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Tomorrow, summer is over in Euroland

If anyone of you thought this Summer was quieter than last year, then it's not due to less hazards for the EU leaders, it's rather that they are more skilled than last year in the profession as holidaymakers. We could for instance see Pedro Passos Coelho swim in Algarve relatively anonymously, but he was eventually caught up by some road toll protestors.

Bigger euro bailout fund needed to create space to boost growth, OECD says

Euro area finance ministers meeting this week need to boost the firepower of the European stability funds to at least one trillion euros, OECD Secretary-General Angel Gurría said today.

The current level of commitment to the rescue funds is not enough to restore market confidence, he said. A credible financial firewall will provide governments with the breathing space they need to focus crucially on revitalising Europe’s economic growth and competitiveness.

European Disunion indecision 2011

Inside the French ambassador's 19-bedroom mansion, finance ministers and central bankers from the world's largest economies heard Dominique Strauss-Kahn, then-head of the International Monetary Fund, deliver an ultimatum. Greece, the country that triggered the euro-zone debt crisis, would need a much bigger bailout than planned, Mr. Strauss-Kahn said. Unless Europe coughed up extra cash, the IMF, which a year earlier had agreed to share the burden with European countries, wouldn't release any more aid for Athens.


 

Will Merkel Change Her Tune on Stability Bonds?

Stability bonds. That is the new moniker given by the European Commission to euro bonds as it moves toward presenting its most definitive proposal yet for the debt pooling measure on Wednesday.

Indeed, European Economic and Monetary Affairs Commission Olli Rehn was in Berlin on Tuesday to tout Brussels' three-option studyon how bonds issued jointly by the 17 euro-zone member states could help stem the debt crisis.

Official version: Main results of Euro Summit

Secure the decline of the Greek debt to GDP ratio with an objective of reaching 120% by 2020. Euro area Member States will contribute to the PSI package up to 30 bn euro. The nominal discount will be 50% on notional Greek debt held by private investors. A new EU-IMF multiannual programme financing up to 100 bn euro will be put in place by the end of the year. It will be accompanied by a strengthening of the mechanisms for the monitoring of implementation of the reforms


 

A Man worth Listening to: Jan Kees de Jager

Dutch Finance Minister Jan Kees de Jager - some references below

A Man worth listening to this week, run into the Emergency Council

The 2 trillion euro plan to save the euro

The Telegraph reports that German and French authorities have begun work on a three-pronged strategy behind the scenes amid escalating fears that the eurozone’s sovereign debt crisis is spiralling out of control. Their aim is to build a “firebreak” around Greece, Portugal and Ireland to prevent the crisis spreading to Italy and Spain, countries considered “too big to bail”.


Paul Donovan - UBS: the euro is like the Hotel California: once you join you can never leave

‘You can check-out any time you like, but you can never leave’

 

A potential ‘complete’ solution to the crisis is to abolish the euro or kick troubled countries out of the monetary union. While there is a satisfying simplicity to these options, they should only be thought of as last-ditch alternatives. The cost of reinstating a sovereign currency would be horrendous. As Paul Donovan, deputy chief global economist at UBS said on Bloomberg Radio, “the euro is like the Hotel California: once you join you can never leave”.

 UBS Investment Research Global Economic Perspectives

 

 

European war against the markets - 750 bn EUR

(10 May 2010) With an unprecedented rescue package of up to 750 billion euros by the EU and International Monetary Fund to stabilize the ailing single currency, the euro. The goal: tame speculators. Is it enough? Well, if something the following this happens today, then you know for sure that Europe is rushing into its worst crisis since WWII:

  • Greek bond yields sky-rocketing
  • Stock markets continue to fall
  • Private investors liquidate their SICAVs
  • Euro still dropping

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