ЕВРОСАММИТ: "Линия Мажино" в европейской "войне севера и юга"

Очередной европейский саммит публика воспринимает по-разному. Кто-то питает надежды на улучшение, кто-то наоборот, потеряв все надежды, махнул рукой и старается держаться подальше от очередного евро-шоу.   Тем не менее, проходящий сейчас в Европе саммит можно смело назвать – решающим. И дело не в том, что канцлера Германии, фрау Меркель не поддержали на встрече G20, где жалкая попытка, основанная на страхе и жадности, привела к тому, что ЕЦБ расширил выкуп «мусорных бумаг» до эпических масштабов (испанские «сберкассы» — это кроличья нора, глубину которой невозможно измерить экономически). И даже не в том, что капиталы продолжают «бегство» из Европы, а ЕЦБ старается компенсировать их нехватку. И даже не в снижение курса евро, потому что никто не даст курсу опуститься ниже уровня, где «конкурентоспособность» валюты будет мешать остальным мировым экономикам, творить свои «благие валютные дела». Дело в том, что эти два с половиной года, Германия, пыталась  убедить страны входящие в зону евро, как впрочем, и весь мир, в реальной пользе жесткой финансовой политики во имя (как бы это смешно не звучало) – всеобщего блага (Евросоюза). Как мы видели попытки Германии, по факту, оказались тщетны. И сейчас настал момент, когда «Юг» должен сделать «Северу» —  «предложение от которого невозможно отказаться» ©. Если таковое предложение от Южной Европы не поступит, то Германия может начать разрабатывать план по выходу из Еврозоны. И идеологически, они имеют на это право.
Линия Мажино
 



 
Данный топик создан для отслеживания «вербального боя» между Северной и Южной Европой. Сюда будут добавляться новости и высказывания ключевых политических игроков затрагивающие столь важную тему.

Комментарии (63)

свернуть / развернуть
+
Summit may be most crucial since EU founding-IIF chief
RTR, 06/27 05:06AM

    BERLIN, June 27 (Reuters) — Charles Dallara, managing
director of the Institute of International Finance (IIF) and a
key negotiator in the restructuring of Greece's debt, said the
European Union was facing possibly its most important summit
since its founding.
    EU leaders meet in Brussels on Thursday and Friday to
discuss proposals for a banking and fiscal union amid mounting
alarm in financial markets over the euro zone crisis.
    «Not only the future of the euro (but also) the future of
Europe is at stake… (The summit) is perhaps the most important
since the founding of the European Union,»
Dallara told German
weekly Die Zeit, according to a preview of his comments ahead of
Thursday's publication.
    «This is about winning back the confidence of long-term
oriented investors such as pension funds and insurance companies
— and I fear that they will be convinced only by comprehensive
solutions.»

    Dallara was involved in the protracted talks on the Greek
debt restructuring, where the IIF represented private sector
creditors.

+
Charles Dallara, управляющий директор Institute of International Finance (IIF), а так же один из главных переговорщиков по реструктуризации Греческого долга, считает, что этот саммит является самым важным и ключевым. «Не только будущее евро,а также будущее Европы поставлено на карту ...»

BERLIN, June 27 (Reuters) — Charles Dallara, managing director of the Institute of International Finance (IIF) and a key negotiator in the restructuring of Greece's debt, said the European Union was facing possibly its most important summit since its founding.
EU leaders meet in Brussels on Thursday and Friday to discuss proposals for a banking and fiscal union amid mounting alarm in financial markets over the euro zone crisis.
«Not only the future of the euro (but also) the future of Europe is at stake… (The summit) is perhaps the most important since the founding of the European Union,» Dallara told German weekly Die Zeit, according to a preview of his comments ahead of Thursday's publication.
«This is about winning back the confidence of long-term oriented investors such as pension funds and insurance companies — and I fear that they will be convinced only by comprehensive solutions.»
Dallara was involved in the protracted talks on the Greek debt restructuring, where the IIF represented private sector creditors.
+
Господин Доллара конечно слегка нагнетает, но то что касается «долгосрочных» трендов — он прав… и ЕЦБ прав… в том что просто не сможет заменить уходящих инвесторов. И не потому что так сложно денег напечатать, а потому что банки — не производство и не бизнес, банки, даже центробанки, скорее сопуствующее бизнесу учреждение =)
+
Прям как в «песне» Дельфина:
"… И каждый считает виноватым другого
Хотя сделать шаг на встречу это проще простого
И каждый хочет доказать что он лучше чем есть
Большая любовь превращается в месть..."©
=)
+
Ну так там сейчас как раз как «в песне»… )))) А «мстя» будет страаааашной…
+
Упс…
+
Нормуль… у тебя с «ереводом» © )))))
+
ПМ Испании Mariano Rajoy «алармит»:

