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“Whatever Steps Required”: Desperate Eurozone Tries Emergency Measures To Prevent Financial Collapse From Spreading On Monday



May 8, 2010 43 Comments ›› Pat Dollard

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Sky News:

Eurozone leaders have agreed to put emergency measures in place before the financial markets open again to prevent the debt crisis in Greece spreading to other countries.

During a late-night summit in Brussels, the 16 heads of the single currency countries said they were ready to take whatever steps were required to protect the stability of the euro area.

The leaders agreed to set up a crisis fund for all members to dip into in times of financial difficulty.

They also pledged to take “all measures needed” to speed up the process of reining in their national debts.

And they promised to strengthen financial governance, with tighter economic surveillance, more closely co-ordinated policies and more rigid rules on debt and deficit levels.

German Chancellor Angela Merkel said the “stabilisation” fund would send “a very clear signal” to market speculators to back off.

Belgium’s outgoing prime minister Yves Leterme added that the mechanism would be ready by “the end of the weekend”.

The leaders had been accused of heightening market uncertainty with a lack of action on euro members with high deficits or debts and low economic growth.

Stock markets around the world fell sharply this week because of fears that Greece’s debt problems would halt the global economic recovery.

The US, Japan and Canada expressed their growing concerns to France, Germany, Italy and Britain during a G7 conference call on Friday.

Barack Obama also spoke to Ms Merkel, calling for a “strong policy response” extending to the wider “international community”.
The 110bn euro (£95bn) bail-out of Greece was formally signed off at the crisis talks, with the eurozone to provide 80bn (£69bn) over three years and the IMF offering a further 30bn (£26bn).

All 27 EU finance ministers, who have been given the task of setting up the crisis fund, will meet on Sunday in Brussels to approve the special measures.


  • Jim D

    To little to late! you fucking socialist morons. You have screwed yourselves.And made it look so fun the rest of the world including the USA is following your path. Meanwhile george soros is licking his chops. He has wagered on your collapse and is about to get his investment returned 1000 fold.

    • mike3481

      Jim D :arrow:

      You nailed it.

      And despite being technically unqualified to give investment advice, I humbly suggest that if one has the wherewithal, they should “short” the Euro currency before the European financial markets open some time tomorrow (Sunday, May 9th, 2010).

      Cos there’s no way the Euro is not going to tumble down within the next 60 days.

      Just saying.

    • Franchie

      the lower the euro rating goes, the better it is for us and our enterprises ! Though I’m for quitting this eurozone made for Germany expension

    • political.fish

      :arrow: Mertin
      “Didn’t mention Obama… well you know he’s just continuing down the same road. At least though, he’s talking about some game rules… which the GOP is opposing.”

      And here is the crux of all your postings; you are an Obama supporter. Hence, your dislike of the socialist moniker and distortion of history. Go back to the Daily Kos dipshit.

    • Mertin

      political.fish: “you are an Obama supporter”
      and how exactly do you come to the conclusion that someone writing in favour of:
      small government
      low taxes
      level playing field, low interference capitalism
      no bailout
      energy independence

      Is an Obama supporter? Some Americans appear to have forgotten what capitalism is. Guess Ron Paul’s a Democrat, right? Let me suggest to grow a thicker skin and learn that not all criticism of neo-cons and the GOP os socialism.

    • Mertin

      political.fish: “you are an Obama supporter”
      and how exactly do you come to the conclusion that someone writing in favour of:
      small government
      low taxes
      level playing field, low interference capitalism
      no bailout
      energy independence

      Is an Obama supporter? Some Americans appear to have forgotten what capitalism is. Guess Ron Paul’s a Democrat, right? Let me suggest to grow a thicker skin and learn that not all criticism of Neo-cons and the GOP is socialism.

    • political.fish

      :arrow: Mertin
      I am not alone in my assessment. The grand sum of your posts reveal your revisions of history, misrepresentations of fact and general ignorance as to the issues of socialism as the root cause of our national, and international crisis.

  • Franchie

    “German Chancellor Angela Merkel said the “stabilisation” fund would send “a very clear signal” to market speculators to back off.”

    Mamie smashes the “prouts” !

    no matter if the mediterranean club can’t sell its goodies with a high euro rating,(even olive oil and or tomatoes…) so long Germany can sell Mercedes and arms to it !

    stiff stabilisation policy is shaped for German high euro rate purpose (ie Mark), thus attracting foreign investors only but in Germany ! the others : good for the housing bubble !

    • Jim D

      Not so sure it is good for us. With the IMF throwing money at the problems in EU (much of it ours) it may buy them some time. But will likely shorten ours. Obomas whole plan for the US recovery is to increase exports.What have we to sell (land) and who will buy it (china)? Maybe but I think We are fucked!

