They Can't Even Coordinate Press Conferences

Tyler Durden's picture

In typical European leadership fashion, the need to speak useless words to an audience waiting for some sense of real actionable solution outweighs any actual ability to add value or say something new. What is even more incredible is that we expect the 17 (or 27) nations to agree on anything when they can't even communicate effectively internally as we see the Sarkozy/Merkel press conference perfectly overlap with the Barroso/Van-Rompuy conference. Bloomberg is reporting the headlines - which are the same old same old - and awe-inspiring in their lack of specificity and potential for total opposition in view. Grant Williams (of Things That Make You Go Hmmm fame) perhaps sums it up best:

Europe is broken and the people charged with trying to fix it are clearly not up to the job. There are way too many vested interests, too many national peccadillos and way too many good, old-fashioned egos in play for it to come down to anything but a last-ditch solution when they are forced into it - and that solution WILL be the printing of money in some shape or form which will help to magically inflate the debt away. The other alternatives are either just too painful (default/ forgiveness) or plain unworkable (growth).

 

A look at a selection of newsflashes that hit screens this week shows just how ridiculous things have become as everybody involved in trying to sort out the mess that is Europe attempts to get themselves in front of a microphone in order to let the world know just how important they are. Some of these appearances, it would seem, are stage-managed for maximum effect on markets - others are simply self-important politicians who just can’t bring themselves to utter the words “no comment”:

 

*GERMAN COALITION SOURCES: MERKEL SAYS LEVERAGING EFSF VIA ECB IS RULED OUT

*MERKEL TOLD LAWMAKERS MOVING FORWARD MILLIMETER BY MILLIMETER

*ECB TRICHET: CAN’T USE MONPOL TO CORRECT FAILURES OF GOVERNMENTS

*ECB NEVER ACTS AS A SUBSTITUTE FOR GOVERNMENTS: NEWSPAPER INTERVIEW

*FINANCIAL STABILITY IS THE RESPONSIBILITY OF GOVERNMENTS

*EMU HAS PRICE STABILITY TODAY; INFLATION EXPECTATIONS FIRMLY ANCHORED

*TRICHET REJECTS ASSERTION THAT ECB HAS OVERSTEPPED ITS LIMITS

*TRICHET: EURO WILL EXIST IN 10 YEARS

*SEIBERT SAYS `DREAMS’ OF SWIFT EURO SOLUTION WON’T MATERIALIZE

*GERMAN COALITION SOURCES: MERKEL SAYS LEVERAGING EFSF VIA ECB IS RULED OUT

*DJN-DJ REPORT EFSF FIREPOWER TO REACH EUR2T ‘TOTALLY WRONG’-SOURCE

*MERKEL SAYS NEXT EU SUMMIT IS `NOT THE END POINT’ FOR CRISIS

*DJ GERMAN GOVERNMENT DOESN’T EXCLUDE DELAYING OCT. 23 SUMMIT

*MERKEL CANCELS FRIDAY SUMMIT ON LACK OF EFSF DETAILS

*MERKEL CANCELS EFSF SPEECH ON DEADLOCK ON LEVERAGING: LAWMAKERS

*FRANCE, GERMANY SEE NEED FOR GLOBAL, AMBITIOUS CRISIS RESPONSE

 

And the piece de resistance:

 

*MERKEL SAYS EUROZONE TALKS STUCK. FLIES TO FRANCE: REUTERS

*SARKOZY SAYS EUROZONE TALKS STUCK, FLIES TO GERMANY: REUTERS

 

Amidst this barrage of headlines, Nicolas Sarkozy was quoted in two articles which outlined his own fears for Europe:

 

“Allowing the destruction of the euro is to take the risk of the destruction of Europe. Those who destroy Europe and the euro will bear responsibility for resurgence of conflict and division on our continent.”

 

And...

 

“If there isn’t a solution by Sunday, everything is going to collapse”

 

There’s something eerily familiar about that last sentence. Let’s see what Google Translate makes of the original French version, shall we?:

 

“If money isn’t loosened up, this sucker could go down”

 

Those words were uttered by another President on September 26, 2008 - a few days before TARP was passed into law.

Today's wondrous (in lack of anything new) insights from Merkel/Sarkozy (via Bloomberg):

*MERKEL SAYS NO FORMAL EU DECISIONS EXPECTED TODAY

*MERKEL SAYS EU FINANCE MINISTERS LARGELY AGREED ON BANK RECAP

*MERKEL SAYS BANK RECAPITALIZATION CONCERNS ALL 27 EU MEMBERS

*MERKEL SAYS BANK RECAPITALIZATION ALONE WON'T SOLVE CRISIS

*MERKEL SAYS FURTHER EU TALK NEED ATTENTION TO DETAIL

*MERKEL SAYS BUDGET DISCIPLINE NEEDED TO STEM CRISIS

*SARKOZY SAYS IT'S VITAL THAT GERMANY, FRANCE SPEAK OF ONE VOICE

*SARKOZY SAYS GREEK BONDHOLDER AGREEMENT MUST BE VOLUNTARY

*SARKOZY SAYS HE HAS CONFIDENCE IN ITALIAN AUTHORITIES `OVERALL'

*SARKOZY SAYS ANY SOLUTION NEEDS SUPPORT OF ALL EU INSTITUTIONS

FRANCE'S SARKOZY SAYS OF PRIVATE SECTOR CONTRIBUTION TO GREEK
BAILOUT, "EVERYONE MUST TAKE THEIR RESPONSIBILITY TO AVOID A DISASTER"

And from Barroso/Van-Rompuy:

*BARROSO SAYS EU IN GOOD POSITION TO MAKE PROGRESS

*VAN ROMPUY SAYS ECONOMIC CHALLENGES ARE SERIOUS

*VAN ROMPUY SAYS BANK SITUATION IS URGENT

*VAN ROMPUY ASKED BERLUSCONI FOR REASSURANCES ON ITALY MEASURES

Nothing at all new...perhaps the best we can draw from this is the fact that they admit they are looking at 'details'