MADRID, June 27 (Reuters) — Spain is determined to retain access to market funding and will push for European institutions to use available options to stabilise financial markets, premier Mariano Rajoy said, maintaining his policy stance ahead of an EU summit. With Spain and the rest of the euro zone's 'big four', struggling to narrow their differences over how to tackle the bloc's worsening debt crisis, Rajoy also said he would fight to secure aid for the country's banks directly and without enhanced creditor status from Europe's rescue funds. Speaking in parliament ahead of the two-day meeting of European leaders starting on Thursday in Brussels, Rajoy said Spain would not be able continue financing itself at current yields for long. «I will propose measures to stabilize financial markets, using the instruments at our disposal right now,» Rajoy said, referring to policy options such as the European Central Bank's bond-buying programme and long-term funding tenders (LTROs). Twin three-year tenders offered by the ECB in December and February unleashed over 1 trillion euros into the financial system and were credited with staving off the worst effects of the debt crisis late last year and early in 2012. But the ECB has given no indications it is planning to offer further LTROs or revive the dormant bond-buy programme, instead putting the onus on the region's governments to come up with a concerted response to the crisis. DIRECT BANK AID Mindful of the need to minimise the political stigma associated with a bailout after agreeing to a bank sector rescue worth up to 100 billion euros ($125 billion), Rajoy said he would keep working for a direct recapitalisation of Spain's debt-scarred lenders with European funds. That would cut the vicious circle between indebted sovereigns borrowers and weak banks. Rajoy said Spain would continue to press to remove the preferred creditor status of Europe's permanent rescue fund, the ESM, thereby avoiding further increases of the country's debt pile and reassuring other investors they would not drop down the repayments queue. (Full Story) «I will keep working to obtain a direct recapitalisation of banks and to make sure the European aid doesn't override the rights of other holders of public debt,» Rajoy said. On that score, he may win support at the summit from Germany, the EU's biggest economy and paymaster, which appears ready to budge on using the rescue funds more flexibly to help banks and reassure investors spooked by the increased risk of facing writedowns on government bonds. (Full Story) Spain's banks were crippled by a 2008 property crash. Madrid is under intense pressure from nervous debt markets to tame one of the highest funding gaps in the euro zone and, to garner support within the bloc for its policy preferences, will be keen to show new austerity measures to European leaders at the summit. Madrid said on Tuesday it was considering raising consumer, energy and property taxes to control a public deficit that may have already exceeded one of its budgeted ceilings for the full year. (Full Story) «The most urgent issue is the one of financing. We can't keep funding ourselves for a long time at the prices we're currently (paying),» Rajoy said on Wednesday. Madrid's short-term borrowing costs nearly tripled from a month ago at an auction on Tuesday, while demand shrank as investors continue to seek ever higher premiums to hold Spanish debt. (Full Story) On Wednesday, Spain's 10-year debt yields were flat at 6.84 percent, still uncomfortably close to the 7 percent level that triggered full-scale bailouts for Greece, Ireland and Portugal.
+
Егор… комрада Рахоя адназначна © в спойлер. Ибо речи его длинны, но они ничего не решают ))) тока место занимают…
+
Видимо, из-за того, что я «под IE» Рахой «не убрался» в спойлер...
Чесна пытался его туда убрать=)
+
Точно… под «ишаком» спойлер не фурычит… Ну и ладно пусть будет)))
+
GERMANY'S MERKEL SAYS THERE ARE NO QUICK OR EASY SOLUTIONS TO EURO DEBT CRISIS
RTR, 06/27 06:33AM

Source: Thomson News
------------------------------------
Фрау сказала что готова выслушать выгодные предложения =)
+
GERMANY'S MERKEL SAYS STRUCTURAL REFORMS MUST BE AT CENTRE OF GROWTH INITIATIVES FOR EUROPE
RTR, 06/27 06:38AM

Source: Thomson News
GERMANY'S MERKEL SAYS ITALY'S MONTI AND SPAIN'S RAJOY HAVE TAKEN IMPORTANT REFORM STEPS
RTR, 06/27 06:39AM

Source: Thomson News
-----------------------------

Фрау говорит что сначала стулья потом деньги
+
GERMANY'S MERKEL SAYS EUROPE NEEDS NEW INCENTIVES TO HELP YOUTH UNEMPLOYED
RTR, 06/27 06:41AM

Source: Thomson News
GERMANY'S MERKEL SAYS EU FUNDS MUST BE USED TO BOOST COMPETITIVENESS
RTR, 06/27 06:42AM

Source: Thomson News
--------------------------------

Фрау призналась что знает «тайну золотого ключа», и может подсказать как вырулить из структурной безработицы. По ходу пьесы сдобрив свои слова волшебным словом «конкурентоспособность», которые означает что немецкая молодежь с радостью поделится работой с другими странами.
+
GERMANY'S MERKEL SAYS EIB CAPITAL MUST BE BOOSTED BY 10 BLN EUROS

