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Poland Pulls The Plug On Imminent Euro Entry

Tyler Durden's picture




 

It seems increasingly the European leaders themselves (absent the self-referential peripheral political paeons) are getting the joke in Europe. Following Buba's Weidmann's rational comments this morning (via Bloomberg):

  • *WEIDMANN SAYS CAN'T SOLVE EURO CRISIS WITH EVER BIGGER FUNDS
  • *WEIDMANN BANK FINANCING (Bailout - kicking the can) COULD WORSEN WITH EURO CRISIS

Now, Poland's deputy finance minister is pulling back dramatically from their desire to enter the European union:

  • *POLAND PLANS `OPPOSITE OF ACCELERATION' IN EURO DRIVE: DOMINIK
  • *POLAND SAYS EURO-AREA STABILITY IS NEW CRITERION FOR EURO ENTRY

It seems there is some rational thinking occurring in Europe - no matter how algos react to recycled headlines.

 

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Tue, 07/10/2012 - 10:43 | 2602048 Cognitive Dissonance
Cognitive Dissonance's picture

Too late. You've crossed the event horizon and have been captured by the Euro black hole.

And you thought you were on the fast track to seventh heaven. Sucker!

Tue, 07/10/2012 - 10:47 | 2602053 BaBaBouy
BaBaBouy's picture

RUN while you can ...

 

Poland probably haz better Credit right now than 3/4's of the other EUro boyz...

Tue, 07/10/2012 - 10:54 | 2602097 Manthong
Manthong's picture

Poland Repudiates Perfidious European Pecuniary Ponzi.

Precious.

Tue, 07/10/2012 - 19:26 | 2604020 nmewn
nmewn's picture

I'm long Pole with this news ;-)

Tue, 07/10/2012 - 10:43 | 2602049 disabledvet
disabledvet's picture

Massive euro devaluation coming...if not imminent. The bulk of euro gold will be LENT in order that at "some time in the future" the "mistake" will be rectified. Could be worse...we shall see if it is.

Tue, 07/10/2012 - 10:45 | 2602051 EscapeKey
EscapeKey's picture

CAN'T SOLVE EURO CRISIS WITH EVER BIGGER FUNDS

Clearly, he hasn't spoken with Krugman.

Oh, sorry. He advocated "keeping an eye out for excessive debts" while at the same time suggesting "$8-10tn stimulus programs", so clearly when he's wrong, he's right. And vice versa.

Tue, 07/10/2012 - 10:49 | 2602070 FL_Conservative
FL_Conservative's picture

Oh, he's "keeping an eye out" for excessive debts.  He's just not advocating doing anything about them.  Unless, of course, they can get some class warfare going.

Tue, 07/10/2012 - 10:45 | 2602052 5-4-3-2-1-1-2-3...
5-4-3-2-1-1-2-3-3-2-1---0's picture

Bardzo slusznie.

Tue, 07/10/2012 - 12:49 | 2602577 Gavrikon
Gavrikon's picture

Zgadzam.

Tue, 07/10/2012 - 10:46 | 2602054 Mercury
Mercury's picture

Ouch,  this is like Jennifer Aniston getting dumped by R2D2.

Tue, 07/10/2012 - 11:24 | 2602234 Nobody For President
Nobody For President's picture

Plus a big one on that - best laugh all morning!

Tue, 07/10/2012 - 10:51 | 2602056 Dr. Engali
Dr. Engali's picture

After watching the rest of Europe .and being on the short end of the joke stick for 40 years, the Pol's decided enough is enough. Let them make fun of the rest of Europe for a while. We are tired of the Pollock jokes. 

Tue, 07/10/2012 - 10:46 | 2602057 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

Mute point, soon there will not be a Euro.

Tue, 07/10/2012 - 10:48 | 2602063 FXPortent
FXPortent's picture

Cue 80s horror chase music!

Tue, 07/10/2012 - 10:48 | 2602064 Peter K
Peter K's picture

"Rational" and the present Polish post communist government? Probably not.

Domiinik must have been misquoted.

He was probably setting out the next Euro entry date. :)

Tue, 07/10/2012 - 10:50 | 2602066 i-dog
i-dog's picture

How did these non-Bilderbergers (Weidmann and Dominik) slip into the financial decision loop?!!

Somebody was careless!  Tsk, tsk, Rocky ... no soup for you!

Tue, 07/10/2012 - 10:53 | 2602083 serndipity
serndipity's picture

Their economy is very strong and the vast majority of it's citizens have been anti joining the EU as well.

Tue, 07/10/2012 - 10:53 | 2602085 Getting Old Sucks
Getting Old Sucks's picture

When do they start advertising on Craigs List for new members?

Tue, 07/10/2012 - 10:56 | 2602107 DOT
DOT's picture

Free massage with membership !

Tue, 07/10/2012 - 11:26 | 2602257 Nobody For President
Nobody For President's picture

And Spiderman beach towel!

Tue, 07/10/2012 - 12:46 | 2602562 Gavrikon
Gavrikon's picture

You meant to say ass-fucking, didn't you?

Tue, 07/10/2012 - 10:55 | 2602103 snoopy
snoopy's picture

uhm not to nitpick, but Poland joined the European Union in 2004.

 

Snoopy

Tue, 07/10/2012 - 11:16 | 2602206 ZeroPower
ZeroPower's picture

But theyre not in the single currency Eurozone. Initial target date of entry was Jan1 2010, pushed back to Jan1 2012, then to "around 2014", and most recently we get the "some time in the future but with no set date" comments.

