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Wolfgang Schaeuble is scared about the enormous amount of money, the central banks have pumped into the markets.
He asks the central banks to collect the cash back. However, these have not the slightest idea how this will go. The central planners dawns on you that the game is likely to lead to banking crash. Therefore, the EU wants to participate savers to banks crashes to avoid a system collapse.
http://deutsche-wirtschafts-nachrichten.de/2013/05/12/zentralbanken-verlieren-kontrolle-schaeuble-fuerchtet-weltweite-finanz-krise/
http://translate.google.de/translate?sl=de&tl=en&js=n&prev=_t&hl=de&ie=UTF…
Cyprus state broadcaster CyBC reported that German Finance Minister Wolfgang Schaeuble had proposed Cypriots lose 40 percent of their bank accounts although they were not responsible for the economic debacle that was caused when a previous Greek government, in a frantic bid to reduce its debt, imposed 74 percent losses on investors and bondholder. Sarris said the IMF agreed with Germany.
http://greece.greekreporter.com/2013/03/16/bailout-cuts-cyprus-bank-accounts-withdrawals-barred/
16 MARCH 2013
People with Cyprus bank accounts will lose up to [...]
BERLIN: Germany’s finance minister on Friday warned of the dangers of countries intervening in the foreign exchange markets, as top officials from the group of 20 met amid fears of a “currency war”.
Speaking as the meeting opened in Moscow, Wolfgang Schaeuble told German radio: “We do not want state intervention in exchange rates. We want exchange rates that are determined by the markets.”
“I am actually very confident that will also [...]
by Phoenix Capital Research
Those EU leaders who have yet to be implicated in scandals are not faring much better than their more corrupt counterparts. In France, socialist Prime Minister Francois Hollande, has proven yet again that socialism doesn’t work by chasing after the wealthy and trying to grow France’s public sector… when the public sector already accounts for 56% of French employment.
France was already suffering from a lack of competitiveness. [...]
The house of cards that is Europe is close to collapsing as those widely held responsible for solving the Crisis (Prime Ministers, Treasurers and ECB head Mario Draghi) have all been recently implicated in corruption scandals.
Those EU leaders who have yet to be implicated in scandals are not faring much better than their more corrupt counterparts. In France, socialist Prime Minister Francois Hollande, has proven yet again that socialism doesn’t [...]
by Phoenix Capital Research
The following is a excerpt from a recent client letter.
The house of cards that is Europe is close to collapsing as those widely held responsible for solving the Crisis (Prime Ministers, Treasurers and ECB head Mario Draghi) have all been recently implicated in corruption scandals.
Those EU leaders who have yet to be implicated in scandals are not faring much better than their more corrupt counterparts. In France, socialist [...]
by Phoenix Capital Research
As Greece continues to distract the markets, France, the other primary prop for the EU besides Germany, is now experiencing an economic contraction on par with that of 2008-2009.
Indeed, France’s September’s auto sales numbers were worse than those of September 2008 (the month Lehman collapsed). The country’s PMI reading is back to April 2009 levels. Even the French Central Bank, which would hold off as long as [...]
Greek President Carolos Papoulias says the nation’s people have given all they have to drag the country out of its crippling economic crisis, and voiced hope it will end soon.
Papoulias says recovery from the crisis, which has made the heavily indebted country dependent on international aid for two years, has to come ‘soon, because you cannot ask more from these people who have given everything’.
The president nonetheless expressed his optimism [...]
Germany has stated its exorbitant price for keeping Greece in the euro and agreeing to mass bond purchases by the European Central Bank.
There must be an EU “currency commissioner” with sweeping powers to strike down national budgets; a “large step towards fiscal union”; and yet another EU treaty.
Finance minister Wolfgang Schaeuble dropped his bombshell in talks with German journalists on a flight from Asia, and apparently had the blessing of [...]
German finance minister Wolfgang Schaueble is speaking on a German radio program.
According to Bloomberg Television, Schaueble said the euro area “has gone to the limits” to help Greece.
With regard with giving Greece more time implement spending cuts, Schaueble said giving Greece more time would mean giving them more money.