GERMANY'S MERKEL SAYS PLEASED THAT AT LEAST 9 EU COUNTRIES READY TO GO AHEAD WITH FINANCIAL TRANSACTIONS TAX

+
GERMANY'S MERKEL REITERATES EURO BONDS ARE ECONOMICALLY WRONG AND COUNTERPRODUCTIVE

GERMANY'S MERKEL — JOINT DEBT LIABILITY CAN ONLY COME ONCE CONTROLS ON NATIONAL STATES ARE IN PLACE
RTR, 06/27 06:53AM

Source: Thomson News
------------------------------------
Фрау рассказывает европейской общественности про особенности жилища индейцев «фигвам»

+
MERKEL SAYS EXPECTS CONTROVERSIAL DISCUSSION AT BRUSSELS SUMMIT, EYES WILL BE FOCUSED ON GERMANY

MERKEL REITERATES GERMANY DOES NOT HAVE UNLIMITED STRENGTH

MERKEL SAYS IF GERMANY IS OVER-STRAINED, IT WOULD HAVE UNFORESEEABLE CONSEQUENCES FOR EUROPE
RTR, 06/27 06:56AM

Source: Thomson News
-----------------------------------------
Основные слова убеждения -)

«Великие перевороты в этом мире никогда не делались при помощи пера. Нет, перу предоставлялось только теоретически обосновать уже совершившийся переворот. Испокон веков лишь волшебная сила устного слова была тем фактором, который приводил в движение великие исторические лавины как религиозного, так и политического характера».
© Адольф Гитлер «Mein Kampf».
+
Позиция Германии, опять цитата, оттуда же =)


«Никогда не следует забывать, что все действительно великое в этом мире было завоевано отнюдь не коалициями, а являлось результатом успеха одного единственного победителя. Успехи, достигаемые в результате коалиции, уже в самих себе несут зародыш будущего дробления сил, а тем самым и потери завоеванного. Великие, действительно мировые умственные революции всегда являются продуктом титанической борьбы отдельных строго отграниченных друг от друга лагерей, а вовсе не делом коалиций.
Наше новое, собственное, патриотическое государство возникает отнюдь не в результате компромиссных соглашений того или иного патриотического блока, а только в результате стальной воли нашего собственного движения, которое проложит себе дорогу против всех»


© Адольф Гитлер «Mein Kampf».
+
"… Мир ждет нашего решения… нам нужно ответить на вопрос: сможем ли мы обеспечить дальнейшее процветание Европы..."

Die Kanzlerin sagte, sie fürchte, dass auf dem Europäischen Rat «wieder viel zu viel über alle möglichen Ideen für eine gemeinschaftliche Haftung und viel zu wenig über verbesserte Kontrollen und Strukturmaßnahmen gesprochen wird». Sie erwarte kontroverse Diskussionen in Brüssel. Gleichzeitig mahnte Merkel zur Eile: «Die Welt wartet auf unsere Entscheidungen», sagte sie in ihrer rund 25-minütigen Rede. Europa stehe vor «entscheidenden Monaten», in denen man die Frage beantworten müsse, "ob wir auch in Zukunft in Europa in Wohlstand leben können".

Речь, а так же видео выступления Фрау здесь

+
Что-то Шпигель видео дал как украл =)
+
Аха. облегченная версия какая-то получилась=)

German Chancellor Merkel and French President Hollande to make statement following their meeting at 13:15 ET (17:15 GMT)
+
Ну да всё таки она перед парламентом выступала и поклялась отстаивать позицию Германии на предстоящем саммите =) А по видеоогрызку шпигеля всю «глубину» речи раскрыть не удается =)


Интересно что ей месье предложит… Саркози смог таки на фрау оказать сильнейшее влияние в 2010… и тогда немцы пошли на компромисс… Но сейчас ситуация другая… тут или сливается германия окончательно… или ей предложат гешефт))) В любом случае полу-меры здесь и сейчас уже не актуальны..

+
Подождем немного… Может и договорятся=)
«cut off time» уже где-то рядом=)

Карикатура 2010 года
+
Да чего ждать… итог любого политического спектакля всегда один: Бедные становятся беднее, богатые — богаче )))))))))) Остальное лишь декорации…
+
08:14ET GERMAN FM SCHAEUBLE: G-20 commitment limits German scope for deficit cuts. [DFX]
08:14ET GERMAN FM SCHAEUBLE: German bond yields 'unnaturally low'. [DFX] 
---------------------------
Шойбле тренда не увидел =)
+
А тем временем «невидимая рука рынка» продолжает драйвить доходности «десятилеток» Италии и Испании… даже евросаммит не помогает =)
+
что же с ними будет после саммита?! 8 или 9% по испанским? делаем ставки, господа! )))
+
Ставки делают на ипподроме и в казино, у нас только технические цели, вероятность которых подтверждается или опровергается фундаментальными событиями и ситуацией на денежном рынке =)
+
IMF LAGARDE SAYS CYPRUS HAS ASKED FOR IMF FINANCIAL ASSISTANCE

Source: Thomson News
-------------------------------
Кипр попросил у МВФ финансовую помощь


Доктор уже выехал..
IMF's Lagarde — Cyprus is seeking IMF assistance RTR, 06/27 10:45AM WASHINGTON, June 27 (Reuters) — Cypriot government officials have asked the International Monetary Fund for financial assistance to help it deal with the country's banking crisis. «We expect to send an IMF team to Cyprus to evaluate the situation in the field as soon as possible in preparation for discussions on an economic program that will help Cyprus meet the economic challenges it is facing,» IMF Managing Director Christine Lagarde said in a statement on Wednesday.


