The Euro-Blast Zone.....

[MMC]

http://news.yahoo.com/europe-crafts-debt-deal-pleases-markets-094826930.html

BRUSSELS (AP) — The excruciating work of inking a deal to contain their two-year debt crisis over, European leaders turned Thursday to a potentially more difficult task: implementing the agreement that asks banks to take on bigger losses on Greece's debts and hopes to boost the region's arsenal against market turmoil.

World stock markets surged Thursday on the news that the leaders had clinched a deal that everyone hopes will keep the currency union from unraveling and prevent the crisis from pushing Europe and much of the developed world back into recession. But analysts were more cautious, noting that the deal remains vague and its success hangs on the details.

Cracks were already showing not even 24 hours after the deal. In an interview on French television channels TF1 and France-2, President Nicolas Sarkozy defended the deal as necessary to save the eurozone, but took a dig at Greece.

Its economy was not ready to take on an integration into the eurozone," he said.

Earlier Thursday, Sarkozy called his Chinese counterpart Hu Jintao and pledged to cooperate to revive global growth.

The strategy unveiled after 10 hours of negotiations focused on three key points. These included a significant reduction in Greece's debts, a shoring up of the continent's banks, partially so they could sustain deeper losses on Greek bonds, and a reinforcement of a European bailout fund so it can serve as a euro1 trillion ($1.39 trillion) firewall to prevent larger economies like Italy and Spain from being dragged into the crisis.

To achieve that massive reduction, private creditors like banks will be asked to accept 50 percent losses on the bonds they hold.....snip~

There you have it Greece defaults. Plus France and Germany are calling on Italy to shore up more capital. As already called they needed 180 billion. So one they never hit that mark. Note how Sarkosy thinks France is going to be the one to lead the Way. What running for a European Presidency. Yet all the while the French have been working a deal to get the Chinese to come in and help bailout the EU. China looks to open those markets up. Get more imports to the EU. Some of that cheap dollar store shit. Of Course the French are lapping it up like Pigs eating slop.

[Mr. Wonderful]

The Chinese are no friends of ours but here is the situation. The Europeans will have their currency collapse and with it take down the Chinese and our own economy. Things are going to crash hard. We have Europe to blame for it again.

[MMC]

The Chinese are no friends of ours but here is the situation. The Europeans will have their currency collapse and with it take down the Chinese and our own economy. Things are going to crash hard. We have Europe to blame for it again.


Hiya Mr.W.....yeah and the IMF is being set up with more money from us. To Help assist in that endeavor. Problem is the French wont be able to stop whats coming their way. Now Sarkosy already sees that Libya wasnt the way out. In order to have a global economy. All must be a part. There are 191 Countries. All are not.

[Peter1469]

The Europeans didn't even attempt to save the Eurozone. They attempted to shore up bankrupt banks and governments and failed at that. They needed at least $2T for that. But that would not solve any of the structural problems that make the Eurozone unsustainable. I am sure that there are people here that can verify that I called for a Euro collapse over two years ago (and I said within 2-3 years).

[Conley]

Hey Peter, good to see you over here.

If others are wondering, I can confirm what you are saying. I remember you being one of the first on these boards to predict what has happened over there. It was even before the Greece situation destabilized to the extent it has and became so widely reported.

In your estimation if you removed the Greek debt from the equation would there still be a chance to save the Eurozone or is it too late for that now?

[MMC]

The Europeans didn't even attempt to save the Eurozone. They attempted to shore up bankrupt banks and governments and failed at that. They needed at least $2T for that. But that would not solve any of the structural problems that make the Eurozone unsustainable. I am sure that there are people here that can verify that I called for a Euro collapse over two years ago (and I said within 2-3 years).


Hiya Pete.....the call was right. Now the French will cater to the Chinese as they are desperately doing everything they can to avoid that IMF bailout. First the P.I.G.S. then the F.I.B.S. Which was all set in motion before the greek Default.

Moreover now the Germans have stated they found another 55 Billion due to some statistical error. I'll bet Sarkosy is livid. :D

[Conley]

I saw that article about German debt. Crazy!

Check this out:

Wolfgang Schäuble, German finance minister, has demanded an urgent inquiry into how an apparent accounting mistake led to an embarrassing €55.5bn overstatement of the debt burden of a “bad bank” handling the problem assets of a nationalised mortgage lender.

