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The Three Eurostooges Hit The Tape Ahead Of The Polish Ecofin Meeting

Tyler Durden's picture




 

As the Eurozone prepares for the Ecofin meeting in Poland, where the consensus among Unicredit, Barclays, and BNP analysts and pretty much everyone else is that there would be a discussion for the EFSF to be leveraged under a TARP-like solution, the three Eurostooges, Juncker, Rehn and Trichet have hit the tape with various soundbites. Here is the European partyline which luckily never changes.

  • EU's Juncker says all Eurozone members now signed amendment to EFSF allowing more flexibility
  • EU's Juncker says there are clear signs of a slowdown in global growth, and financial turmoil adds to tensions facing global economy
  • EU's Juncker reconfirms determination to fully implement July 21 decisions
  • EU's Juncker says need growth friendly fiscal consolidation
  • EU's Juncker says Eurozone finance ministers continued full implementation of adjustment plan remains crucial
  • EU's Juncker says Irish and Portuguese adjustment programmes are well on track
  • EU's Juncker says will decide on disbursement on next aid tranche for Greece in October
  • EU's Junker says Euro-zone finance ministers welcome Greek commitment to programme and new measures
  • EU's Juncker says Eurozone finance ministers agreed on pricing of future EFSF loans
  • EU's Junker says don't see room for manoeuvre for new stimulus in Eurozone
  • EU's Rehn says slowdown of economic recovery in Europe and elsewhere requires stronger political determination than ever
  • EU's Rehn says quarterly growth profile has reduced significantly, and return to recession is not expected
  • EU's Rehn says France, Italy, Belgium and Spain have all ratified more flexible EFSF
  • EU's Rehn says Greece has expressed strong determination to meet all commitments
  • ECB's Trichet says balance of risk for growth is on the downside
  • ECB's Trichet says essential all decisions on July 21st are implemented rapidly
  • ECB's Trichet says full substantiation of all Greek targets is essential, calls for full implementation
 

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Fri, 09/16/2011 - 07:27 | 1676433 MFL8240
MFL8240's picture

When does this bailout model change?  This is nuts, no one can pay any of this money back.

Fri, 09/16/2011 - 07:33 | 1676444 Snidley Whipsnae
Snidley Whipsnae's picture

"no one can pay any of this money back."

If you stop thinking of it as 'money' and begin thinking of it as 'monopoly money' you will understand that you are watching a global board game... At some point it will be put back in it's box and placed on a closet shelf, to be used again someday.

When the game is put away, we go back to real money backed by real assets.

Fri, 09/16/2011 - 08:01 | 1676490 max2205
max2205's picture

Hoping for an economic boom that'll get them out o this mess is like the UBS trader hoping for the CHF to bounce

Fri, 09/16/2011 - 08:10 | 1676509 MFL8240
MFL8240's picture

Is it possible that everyone could possibly ignore the Macro news yeaterday?  My goodness, it was disaterous.

Fri, 09/16/2011 - 07:28 | 1676434 DirtMerchant
DirtMerchant's picture

full substantiation of all Greek targets is essential, calls for full implementation

And the penalty for failing to substantiate the targets? Thats the $64b (inflation) question

Fri, 09/16/2011 - 07:31 | 1676437 youngman
youngman's picture

"Rehn says France, Italy, Belgium and Spain have all ratified more flexible EFSF "

The beggers agree to more and easier funds so they can beg for more....LOL

Fri, 09/16/2011 - 07:31 | 1676438 Snidley Whipsnae
Snidley Whipsnae's picture

"Here is the European partyline which luckily never changes."

Figures...

The Three Stooges are employing rules 2 and 6 from the rules of percetion management.

2) Credibility — Make sure all of your information is consistent, often using prejudices or expectations to increase credibility.

6) Coordination — The organization or propaganda ministry is organized in a hierarchical pattern in order to maintain consistent and synchronized distribution of information.