+

Кипру помогут.. на ПИГС-условиях (доп)
WASHINGTON, June 27 (Reuters) — Cyprus has asked the International Monetary Fund for financial assistance to help it deal with the country's banking crisis, the head of the IMF said on Wednesday. «Today, the IMF received an invitation from the Cypriot authorities to participate in the external financial assistance to contain the risks to the Cypriot economy,» IMF Managing Director Christine Lagarde said in a statement. The request comes a day ahead of a crucial summit of European leaders on Thursday and Friday to deal with the ongoing euro zone debt crisis that has enveloped the continent. It will be the fourth euro zone country that has turned to the IMF for a rescue loan. The fund is already involved in bailouts for Greece, Portugal and Ireland. It is helping to monitor a 100 billion euros ($124.71 billion) European bailout for Spain. «We expect to send an IMF team to Cyprus to evaluate the situation in the field as soon as possible in preparation for discussions on an economic program that will help Cyprus meet the economic challenges it is facing,» Lagarde added. Cyprus has also requested an EU bailout for its second-largest lender, Cyprus Popular Bank, which needs 1.8 billion euros in regulatory capital. The aid is expected to amount to about 10 billion euros, according to EU officials. In exchange, Cyprus will have to commit to budget cuts and structural reforms, as well as steps to strengthen its banking and financial sector.

+
Россия попросила, в качестве моральной компенсации, место под базу ВМФ, взамен сирийской базы в Тартусе… но похоже киприоты не повелись
+
Долбо… ы, в 74 британцы с турками их уже развели… СССР и США обещали им целостность острова в обмен на базу ВМФ… но эти дебилы просрали обе возможности и в итоге имеют разделенный остров
+
Итальянские бонды и евросаммиты

Вот такие они… евросаммиты…
+
FITCH: EUROZONE CRISIS CONTINUES TO THREATEN GLOBAL CREDIT OUTLOOK
RTR, 06/27 11:23AM

Source: Thomson News
--------------------------------
Декораторы вышли на сцену… =)
+
тут уже есть расписание евросаммита… почему то не указано время банкета. только легкий обед… я бы покушал) зато фото на память эти ребята никогда не забывают делать… уже целая коллекция видимо

EU: Indicative programme for EU Summit June 28/29:
June 28:
1215-1245GMT Arrival of members of the European Council at the Justus
Lipsius building
1300-1400GMT Exchange of views with the President of the European
Parliament Tour-de-table before the meeting
1400GMT Family photo
1415-1700GMT First working session
1715-2000GMT Dinner
End of meeting Van Rompuy & Barroso press conference
June 29:
0715-0745GMT European Council members arrive Justus Lipsius building
0800-1100GMT Second working session
End of meeting Van Rompuy & Barroso press conference
Followed by Working lunch of Heads of State or Government of Eurozone
End of meeting Van Rompuy & Barroso press conference
 
+
Италия разместила свои 5 и 10 летние бумаги. Выбрали весь объем согласно плану. Ставка доходности ниже вторичного рынка. Спрос слабый. 


ITALY AUCTION RESULTS: Italy sold E2.5bln vs target E1.75bln-E2.5bln 
— E2.5bln of 4.75% 2017 BTP; avg yield 5.84% (5.66%), cover 1.54 (1.35) 



ITALY AUCTION RESULTS: Italy sold E2.293bln vs target E2.0bln-E3.0bln 
— E2.923bln of 5.50% 2022 BTP; avg yield 6.19% (6.03%), cover 1.28(1.4) 
+
June 28 (Bloomberg) — European officials are working on a plan to use emergency bailout funds to push down Italian and Spanish bond yields, the Financial Times Deutschland said, citing unidentified officials.
They also accept that the idea of issuing common debt is dead for now, the FTD said in an emailed article. The plan will be discussed by European leaders on Friday, the FTD said. Officials aren’t working on any new innovations to deal with the crisis over the short term, according to the paper.
+