Read more: http://www.businessinsider.com/wolfgang-schaeuble-on-greece-2012-8#ixzz24MgvMnBt
In Europe, the “no news” vacation for the past month was great news. The news is back… As is Merkel.
“The Euro Crisis May Last 20 Years” - Welt
The first five years of the global crisis are over, investors flee from complex financial products and into gold, silver and commodities. Experts warn against a false sense of security. “We should not give us the illusion that the crisis will soon be over,” [...]
(Reuters) – German Finance Minister Wolfgang Schaeuble said on Saturday that there were limits to the aid that could be granted to Greece and said the crisis-stricken country should not expect to be granted another program.
http://www.reuters.com/article/2012/08/18/us-germany-greece-idUSBRE87H04Z20120818
From Naked Capitalism:
The more news comes out, the more it looks like Mario Draghi’s pledge that the ECB would do all it would take to save the euro was a bluff. The best guess is that he hopes to appease the market gods until September 12, when the German Constitutional Court will render its decision on whether the “permanent” rescue mechanism, the ESM, is permissible.
The assumption, of course, is the [...]
By John Nyaradi
“A dog in desperation will jump over a wall.” Chinese proverb
The sickly smell of desperation wafted across global financial markets last week as a steady drumbeat of bad news and declining equity prices triggered a high-visibility round of promises by European policy makers and global central bankers. Starting today, markets will find out if bankers have been writing checks they can’t cash or if European [...]
The third quarter decline in a row
The drastic austerity measures the government and the mass unemployment push deeper into recession in Spain. The gross domestic product (GDP) shrank by 0.4 percent in the second quarter of the previous quarter. This was announced by the Spanish Statistics Office. Even in the two previous quarters, there had been a decline of 0.3 percent.
In comparison, the intensification of the crisis is even more clear: According to [...]
by GoldCore
Today’s AM fix was USD 1,616.50, EUR 1,317.87, and GBP 1,029.75 per ounce.
Friday’s AM fix was USD 1,618.75, EUR 1,321.43 and GBP 1,031.51 per ounce.
Silver is trading at $27.66/oz, €22.65/oz and £17.68/oz. Platinum is trading at $1,409.50/oz, palladium at $571.15/oz and rhodium at $1,125/oz.
Gold climbed $7.80 or 0.48% in New York on Friday and closed at $1,623.40/oz. Silver rose to a high of $27.839, edged off a few times, [...]
BERLIN (AP) — Germany’s finance minister said in an interview published Sunday that he can’t see room for further concessions to Greece, insisting anew that the country must implement far-reaching reforms and cut its budget deficit.
International debt inspectors are scrutinizing Greece’s finances and its progress in implementing unpopular budget cuts and reforms demanded in exchange for the rescue loan program that is keeping the country afloat.
Greek officials have called for [...]
BERLIN (AP) — Germany’s finance minister is rejecting talk of a possible application from Spain for the eurozone’s bailout fund to buy the struggling country’s bonds, a newspaper reported Saturday.
This week, European Central Bank head Mario Draghi promised to do ‘‘whatever it takes’’ to preserve the euro. The German and French leaders then said that they were ‘‘determined to do everything to protect the eurozone.’’
Neither mentioned any specific action. But [...]
(Reuters) - Spain has for the first time conceded it might need a full EU/IMF bailout worth 300 billion euros ($366 billion) if its borrowing costs remain unsustainably high, a euro zone official said.
Economy Minister Luis de Guindos brought up the issue with German counterpart Wolfgang Schaeuble in a meeting in Berlin last Tuesday as Spain’s borrowing costs soared past 7.6 percent, the source said.
If needed, the money would come on top [...]
German Finance Minister Wolfgang Schaeuble declared bond traders all wrong in driving up Spanish borrowing costs to unsustainable levels.
After issuing the statement late yesterday, Schaeuble, 69, went off duty for a three-week vacation.
It’s summertime in Europe, and like last year, borrowing costs are rising as investors fret over the fate of the 17- nation euro area. Most government leaders are heading to their favorite beaches, mountains and lakes to take a break [...]
