BREAKING NEWS: LA GRECIA E' FALLITA: PER LA GERMANIA SI!!!
Germany Said to Ready Plan to Help Banks If Greece Defaults
2011-09-09 15:09:53.203 GMT
By Alan Crawford
Sept. 9 (Bloomberg) -- Chancellor Angela Merkel’s
government is preparing plans to shore up German banks in the
event that Greece fails to meet the terms of its aid package and
defaults, three coalition officials said.
The emergency plan involves measures to help banks and
insurers that face a possible 50 percent loss on their Greek
bonds if the next tranche of Greece’s bailout is withheld, said
the people, who spoke on condition of anonymity because the
deliberations are being held in private. The successor to the
German government’s bank-rescue fund introduced in 2008 might be
enrolled to help recapitalize the banks, one of the people said.
The existence of a “Plan B” underscores German concerns
that Greece’s failure to stick to budget-cutting targets
threatens European efforts to tame the debt crisis rattling the
euro. German lawmakers stepped up their criticism of Greece this
week, threatening to withhold aid unless it meets the terms of
its austerity package, after an international mission to Athens
suspended its report on the country’s progress.
Greece is “on a knife’s edge,” German Finance Minister
Wolfgang Schaeuble told lawmakers at a closed-door meeting in
Berlin on Sept. 7, a report in parliament’s bulletin showed
yesterday. If the government can’t meet the aid terms, “it’s up
to Greece to figure out how to get financing without the euro
zone’s help,” he later said in a speech to parliament.
Schaeuble travelled to a meeting of central bankers and
finance ministers from the Group of Seven nations in Marseille,
France, today as they face calls to boost growth amid increasing
threats from Europe’s debt crisis and a slowing global recovery.
Progress Report
The German government is awaiting the results of the Greek
progress report and will decide what course of action then, a
government spokesman said, speaking on customary condition of
anonymity.
European bank credit risk surged to an all-time high today
and stocks fell worldwide on concern that the debt crisis is
escalating. German two-year yields declined to a record as
investors sought a haven and Greek two-year note yields added as
much as 86 basis points to 55.91 percent, a euro-era record.
Credit-default swaps insuring Greek sovereign bonds jumped
212 basis points to a record 3,238, according to CMA. The five-
year contracts signal there’s a 92 percent probability the
country won’t meet its debt commitments.
“Countries must act now and act boldly to steer their
economies through this dangerous new phase of the recovery,”
International Monetary Fund Managing Director Christine Lagarde
said in a speech in London today. “We must not underestimate
the risks of a further spread of economic weakness or even a
debilitating liquidity crisis,” she said. “That is why action
is needed urgently so banks can return to the business of
financing economic activity.”
Barroso Meeting
Merkel, who is due to discuss the crisis with European
Commission President Jose Barroso in Berlin on Sept. 12, is
battling to secure a majority among her coalition bloc to push
an overhaul of the European Financial Stability Facility through
the lower house of parliament on Sept. 29. The changes would
give the EFSF the power to buy bonds in the secondary market,
raising German guarantees to 211 billion euros ($290 billion)
from 123 billion euros.
Longer term, euro countries will “only preserve the common
currency if there is more integration” in the European Union,
Merkel said in a speech in Berlin today. The EU “won’t be able
to avoid treaty change.” While intensive discussions lie ahead
and the path won’t be easy, policy makers “shouldn’t be afraid”
of tackling the challenge, she said.
Policy makers in Europe “are moving,” U.S. Treasury
Secretary Timothy F. Geithner said in a Bloomberg Television
interview from the G-7 in Marseille. “But I think they’re going
to have to demonstrate to the world they have enough political
will.”
2011-09-09 15:09:53.203 GMT
By Alan Crawford
Sept. 9 (Bloomberg) -- Chancellor Angela Merkel’s
government is preparing plans to shore up German banks in the
event that Greece fails to meet the terms of its aid package and
defaults, three coalition officials said.
The emergency plan involves measures to help banks and
insurers that face a possible 50 percent loss on their Greek
bonds if the next tranche of Greece’s bailout is withheld, said
the people, who spoke on condition of anonymity because the
deliberations are being held in private. The successor to the
German government’s bank-rescue fund introduced in 2008 might be
enrolled to help recapitalize the banks, one of the people said.