(доп) FRANKFURT (MNI): EMU Leaders Debating Emergency Aid For Spain, Italy: FTD
EMU Leaders Debating Emergency Aid For Spain, Italy: FTD FRANKFURT (MNI) – Eurozone officials are working on a plan for emergency aid that could help bring down Spanish and Italian bond yields, the German daily Financial Times Deutschland reported Thursday, citing Eurozone sources. While joint eurobonds or bills are “dead” for the moment, according to one official, the group is still looking at ways to use existing funds from Europe’s rescue funds, the European Financial Stability Facility and the European Stability Mechanism. Germany was resisting the emergency measures as of Wednesday night, the paper said, though it also cited a German official saying that sovereign bond buying by the EFSF and/or ESM in primary or secondary markets was a possibility. “We have to see what would make sense within this framework,” the German source said. While Italy has refused to formally request European aid to bring down yields, the paper suggested Rome could relax its stance if the conditions for aid largely mirrored the steps Italy has already taken to reduce its budget deficit. Italian Prime Minister Mario Monti has reportedly called for the European Central Bank to back any bond purchases by the EFSF and ESM, though ECB officials including Bundesbank President Jens Weidmann and Executive Board member Peter Praet have rejected this proposal. Monti later said that his proposal had been misinterpreted.

+
ITALY TREASURY CHIEF ECONOMIST SAYS MONTI'S PROPOSAL AT EU SUMMIT TO CUT ITALY BOND SPREADS IS «PROBABLY NOT ACHIEVABLE», BUT WILL BE PUT ON THE TABLE


ITALY TRSY CHIEF ECONOMIST SAYS «SHOULDN'T NECESSARILY EXPECT VERY BIG RESULTS FROM EU SUMMIT», NEED ROAD MAP ON INTEGRATION
RTR, 06/28 07:28AM

Source: Thomson News
-------------------------------------------
Германия — Италия 1:0
+
FRANCE'S HOLLANDE SAYS DISCUSSIONS STILL UNDERWAY WITH GERMANY ON STABILITY IN EUROPE, NOT EVERYTHING IS TIED UP
RTR, 06/28 07:21AM

Source: Thomson News


France, Germany divided on help to south Europe: Hollande
France, Germany divided on help to south Europe: Hollande RTR, 06/28 07:37AM PARIS, June 28 (Reuters) — French President Francois Hollande said on Thursday that Paris and Berlin were in broad agreement on measures to stimulate growth but had not yet hammered out a deal on short-term steps to stabilise the euro zone's most fragile economies. «There are points in common on growth luckily, (German Chancellor Angela) Merkel has moved in the direction I wanted,» he told France 2 television before taking the train to Brussels for a two-day EU leaders summit. «There is also an agreement on the financial trasaction tax, but we still need one on stability. There are ongoing discussions, it's normal,» he added. «We need to act in support of the countries which need it: Spain and Italy.»


-------------------------------------

Германия — Франция 1:0
+
Немецкий минфин официально опроверг слухи распускаемые газетенкой Wall Street Journal, о том что Германия якобы пересмотрела свои взгляды на выпуск общеевропейских облигаций. Позиция Германии осталась прежней.


Germany denies report on changed euro bond stance
Germany denies report on changed euro bond stance RTR, 06/28 08:04AM BERLIN, June 28 (Reuters) — Germany's finance ministry denied a report on Thursday that suggested it had modified its opposition to euro bonds and reaffirmed its long-held view that they could only come at the end of a process towards fiscal union. Earlier the Wall Street Journal quoted Finance Minister Wolfgang Schaeuble as saying in an interview published on its website that Germany may be willing to move sooner than expected to accept shared liability of euro zone debt. Asked to comment on the reported comments, ministry spokesman Martin Kotthaus said: «This is not true.» «We've always said that we can talk about shared debt management only at the end of a process toward a genuine fiscal union,» he told Reuters.


+
AFP «The Wall Street Journal» leadership of the newspaper to complain about the name Patricia for the offensive and demands a public apology
+
Patricia sends Wall Street Journal to seek thermogravitational astrolabe with vertical converter tuning and porabolic component of dispersive mode..

if Wall Street Journal has not got for the first time where to go… I can specify! Gemperical background of phase histeresis should not exceed paradoxal polarity of Zola's curve whereas on the phase plane a harmonic oscillator should abide by the Runge-Kutta's law. Convergence of rays in the complete difraction zone must be more than 3% of quant polarisation on atomic level.

Go now! And even do not think of coming back without that indispensable thing! )))))))))))))))))))
+
про саммит ЕС…  
Говорил с Подгорным о футболе и хоккее и немного о конституции. Л.И.Брежнев (запись в дневнике за 1977 г.)
+
Man arrives at Athens, customs ask 'nationality?' replies German. They ask 'occupation?'. Oh no, he says, just on holiday
+
)))
+
«Пятая колонна» в немецком тылу окапывается уже в Европейском ЦБ. Французский представитель в Совете Управляющих ЕЦБ господин Benoit Coeure снова выступил с оппортунистическими предложениями по поводу долгового рынка. Он настаивает, чтобы можно было вводить прямое фондирование для банков из резервов фонда ESM. 



Direct capital injections into banks by the
European Stability Mechanism would help break the negative feedback loop
between sovereigns and banks, ECB Executive Board Benoit Coeure said
Thursday.
 
