Sunday, 6 November 2011

G-20 mulled IMF currency to support EU rescue fund: Germany
Some leaders at this week's G-20 summit in Cannes suggested resorting to the International Monetary Fund's own notional currency to support the crucial EU bailout fund, Germany said Saturday.
snip
The Welt Am Sonntag newspaper said it the Bundesbank saw it as an attack on its sovereignty.
It was the Bundesbank's opposition to the plan -- which the paper said was floated by French President Nicolas Sarkozy, US President Barack Obama and British Prime Minister David Cameron -- that led to German Chancellor Angela Merkel's veto.
Seibert denied reports that the SDR issue would be discussed again at a meeting of eurozone finance ministers on Monday.

Debt crisis is set to last for a decade, warns Angela Merkel

German ministers did not attempt to deny claims yesterday that Merkel has spoken to Italy’s president to discuss a change of government in Rome.
http://www.scotsman.com/news/politics/debt_crisis_is_set_to_last_for_a_decade_warns_angela_merkel_1_1950830

German travel agency girds for Greek euro exit

Fears that the Greek government could ditch the euro for its old currency, the drachma, have prompted German travel agency TUI to demand currency hedges from its hotel partners
http://www.dw-world.de/dw/article/0,,15513471,00.html

The Big Fat Greek Babel

So where are we now after another episode of this exhausting Samaras-Papandreou soap opera? At the same start-point as before. Papandreou is PM and will remain for a month or two. Or three (with him you never know) . Only the referendum is off the table. Samaras won’t cooperate and will wait for elections so that his political capital remains intact . He says yes to the hard-fought package that offers hot cash and debt reduction but no to the repayment methods a.k.a the drastic spending cuts and austerity measures-which he says will “renegotiate” with Mrs. Merkel and Mr. Sarkozy (that should be fun).
So, Greeks have to choose between a Prime Minister who himself jeopardised the country’s place in the euro and rival parties that show little willingness to cooperate in tackling the nation’s economic, political and social crisis. It is as if Greek politicians don’t care whether their country is going to be saved or not. And if they don’t care why should the Germans and the French give a dime both literally and metaphorically?
http://greece.greekreporter.com/2011/11/05/the-big-fat-greek-babel/

Goldman: euro could split apart

The chairman of Goldman Sachs Asset Management has said that the need for a German-led fiscal integration in the eurozone would make it increasingly unattractive for all the countries who joined to stay in the single currency.
http://www.telegraph.co.uk/finance/financialcrisis/8872380/Goldman-euro-could-split-apart.html

Europe's democratic deficit grows wider by the day
The Eurocracy's contempt for the nation-states it governs is growing ever more flagrant.


Posted by Britannia Radio at 10:48