The surprise revision, revealed at the weekend, led Berlin to reduce figures for German public debt in 2010 and this year – but created bewilderment that such a large error could have been made."

http://www.ft.com/cms/s/0/457d992c-0224-11e1-ab83-00144feabdc0.html#axzz1cIDVfcUt

[Conley]

I forgot FT links don't work.

Here's another one:

BERLIN (Reuters) - Germany is 55.5 billion euros ($78.7 billion) richer than it thought due to an accountancy error at the bad bank of nationalised mortgage lender Hypo Real Estate (HRE), the finance ministry said.

Europe's largest economy now expects its ratio of debt to gross domestic product to be 81.1 percent for 2011, 2.6 percentage points less than previously forecast, it said.

The HRE-linked bad bank FMS Wertmanagement was set up after HRE was nationalised in 2009, so that HRE could transfer the worst non-performing assets to an off-balance sheet bank guaranteed by the German state.

"Apparently it was due to sums incorrectly entered twice," said a ministry spokesman on Friday, adding the reason for the error still needed to be clarified.

The government nonetheless welcomed the news which pointed to a further reduction of Germany's debt mountain, which remains above the European Union's Maastricht requirement for 60 percent of GDP.

http://www.moneycontrol.com/news/wire-news/germany-finds-55-bln-euros-after-accountancy-error_607515.html

[Mister D]

Hey, nice to hear from you Peter.

[MMC]

I forgot FT links don't work.

Here's another one:

BERLIN (Reuters) - Germany is 55.5 billion euros ($78.7 billion) richer than it thought due to an accountancy error at the bad bank of nationalised mortgage lender Hypo Real Estate (HRE), the finance ministry said.

Europe's largest economy now expects its ratio of debt to gross domestic product to be 81.1 percent for 2011, 2.6 percentage points less than previously forecast, it said.

The HRE-linked bad bank FMS Wertmanagement was set up after HRE was nationalised in 2009, so that HRE could transfer the worst non-performing assets to an off-balance sheet bank guaranteed by the German state.

"Apparently it was due to sums incorrectly entered twice," said a ministry spokesman on Friday, adding the reason for the error still needed to be clarified.

The government nonetheless welcomed the news which pointed to a further reduction of Germany's debt mountain, which remains above the European Union's Maastricht requirement for 60 percent of GDP.

http://www.moneycontrol.com/news/wire-news/germany-finds-55-bln-euros-after-accountancy-error_607515.html


Hehe.....the sums were entered incorrectly. Moreover now that the Germans WWII preps are paid off they dont want to shore Frances shit up as France continues to spend and spend. Course there is that matter with the French thinking they are calling the shots on Everything.

[Peter1469]

Hey Peter, good to see you over here.

If others are wondering, I can confirm what you are saying. I remember you being one of the first on these boards to predict what has happened over there. It was even before the Greece situation destabilized to the extent it has and became so widely reported.

In your estimation if you removed the Greek debt from the equation would there still be a chance to save the Eurozone or is it too late for that now?


Greece woke Europe up to its problems. The other PIIGS's problems are deep enough to sink the Eurozone without Greece.

[Peter1469]

Hey Peter, good to see you over here.

If others are wondering, I can confirm what you are saying. I remember you being one of the first on these boards to predict what has happened over there. It was even before the Greece situation destabilized to the extent it has and became so widely reported.

In your estimation if you removed the Greek debt from the equation would there still be a chance to save the Eurozone or is it too late for that now?


Good to see you too Conley.

[Jelly Bean]

Hey Peter, good to see you over here.

If others are wondering, I can confirm what you are saying. I remember you being one of the first on these boards to predict what has happened over there. It was even before the Greece situation destabilized to the extent it has and became so widely reported.

In your estimation if you removed the Greek debt from the equation would there still be a chance to save the Eurozone or is it too late for that now?


Greece woke Europe up to its problems. The other PIIGS's problems are deep enough to sink the Eurozone without Greece.


yeah, pete is good at predicting, I guess when we can track peoples...it should be easier to know what theur behaviors are base don character...eurozone...americans ar NO DIFFERENT

[Jelly Bean]

Hey, nice to hear from you Peter.


hey D, why do I have to scroll with my down arrows? this board operates a little different, how ya been?

[Mister D]

Hey, nice to hear from you Peter.


hey D, why do I have to scroll with my down arrows? this board operates a little different, how ya been?


Good! Yourself?

I have no idea. Admin would probably know.

[Jelly Bean]

surviving!!!