     In prepared remarks to an IMF conference in Rio de Janeiro, Coeure
said a «true financial union» would also help break the adverse feedback
loop, which he called a «fundamental impediment to resolving the crisis
in the euro area.» He added that this self-feeding negative cycle
between banks and national governments could be a «major obstacle to
granting loans to the real economy.»
 
     A financial union should include common deposit insurance and a
bank resolution framework, «supported by a single supervisory system
with centralised decision-making. Coeure did not say whether the
supervisory responsibility should fall to the ECB as the bank's Vice
President Vitor Constancio suggested earlier this month.
 
     „If the European Stability Mechanism...could inject capital
directly into banks, this would also help to break the bank-sovereign
loop. Of course, such support must come with strong conditionality and
control,“ Coeure said.
 
     Coeure's support for direct bank capital injections by the ESM is
at odds with Germany's opposition to the idea. But the French member of
the ECB board did back the German view that joint Eurozone bonds can
only be established once there are joint controls over the fiscal
policies of EMU member states.
 
     „Common funding instruments would require shared decision making on
national debts and deficits and probably joint control on fiscal
expenditures and taxation,“ Coeure said. „They can only result from
further political integration; they cannot precede it.“
 
     Coeure also stressed: „Joint debt issuance cannot be a substitute
for putting national fiscal houses in order and restoring
competitiveness.“
 
     Likewise, he said fiscal union could only come about once Eurozone
members had returned to fiscal sustainability and improved the
conditions for long-term growth.
 
     Yet Coeure said that laying out the path toward such a fiscal
union, „based on a principle of responsibility and with proper control
and accountability, would provide a sound 'fiscal pillar' on which the
single currency could safely rest.“
 
+
Wealthy Swiss Hoard Cash, See Doom for Euro
 
If you want proof that the world’s wealthy are worried, consider this: Swiss banking clients have nearly a third of their portfolio in cash. And one in five believe the Euro will collapse.
 
The findings are included in a new report from LGT Group, the Austrian banking company, conducted with Austria’s Johannes Kepler University. The study found that wealthy Swiss and Austrian private-banking clients remain highly risk-averse and fearful of inflation, sovereign debt defaults and the unstable financial system.
 
 
In Switzerland, 58 percent of private banking clients have lost confidence in the financial system. Forty-four percent worry about inflation.
 
 
Fully 22 percent expect the euro zone to collapse. The number was the same for Austrian clients.Only 15 percent of Swiss and 16 percent of Austrians say the lessons have been learned from the euro crisis.
 
The study also said clients are reducing their diversification strategies and retreating to gold, cash and their home markets. Only a small fraction of clients are out to get better returns than the broader market.
 
 
Granted, Swiss banking clients are an especially conservative group by nature. Switzerland is seen by many investors as a safe haven.
 
Yet the report said the defensive crouch of Swiss banking clients is unlikely to change in the near future.
 
“Private banking clients are still being influenced in their behavior by the turmoil in the financial markets and it appears increasingly likely that this will remain the case for this generation of clients for a long time yet,” according to the report.
 
 
+
EU LEADERS HAVE AGREED A GROWTH PACKAGE OF 120 BLN EUROS BUT ITALY AND SPAIN NOT PREPARED TO SIGN OFF ON IT — EU OFFICIALS
RTR, 06/28 05:05PM

Source: Thomson News
+
Euro zone to scrap preferred creditor status on ESM for Spanish loan
RTR, 06/28 05:22PM

    BRUSSELS, June 28 (Reuters) — The euro zone is likely to
remove the preferred creditor status of the European Stability
Mechanism (ESM) bailout fund on the loan to Madrid for the
recapitalisation of Spanish banks, euro zone officials said on
Thursday.
    The preferred creditor status of the ESM worried markets and
caused selling of Spanish bonds, because investors were
concerned that if Spain were to default, the ESM would get paid
back first and there would not be enough money left to repay
private bondholders.
    But after discussions among euro zone deputy finance
ministers and treasury officials on Thursday, the removal of the
status on the Spanish loan was likely.
    «It looks like a done deal, but has to be approved by the
euro zone heads of state and government on Friday,» one euro
zone official said.
 

+
FRANCE'S HOLLANDE SAYS 27 EU MEMBERS AGREED ON GROWTH PACT ALTHOUGH ITALY, SPAIN WILL SIGN LATER

HOLLANDE SAYS HE BELIEVES MORE INTEGRATION IS NECESSARY ON THE CONDITION THAT MORE SOLIDARITY IS POSSIBLE

HOLLANDE SAYSITALY AND SPAIN WANT TO ENSURE FRIDAY'S TALKS EXAMINE SHORT-TERM MEASURES TO CALM MARKETS

HOLLANDE: SPAIN WANTS DIRECT BANK RECAPITALISATIONS, ESM DEBT PRIVILEGE LIFTED, ITALY WANTS MEASURES TO BRING DOWN YIELDS
RTR, 06/28 07:05PM