(Updates with government reaction in third paragraph, bailout size in seventh. For more on the euro crisis, see TOP CRIS.)
July 16 (Bloomberg) — Germany’s top court will take more than eight weeks to decide whether to suspend the euro-area’s permanent bailout fund, leaving Europe’s anti-crisis coffer less than half full to respond to the debt crisis.
The Federal Constitutional Court in Karlsruhe will issue a ruling on bids to halt Germany’s participation in [...]
Germany dismissed a rapid move toward direct bank recapitalization by the European rescue fund, limiting the tools for shoring up Spain’s banks as the euro-area debt crisis simmers.
Finance Minister Wolfgang Schaeuble dismissed “false expectations” raised by euro leaders last month that the economically troubled euro zone would act quickly to unify the oversight of its banking system.
“It will take time, it’s complicated, it isn’t easy to do,” Schaeuble told reporters before a meeting of [...]
BERLIN (AP) — Germany’s finance minister is rejecting U.S. President Barack Obama’s calls on Europe to move faster in fighting its debt crisis, telling him to get the American deficit under control instead.
Wolfgang Schaeuble told public broadcaster ZDF in an interview late Sunday that “people are always very quick at giving others advice.”
He says: “Mr. Obama should first of all take care of reducing the American deficit, which is higher [...]
(Reuters) – Greece’s new government should stop asking for more help and instead move quickly to enact reform measures agreed to in return for previous bailouts from its European partners, German Finance Minister Wolfgang Schaeuble said on Sunday.
Schaeuble told Bild am Sonntag in unusually blunt language that Greecehas forfeited much of Europe’s trust during the sovereign debt crisis, as reflected in an opinion poll covering the euro zone’s four biggest nations [...]
by Phoenix Capital Research
While the media is abuzz with the notion that the Spanish bailout will save Spain, more key questions such as “where is the money going to come from?” are being ignored.
Indeed, at this point, it’s not clear if the Spanish bailout is coming via the EFSF or the ESM. If the funding comes via the EFSF then the entire exercise is pointless. The EFSF, if you’ll recall, is [...]
Alexis Tsipras is betting he can have it all. The leader of Greece’s Syriza party aims to win over voters by promising an end to punishing austerity while keeping the European Union’s financial-aid flowing.
“We have no sense that European partners will follow this tactic of blackmail heard from some quarters and stop funding,” Tsipras, whose party is vying for first place in polls before June 17 elections, said in an interview [...]
German Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble are urging Spain’s government to take an international bailout as it struggles to shore up the country’s banks, Der Spiegel magazine reported, without saying where it got the information.
http://www.telegraph.co.uk/finance/financialcrisis/9307920/Angela-Merkel-and-Mario-Monti-clash-over-eurobonds.html
Bloomberg
Temasek Holdings Pte, Singapore’s state-owned investment company, said it expects the markets to enter a “period of stress” for the next one to two years amid the European debt crisis, adding risks to investments.
European leaders will do “everything necessary” to keep Greece in the 17-nation euro, German Finance Minister Wolfgang Schaeuble said yesterday. Group of Eight leaders on May 19 urged Greece to stay within the euro area as polls [...]
France just went bonkers again with their commie government:
PARIS (AFP)–Greece’s exit from the eurozone risks causing an “unpredictable” spread of the debt crisis, a scenario which France will work to avoid at all cost, French Finance Minister Pierre Moscovici said Tuesday.
“Everything must be done to help pro-European and pro-euro forces in Greece,” ahead of repeat elections due next month, Moscovici said, citing “measures to boost growth and give back hope [...]
• Tspiras: Greece exit would destroy euro area
• Hollande calls for recapitalization of Spanish banks
• Spanish GDP to slump another 0.3pc in second quarter
• BoE’s Posen: eurozone banks need more capital
• Cameron: Greece must accept austerity or exit euro
• European leaders to hold summit on Wednesday
Latest
18.19 That’s where we leave our debt crisis live blog for today. We’ll be back tomorrow.
In the US, Facebook shares fell below their [...]
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