Schaeuble Disappoints On Geithner's Uber-Levered EFSF Plan

Tyler Durden's picture

Just Bloomberg headlines for now but equities and credit giving some back and EUR selling off modestly as German finmin Schaeuble comments in an N-TV interview:

*SCHAEUBLE SAYS EURO REGION HAS NO INTENTION TO INCREASE EFSF

*SCHAEUBLE SAYS `WOULD BE GOOD' TO HAVE ESM FUND EARLIER

*SCHAEUBLE SAYS ESM MAY COME AS ORIGINALLY PLANNED MID-2013

*SCHAEUBLE SAYS PASSING ESM TREATY TAKES TIME

Source: Bloomberg

ES is exactly at VWAP and IG/HY spreads are widening well off their intraday tights.

UPDATE: Translation by Peter Tchir of TF Market Advisors

No intention to increase EFSF - translation - EFSF isn't growing

 

Employed in "efficient" way - translation - defending countries that can be defended and not throwing more money after bad.

 

Good to have ESM fund earlier - translation -  a rescue where countries other than Germany and France put up at least a little money.  One where Italy contributes at least a little, rather than just takes