Source: Thomson News
+
ТЕКСТ ДЕКЛАРАЦИИ С САММИТА ЕС КОТОРУЮ ЗАЧИТАЛИ БАРОССО И РОМПИ   


Following is the full text of the statement issued
by the EU Summit early Friday morning:
 
     «We affirm that it is imperative to break the vicious circle
between banks and sovereigns. The Commission will present Proposals on
the basis of Article 127(6) for a single supervisory mechanism shortly.
We ask the Council to consider these Proposals as a matter of urgency by
the end of 2012. When an effective single supervisory mechanism is
established, involving the ECB, for banks in the euro area the ESM
could, following a regular decision, have the possibility to
recapitalize banks directly. This would rely on appropriate
conditionality, including compliance with state aid rules, which should
be institution-specific, sector-specific or economy-wide and would be
formalised in a Memorandum of Understanding. The Eurogroup will examine
the situation of the Irish financial sector with the view of further
improving the sustainability of the well-performing adjustment
programme. Similar cases will be treated equally.
 
     We urge the rapid conclusion of the Memorandum of Understanding
attached to the financial support to Spain for recapitalisation of its
banking sector. We reaffirm that the financial assistance will be
provided by the EFSF until the ESM becomes available, and that it will
then be transferred to the ESM, without gaining seniority status.
 
     We affirm our strong commitment to do what is necessary to ensure
the financial stability of the euro area, in particular by using the
existing EFSF/ESM instruments in a flexible and efficient manner in
order to stabilise markets for Member States respecting their Country
Specific Recommendations and their other commitments including their
respective timelines, under the European Semester, the Stability and
Growth Pact and the Macroeconomic Imbalances Procedure. These conditions
should be reflected in a Memorandum of Understanding. We welcome that
the ECB has agreed to serve as an agent to EFSF/ESM in conducting market
operations in an effective and efficient manner.
+
Григорий, а може те подсказать в какое время должна быть сегодня прессконференция Меркель
Заранее Спасибо!
+
Изменение статуса кредитора первой инстанции для фонда ESM это хорошая новость для Испании, но плохая для налогоплательшиков (видимо Германии) 

The renouncment of governments’ preferred creditor status on crisis loans to Spanish banks is “good news for private creditors, but no good news for tax payers,” said Wolfgang Bosbach, a lawmaker in Chancellor Angela Merkel’s Christian Democratic Union.

Euro countries are taking “a great step” toward the mutualization of debts, Bosbach, a critic of the euro region’s future permanent financial backstop, the Europan Stability Mechanism, said today on Deutschlandfunk public radio.
“If the ESM is approved today” in Germany’s two chambers of parliament, “the currency union widens to become a liability union,” Bosbach also said. “The liability union will become a transfer union” because euro members will continue to violate deficit rules, he said.
+
пока не знаю, они еще могут до ночи заседать))… То что нам дали это МЕМОРАНДУМ хотя там есть все те вещи про которые я упоминал Относительно успешным (для рынка) итогом этого саммита можно будет считать принятие положительного решения только нескольким основным вопросам.

В 17.00 вроде как Бундестаг должен рассматривать приянтие закона о ESM… Без слова Меркель что она подтверждает то что сказали эти мужички из Брюсселя… все это пока слова… Единственное что понятно, это то что интервенции по долговым рынкам пигсов видимо будут точно (Меркель не будет против) но это произйодет через 17 дней… когда будет трансформирован новый фонд ESM...


+
 GERMAN CHANCELLOR ANGELA MERKEL

    ON CONDITIONALITY FOR BOND-BUYING BY BAILOUT FUNDS:

    «We have taken important decisions last night. First we
agreed that if countries need the instruments to buy bonds on
the primary or secondary market from the EFSF or ESM then the
conditionality will be agreed as follows:
    „The country report will be presented to the Commission on
which basis we will agree a memorandum of understanding in which
there will be a time-frame. The EU/IMF 'troika' will then
supervise, as it is always usual in the EFSF and ESM, whether
the conditions are met.
    “That would be the case if Spain or Italy, with regards to
their interest burden, make use of such instruments. Then this
conditionality would apply, which we have agreed on precisely,
according to the rules we have.»
    
    ON SPANISH SUPPORT:

    «Secondly, regarding the banking recapitalisation which
Spain has requested, a request will be made with the EFSF. Once
the ESM becomes available, then the application will be
transferred to the ESM. The seniority of the bonds will not be
changed. For Spain we won't do what is otherwise applicable in
the ESM regarding the preferred creditor status because the
request was made through the EFSF, where such details do not
apply.»

+
FRENCH PRESIDENT FRANCOIS HOLLANDE

    ON THE AGREEMENTS REACHED:

    «There were three advances. The first is on the
recapitalisation of the banks with banking supervision and with
a calendar. The second is to allow easier solutions for Spain,
which can be put into effect rapidly. And finally, there will be
full use of the (bailout) instruments, the EFSF and the ESM, to
give states that have made efforts the necessary protection in
relation to interest rates.»
     
