times : EVERYTHING we've known for the last 30 years (ATMs, easy food, easy transportation, homes with heating, computers and Internet right at hand) is about to disappear. Going south as "going African" will be th new motto. A bicycle will be a treasured object and agricultural skills will make a king of you.
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