The existence of a “Plan B” underscores German concerns
that Greece’s failure to stick to budget-cutting targets
threatens European efforts to tame the debt crisis rattling the
euro. German lawmakers stepped up their criticism of Greece this
week, threatening to withhold aid unless it meets the terms of
its austerity package, after an international mission to Athens
suspended its report on the country’s progress.
Greece is “on a knife’s edge,” German Finance Minister
Wolfgang Schaeuble told lawmakers at a closed-door meeting in
Berlin on Sept. 7, a report in parliament’s bulletin showed
yesterday. If the government can’t meet the aid terms, “it’s up
to Greece to figure out how to get financing without the euro
zone’s help,” he later said in a speech to parliament.
Schaeuble travelled to a meeting of central bankers and
finance ministers from the Group of Seven nations in Marseille,
France, today as they face calls to boost growth amid increasing
threats from Europe’s debt crisis and a slowing global recovery.
Progress Report
The German government is awaiting the results of the Greek
progress report and will decide what course of action then, a
government spokesman said, speaking on customary condition of
anonymity.
European bank credit risk surged to an all-time high today
and stocks fell worldwide on concern that the debt crisis is
escalating. German two-year yields declined to a record as
investors sought a haven and Greek two-year note yields added as
much as 86 basis points to 55.91 percent, a euro-era record.
Credit-default swaps insuring Greek sovereign bonds jumped
212 basis points to a record 3,238, according to CMA. The five-
year contracts signal there’s a 92 percent probability the
country won’t meet its debt commitments.
“Countries must act now and act boldly to steer their
economies through this dangerous new phase of the recovery,”
International Monetary Fund Managing Director Christine Lagarde
said in a speech in London today. “We must not underestimate
the risks of a further spread of economic weakness or even a
debilitating liquidity crisis,” she said. “That is why action
is needed urgently so banks can return to the business of
financing economic activity.”
Barroso Meeting
Merkel, who is due to discuss the crisis with European
Commission President Jose Barroso in Berlin on Sept. 12, is
battling to secure a majority among her coalition bloc to push
an overhaul of the European Financial Stability Facility through
the lower house of parliament on Sept. 29. The changes would
give the EFSF the power to buy bonds in the secondary market,
raising German guarantees to 211 billion euros ($290 billion)
from 123 billion euros.
Longer term, euro countries will “only preserve the common
currency if there is more integration” in the European Union,
Merkel said in a speech in Berlin today. The EU “won’t be able
to avoid treaty change.” While intensive discussions lie ahead
and the path won’t be easy, policy makers “shouldn’t be afraid”
of tackling the challenge, she said.
Policy makers in Europe “are moving,” U.S. Treasury
Secretary Timothy F. Geithner said in a Bloomberg Television
interview from the G-7 in Marseille. “But I think they’re going
to have to demonstrate to the world they have enough political
will.”
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3 commenti:
mmm e in parole povere?
(intanto Milano perde oltre il 4%...)
in parole povere? un MASSACRO. inizio a pensare che se la gente portasse via tutto, sarebbe di gran lunga migliore il ritorno alla lira che una scissione dell'euro, per l'italia. si passerebbe 5 anni da barboni ma resettando tutto si potrebbe ripartire. con euro 2 saremo sempre barboni ma mai liberi di raccattare i cartoni con le nostre mani. barboni, per status quo, e sempre con un debito alto e difficolta' di accesso al credito. i cartoni, in caso di euro2, sarebbero troppo costosi per noi...meglio default. meglio lira. poi vediamo tra 5 anni se riparte l'economia. lacrime e sangue ci puo' stare ma non per tutta la ns esistenza di stato. difendiamo ns sovranita'.... troppo tardi pero'.... DA" GLI INCUBI DI UN ASPIRANTE IMPRENDITORE BARBONE"
leggete il libro la tragedia dell'euro di bagus.....
suppongo gia consigliato da m.l.....
una vera perla
e una cruda realta della guerra frqngo germqnica in corso
per la divisione del dominio sugli stati europei.....
vivamente consigliato......anzi obbligqtorio leggerlo....
marco milano......
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