    ON THE IMPORTANCE OF WHAT EU LEADERS DECIDED:

    «It is very important that we put into motion procedures for
immediate action — something that was much hoped for. Bank
supervision for a recapitalisation of the banks will take a bit
more time, but this will be a lasting move in the right
direction.
    „We defined a vision for the euro — for economic and
monetary union — saying what we will do together, and there will
be greater solidarity at each step in integration. The banking
union was the first illustration of this.“

+
Испания не Греция… мы просто пользуем один и тот же текст в выступлениях.

SPAIN'S PM RAJOY SAYS EUROPE MUST RAPIDLY IMPLEMENT ACCORDS TAKEN AT RECENT LEADERS' SUMMIT TO ESTABLISH CREDIBILITY

SPAIN'S PM RAJOY SAYS AUTONOMOUS REGIONS MUST MAKE GREATER EFFORT TO REDUCE SPENDING

SPAIN'S RAJOY SAYS WILL CONTINUE TO REDUCE PUBLIC COMPANIES

SPAIN'S RAJOY SAYS PUBLIC ADMINISTRATIONS MUST BE MORE DEEPLY REFORMED TO AVOID FALLING BEHIND IN PAYMENTS AGAIN

SPAIN'S RAJOY SAYS HOPES EUROPEAN AID FOR BANKS COMES AS SOON AS POSSIBLE

SPAIN'S RAJOY SAYS IN UPCOMING DAYS WILL TAKE MORE DEFICIT REDUCTION STEPS
RTR, 07/07 07:10AM

Source: Thomson News
-------------------------------------

+
В среду господин Рахой намерен представить испанскому парламенту план «латышезации Испании» в виде повышения налога на добавочную стоимость и срезания всех гешефтов госслужащим.
+
Magnitude 5.8 earthquake hits Russia — Bloomberg reporting.

что-то наши агентства молчат… про лужкова и овец пишут…
+


You can see why Chancellor Angela Merkel and Finance Minister Wolfgang Schäuble are back-pedalling so frantically over the EU summit deal.
While Mrs Merkel seemingly agreed to let the European Stability Mechanism (bail-out fund) rescue banks directly – starting with Spain – she did not have the authority from the Bundestag to do so.
Indeed, she violated a categorical prohibition by the budget committee or Haushaltsausschuss.
Here is the wording of Amendment 2 to the finance law or Finanzierungsgesetz on the 26th June, the day before the Brussels summit, sent to me by a very well-informed German reader.
Finanzhilfen zur Rekapitalisierung von Finanzinstituten einer Vertragspartei schlieren Finanzhilfen an eine Einrichtung zur Stabilisierung des Finanzsektors MIT ein, wenn die sektorspezifische Konditionalität gewährleistet ist, keine direkten Bankrisiken übernommen werden und die Rückzahlung durch eine Garantie der Vertragspartei gesichert ist.
It states that the ESM may not be used to recapitalise banks directly. Any such loans must guaranteed by the signatory to the treaty, ie the sovereign state, piling up further public debt.
Chancellor Merkel is wading into deep waters here. The constitutional court ruled last September that the government must obtain prior approval from the Bundestag before committing to further bail-outs – at least that is how I understood it, as did the key committees in parliament (German readers will correct me if I am wrong).
She has basically overstepped her authority.
Yes, she was under massive pressure from the Latin Bloc, Washington, Beijing, and the IMF to do so. One can certainly sympathise.
In my view, direct bank recapitalisation is indeed a crucial step that must be taken to break the diabolic nexus between banks and sovereigns – each dragging the other down – if Europe's leaders wish to hold the euro together and save their project. (Not my wish particularly, since I think the best solution would be for Germany and its satellites to leave EMU. But if your aim is to save monetary union, then damn well save it).
However, leaders get into great trouble when they trifle with parliaments. That is why Mr Schäuble was arguing on Tuesday that there had been no summit agreement on this issue, contradicting a categorical assertion by the European Commission.
What is an bond investor in China, Japan, the US, Canada, or Abu Dhabi supposed to make of this interminable shambles?
blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100018565/merkel-breaks-german-law-on-esm-rescue/
п.с. по другому не получилось вставить ссылку...
+
А тем временем в Италии верхняя палата парламента дала добро:

ROME, July 12 (Reuters) — The upper house of Italy's parliament approved on Thursday the euro zone's permanent bailout scheme, the European Stability Mechanism (ESM), shortly after also backing the EU's new budget rules.
The measures will now move to the lower house Chamber of Deputies, which aims to give it final approval by July 20.
The ESM can only come into effect with the approval of countries making up 90 percent of its capital base.
Germany's lower house has already backed the measure but it also needs approval from the German constitutional court, which has agreed to examine complaints lodged against the ESM, without giving a date for its verdict.
Только зарегистрированные и авторизованные пользователи могут оставлять комментарии.
© 2015 Medelle Finance