Tue, 07/10/2012 - 11:05 | 2602105 Monedas
Monedas's picture

Hooray for Poland !    My Social Suck check goes a long way, there's plenty of bread and sausage and they have the 2nd biggest silver mine ?              Monedas       1929           The Russians still won't leave them alone ?  What's that all about ? Ya can't keep 'em down on the state farm .... after they've seen war weary Warsaw .... ya gotta shoot 'em along with returning POWS and Polish officers ?

Tue, 07/10/2012 - 11:01 | 2602139 Peter K
Peter K's picture

There won’t be any sudden acceleration of our euro plans, rather the opposite. We’ve pointed out an additional element in setting a timetable, the stabilization of the euro area, which didn’t exist before.

According to Bloomberg, Mr Dominik said that Poland would need a minimum of three years after pegging its currency to the euro in the European Union’s Exchange Rate Mechanism before actually adopting the currency.

Here is a fuller version from the DT.

Dominik was just CYA'ing for the Polish (read German puppet) governemnt. They (Gov) want in, but the mood of the public is very anti Euro presently. So what'cha gonna do? You tell the yobs what they want to hear.

And you can be for and against at the same time.

Tue, 07/10/2012 - 11:11 | 2602178 Monedas
Monedas's picture

Thanks Peter K ! They downed the Polish presidential plane because the Poles prefer the company of the Germans over their traditional Slavic benefuckers .... the Russians ?        Monedas     1929        Comedy Jihad You Are Belong To Us

Tue, 07/10/2012 - 11:22 | 2602227 Peter K
Peter K's picture

I am not sure what you are trying to say in the above, but it is common knowledge that the present Polish government is no more than a front for the Germans in the EU. The present PM plainly stated that he is just buying his time as PM until he lands a nice job in Brussels. Like his buddy Buzek. 

It is what it is, dude.

Tue, 07/10/2012 - 11:27 | 2602264 Monedas
Monedas's picture

I wuz trying to say what you just said !  SEG/ON       Monedas      1929        Sometimes I make shit up .... you decide !

Tue, 07/10/2012 - 11:32 | 2602288 Peter K
Peter K's picture

+

Tue, 07/10/2012 - 11:12 | 2602187 Meesohaawnee
Meesohaawnee's picture

Good for Poland.. I have a few friends born there.. Without a doubt some of the nicest normal hardworking people on the planet. Kudos!

Tue, 07/10/2012 - 11:15 | 2602199 orangedrinkandchips
orangedrinkandchips's picture

Run like crazy Poland....

1.) The grass is not greener on the other side

2.) If it is NOT broken, do not fix it!

Trust me....I know. This is a gift....

Tue, 07/10/2012 - 11:16 | 2602205 orangedrinkandchips
orangedrinkandchips's picture

Poland does not want to be the sober one arriving late to the party when the other people are getting room spins (and they suck ass)!

just walk....

Tue, 07/10/2012 - 11:18 | 2602215 orangedrinkandchips
orangedrinkandchips's picture

The two biggest EU lies?

1) The check is in my mouth and...

2.) I won't cum in your mail!

 

 

Tue, 07/10/2012 - 11:31 | 2602275 Monedas
Monedas's picture

What Czech is in your mouf ?       I want some silver Zlotys for my stack !

Tue, 07/10/2012 - 11:26 | 2602254 QuietCorday
QuietCorday's picture

Poland has had the best real GDP growth in Europe since the crisis; it is also the only EU state not to be in recession.

Poland would be stupid to join the euro; it would be like drinking poison.

Tue, 07/10/2012 - 11:33 | 2602291 Paracelsus
Paracelsus's picture

Umm....Somebody gave a bunch of sub-prime mortgages to the Poles,which have to be repaid in Swiss Francs.As the Polish zloty is in the crapper,can someone tell me which bank is going to give all this crap to their taxpayers?   Major bank bailout in 3...2...1...

Tue, 07/10/2012 - 13:25 | 2602401 battlestargalactica
battlestargalactica's picture

Why do the Poles have see-through garbage bags?

So those in the Eurozone can go window-shopping.

Tue, 07/10/2012 - 11:59 | 2602402 shutdown
shutdown's picture

 

 

In related news, Poland has asked Russian Prime Minister Putin to meet with Polish leaders in Warsaw to explore forming an economic and mutual aid pact.

Tue, 07/10/2012 - 13:24 | 2602727 riley martini
riley martini's picture

 Poland to reconsider sticking hand in wood chipper , considering what has happened to others with hand in wood chipper.

Tue, 07/10/2012 - 14:01 | 2602866 MillionDollarBoner_
MillionDollarBoner_'s picture

Sigh! You know how this goes. If you don't join Germany's club voluntarily...

Tue, 07/10/2012 - 14:04 | 2602874 MillionDollarBoner_
MillionDollarBoner_'s picture

"In related news, Poland has asked Russian Prime Minister Putin to meet with Polish leaders in Warsaw to explore forming an economic and mutual aid pact."

Ever heard of the Molotov–Ribbentrop Pact?

History doesn't repeat itself but it does rhyme...

Tue, 07/10/2012 - 16:27 | 2603452 AndreiC
AndreiC's picture

Poland is in the EU, it pulled the plug on the eurozone entry. Please get this straight. You're not amateurs.

Tue, 07/10/2012 - 17:15 | 2603588 ZaphodBeeblebrox
ZaphodBeeblebrox's picture

They are however not EMU(european monetary union) members. Still have the zloty here. Not Euros.

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