    • Franchie

      (much of it ours) No, equal as what contribute UK + France + Germany !

      We must return to sane exchanges, and forbid banks to sell derivated products and gambling on them !

      they use a computer program like for “global worming” to attribute points like AAA or BBB, without having all the informations !

  • wwtd
  • SgtJenz

    It’s all but over for Europe.

    We’re watching an animal die, here. It’s dead, already, but it hasn’t stopped twitchin’ and jerkin’, yet.

    It’s not a matter of outcomes. It’s just a matter of time.

    • political.fish

      :arrow: SgtJenz
      You are correct. Its a matter of time. The die has been struck. Bailing out each other with worthless paper does nothing to solve the problem. Socialism kills, its axiomatic.

  • Steve Rogers

    Frau Merkel,
    As the Chief said to Granny in “The Outlaw Josey Wales”, “look out little lady, Hell is coming to breakfast”.

    Bon appetite!

  • Pull

    How long will it be before the mooslums take over europe? The europeons are to chicken shit to fight, honestly they don’t know how to fight. So good fucking by. Take a shower before you surrender. Burn a fiat or two. Socialist imbeciles will always loose.

    • Franchie

      and your sister ?

      socialism ain’t the main problem states depts have always existed, the problem is when big money serves to bail out banks when it should be employed to invest in enterprises and labor forces !

      But your country has no lesson to give us, since the gamblers started the game from Wall Street, and, as the finances are interconnected, the viruses were transmitted to the eurozone, as today they also affect Asia, check the papers !

      Muslims aren’t playing this game and they are as much hit as the other populations

    • Franchie

      Greek Debt Woes Ripple Outward, From Asia to U.S. http://nyti.ms/9YPuvb

    • SgtJenz

      Blame whoever you like Franchie. Decades of socialist/liberal policies are at the root of the problems.
      Socialist never seem to understand that the party is over when they have run out of other peoples money to spend.

      While Europe can blame the U.S. the problems rest on both sides of the ocean. The socialists here will eventually learn the same thing it may just take a little longer to reach our shores but it’s coming.

      When the world wide collapse occurs. What then? Riots? Chaos? We will all be too busy trying to survive to worry about who did what.

      Greedy power brokers will bear the brunt of the blame. When things begin to settle down people are not going to be understanding or kind or merciful, at least not those who have survived. The dead won’t care.
      The powers that be will have no where to hide though they may try. We know where they are and there will be hell to pay for them.

    • Franchie

      http://www.atimes.com/atimes/Global_Economy/LE07Dj02.html

      Public debt – prudence and folly “it is not the level of the public debt but how the debt money is spent that determines its impact on the economy.”

      a brief historical investigation on the US debt, you’ll see that debt could be positive, depended on the men at the head of the governments

    • Franchie

      uh a Brit with PTSD :roll:

    • Pull

      europeons, europeons you are all peons. Fuck your socialist behavior over the last 30 years. You all should stay out of our country. If we ever get our country back the brits should never be allowed over our borders without paying a price. My opinion my country,fuck you and stay off my land.

    • Pull

      europeons have fought socialism like soccer players. Taking a dive. A fifth generation, my are you impotent. You harvard types are easy to get riled. Doubles please.

    • josephus

      Mertin — You have to admit that after WWII Europe basically outsourced their military needs to the US under the umbrella of NATO and basically took the savings and plowed it into their social programs.
      Britain was certainly the last to do it, because they had some remnants of their empire still kicking around after the war.
      While we salute and love the fact that the Brits have been shoulder to shoulder with us during the two Gulf Wars and Afghanistan, it is also worrisome that they have downsized their once powerful navy to match Indonesia’s.
      Britain has hung on compared to the others.
      However, I fear that with the Muslim population growing and the birthrate among traditional British folk dwindling, it’s just a matter of time before the populations shift. Of course, it will hit the continent a full generation ahead of England.
      Let’s face it. The West is a mess because of Progressive programs and social engineering and meddling.
      The US goes this route and it all comes crashing down. The only reason Europe’s demise took longer was because the US was there to slow it down and because the burdens of the Baby Boomers hadn’t kicked into the pensions and healthcare situations.
      Yeah, Germany exports more than the US.
      Why?
      Because UNIONS destroyed manufacturing in the United States and now they will break the rest of the country.

  • PatriotofPast

    The IMF and The United Nations have been calling for a “Global Currency”, so everyone is “Equal”.
    This my friends is what they are fighting for, and WILL GET!