Fri, 09/16/2011 - 07:40 | 1676456 mrkolice
mrkolice's picture

good point

 

wikipedia on perception management: http://en.wikipedia.org/wiki/Perception_management

Fri, 09/16/2011 - 07:41 | 1676461 YHC-FTSE
YHC-FTSE's picture

The Poles really fucked up with perception management by naming the conference with something that sounds like Euro coffin. 

Fri, 09/16/2011 - 07:45 | 1676468 Snidley Whipsnae
Snidley Whipsnae's picture

YCH... LOL...  A suitable name for sure.

...and the Fed meeting should be held in Intercourse, Pa.

Fri, 09/16/2011 - 07:47 | 1676472 DirtMerchant
DirtMerchant's picture

or Hell, Michigan

Fri, 09/16/2011 - 07:31 | 1676440 AldoHux_IV
AldoHux_IV's picture

They've only addressed the liquidity portion of the problem (albeit with the same mistakes that create bigger problems down th road), but have done nothing to deal with the solvency issue i.e. no amount of growth measures will allow countries to get out of the debt problem until there's some major restructuring across the board. How many times are we going through the same old song and dance?

Fri, 09/16/2011 - 07:34 | 1676445 DirtMerchant
DirtMerchant's picture

They have addressed the liquidity issue BY INCREASING the insolvency issue, too funny....

The machine is broken, soon parts will start flying off of it....

Fri, 09/16/2011 - 07:40 | 1676459 Snidley Whipsnae
Snidley Whipsnae's picture

"They have addressed the liquidity issue BY INCREASING the insolvency issue, too funny...."

It's just paper and digits in a computer... None of it means a damn thing... If they failed to pretend that it meant someting, we to would realize that it means nothing. So, they conduct 'important meetings' and we, the vast unwashed, are wowed. Fuck those ass hats, I say all soverigns should be allowed to print any damned paper currency that they find themselves short of...

Then, we would see the gold standard in a damn quick hurry!

Fri, 09/16/2011 - 07:48 | 1676477 moriarty
moriarty's picture

I say all soverigns should be allowed to print any damned paper currency that they find themselves short of...

Then, we would see the gold standard in a damn quick hurry!

 

Great point, I am sure that Gresham would approve and keep storing up the good until it stopped.

Fri, 09/16/2011 - 07:54 | 1676483 Snidley Whipsnae
Snidley Whipsnae's picture

moriarty... Yeah, that's what Gresham would do... and that's what I'm doing. When the smoke clears, and we have a way to go, we will see who is grinning and who is left holding a lot of worthless paper.

 

Fri, 09/16/2011 - 07:32 | 1676442 drider
drider's picture

Simon says...

Fri, 09/16/2011 - 07:39 | 1676448 virgilcaine
virgilcaine's picture

A deterioratng global economy puts a damper on their grand socialist plans.  A dax and cac idx with 40% declines leaves little room for them to move.. a box if you will.

Fri, 09/16/2011 - 07:56 | 1676485 Monday1929
Monday1929's picture

.....a coffin

Fri, 09/16/2011 - 07:38 | 1676455 SmoothCoolSmoke
SmoothCoolSmoke's picture

I found it intresting that the Euro came very close to pre-"announcement" levels last night.....and seem headed back down this morning. 

Fri, 09/16/2011 - 07:42 | 1676458 GeneMarchbanks
GeneMarchbanks's picture

Does the article end up saying UniCredit, Barclays and BNP end up in coffins or is that my dyslexia again?

Fri, 09/16/2011 - 07:49 | 1676479 Snidley Whipsnae
Snidley Whipsnae's picture

More games... PMs caught a little tail wind this am on LBMA open...

LBMA must figure they had enough suckers on the short side opening and decided to whipsaw some bucks out of them.

Serves the paper players right.

Get right, sit tight... physical PMs... The azz hats can beat them down for a while with paper games, but they will come back stronger than ever.

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