    • PatriotofPast

      Mertin, you have to remember who is doing all the rioting in Greece… The Unions. The Govt. has promised them the World and now cannot produce. ALL of Europe is in THE SAME BOAT! Obama and HIS Administration is doing the SAME thing to this country now, The Largest Union in the Country NOW belongs to The Govt… ACORN, SEIU work for Uncle Sam, and when The Euro falls, The Dollar WILL be close behind. So, how will they keep thier Promise to the Union… A NEW WORLD CURRENCY. All on the Backs of All the Non-Union people.

    • Franchie

      Greece before being all this, is two families directed country, all the benefits and clientelism revolve around them, and habits from ages won’t change with a magic stick. The Greek will carry on discussing prices, hide half or their revenue, exagerate prices for German tourists… (ahah)

  • wwtd

    In 2008 the powers that be opened pandoras box, and can’t close it like they thought they could. The war to end all wars if gloabal currency and a new world order isn’t accepted. why do US forces continue to fight battles elsewhere when muzzies are let into the country to become citizen…shit on a morgage, and decide they want to lay waist to america? sounds like a “progressive”. hadji didn’t even have the balls to wack himself. must be some doubt about the 72 virgin goats.

  • Franchie

    “Germany (like China) views its high savings and export prowess as virtues, not vices. But John Maynard Keynes pointed out that surpluses lead to weak global aggregate demand – countries running surpluses exert a “negative externality” on their trading partners. Indeed, Keynes believed that it was surplus countries, far more than deficit countries, that posed a threat to global prosperity; he went so far as to recommend a tax on surplus countries”

    http://www.prisonplanet.com/can-the-euro-be-saved.html

    ohlala, that’s the solution, tax the german products ! how comes none of our clever finances ministers thought of that !

    • Steve Rogers

      Franchie! You’ve been away, but now you seem to be back with a vengeance. Your spirited defense of Europe and particularly France can really stir things up around here.

    • Franchie

      WTF vengeance ?

      unless you missed the title of this topic, it’s about EUROZONE

      too bad fer ya, I’m still alive !

    • Steve Rogers

      Aaaaaaw Franchie, I really missed you. How was jail? Did you meet anyone “special.”

    • Franchie

      Steeve go back to your reserve, ya no pasaran !

  • westcoastgirl

    Hmmmm…as far as I can predict (which granted it’s only my opinion) the EU will collapse. It cannot sustain itself. GB will be insolvent by the end of the year, following Greece and Portugal. Rioting across Europe will happen and will spill over to the US as our economy suffers more because of the turmoil in the former EU. I think PatriotofPast and wwtd are pretty spot on.

    If you’ve read my other posts about this you know where I’ve gleened my info about this from. But again, this just my opinion/prediction. What do I know?

  • SgtJenz

    Argue all you like. The game is over..the jig is up and all the greedy little bastards that like to play the markets will lose their shorts and then their asses.

    http://www.marketoracle.co.uk/financial_markets_analysis_videos_5.htm

  • SgtJenz

    If that one didn’t work for ya try this;

    http://market-ticker.denninger.net/archives/2292-Hmmmm….-A-Crack-In-The-Dam.html

    • Franchie

      time to collect shells, they might serve as exchanges currencies

    • SgtJenz

      Coffee and beans might work too.

  • Xavier

    Which two nation’s mathematicians broke the Nazi Enigma codes?

    Well technically Poland cracked it & shipped the decrypting machine to Britain before Germany invaded Poland & added another rotor to the Enigma machine.

    • Mertin

      Correct, the Polish Cipher Bureau had been breaking the enigma code throughout the 30′s as it increased in sophistication. The passed that work to the British and French at the start of WWII.

      The later work was done at Bletchley Park, UK where Tommy Flowers & Harry Fensom, built Colossus, the world’s first programmable, digital, electronic computer and Alan Turing was the star mathematician.

      Royal Navy destroyer HMS Bulldog captured a naval enigma machine in 1941… not Matthew McConaughey as Hollywood portrayed it. The naval enigma machines were more complex than those being used by the German army… who also were more careless in their use of the machines.

  • Franchie

    Has Angela Merkel Played The Worst Poker Hand In History?

    http://www.businessinsider.com/has-angela-merkel-played-the-worst-poker-hand-in-history-2010-5

    “She has succeeded in turning the sovereign debt challenges of a small EU member into a full blown currency crisis, and potentially, a global banking and stock market crisis.Has Angela Merkel Played The Worst Poker Hand In History?”

  • Ranger

    Yea I gotta be honest, I missed your broken English Franchie.

    • Franchie

      yo, you go les durs des durs !