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European Union leaders gather for their first summit of 2012 as a deteriorating economy and struggle to complete a Greek debt writeoff risk sidetracking efforts to stamp out the financial crisis.
EU chiefs arrive in Brussels about 2 p.m. today to put the finishing touches on a German-led deficit-control treaty and endorse the statutes of a 500 billion-euro ($661 billion) rescue fund to be set up this year. Greece and its private creditors said Jan. 28 they expect to complete a deal in coming days after bondholders signaled they would accept European government demands for a bigger cut in their debt holdings.
Efforts to hold the 17-member euro area together with bolstered fiscal rules and a stronger firewall are colliding with stalled progress in Greece, where the crisis began in 2009. To prevent a financial collapse, Greek bondholders have been pushed to cede more ground after agreeing in October to take a 50 percent cut in the face value of more than 200 billion euros ($263 billion) of debt.
“The fact we’re still at the beginning of 2012 talking about Greece is a sign this problem hasn’t been dealt with,” U.K. Chancellor of the Exchequer George Osborne said at the World Economic Forum in Davos, Switzerland.
The summit follows warnings at the gathering that ended yesterday in Davos that it’s time to end the region’s debt crisis and that measures aimed at simply containing the turmoil are no longer enough. The euro economy is set to contract by 0.5 percent this year, according to the median of 19 economist forecasts compiled by Bloomberg.
ECB Loans
The European Central Bank’s unlimited three-year loans to banks have helped buoy sentiment among investors in the euro area. Italian 10-year bonds gained for a third week, while Spanish two-year yields dropped to the lowest since November 2010. The euro gained against the U.S. dollar every day last week, climbing 2.2 percent to $1.322.
“We can say -- with caution -- that we see elements of financial stability in France, in Europe and in the world,” French President Nicolas Sarkozy said in a nationally televised interview in Paris yesterday. “Europe is no longer at the edge of the cliff.”
Attention before the Brussels summit turned to negotiations between the interim government of Greek Prime Minister Lucas Papademos and creditors. The two sides were “close” to an agreement outlined by Luxembourg Prime Minister Jean-Claude Juncker, theInstitute of International Finance, negotiating on behalf of private creditors, said in a Jan. 28 statement after three days of talks in Athens.
7 comments:
So much of this summit talk BS! Perhaps the Euro PTB figure if they just generate enough meaningless, repetitive headlines, everybody's eyes will glaze over so much that they'll forget that all the money's gone.
"Snooooore -- glurkle! Whuh? Shakes head frantically My job at the government office? That pension I had? The hospital that used to be open? Musta just dreamed it..."
Bukko to me the whole EU mess is like a 4 hour movie. My bottom is getting sore and I cannot wait for it to end.
What i cannot figure out it how so many dumb people can be in charge? A damn prep school kid (leaving out US public schools) can do math. There is no sweeping this under the rug. The whole thing about meetings is so that they don't have to deal with the issue that is they are broke and no one will loan them any more money that they can afford to pay back. My comment to Greece. Just freakin default and get it over with so the other PIIGS can do the same. Then let's see the counter party bank blow up and then we can start to look at the US.
Queen--the Greek thing reminds ME of MF Global and TARP. SHOW ME THE MONEY. Show me where it went.
I'll bet if I asked everyone here how much they had in their wallet on pay day and how much they had later and where it went, most of us could TELL YOU. Oh, we might forget here and there, but I'd bet (and I'm NOT a betting lady) you'd find people saying: "I spent so much at the store/farmer's market. Got coffee for X. Bought X amount of gas, etc."
See, the 'big guys' don't look at it as OUR money, they look at it as THEIRS. Hence, the knew darn well they were 'betting' on Greece but figured they could play the odds...and there's no ENFORCER coming to break their legs! ( using betting analogies in salute to upcoming Superbowl..which I probably won't watch.)
There is an excellent opinion column on the UK Telegraph today that asks the question WHAT KIND OF PEOPLE HAVE WE BECOME? Whether you agree or disagree it does make one think.
I was thinking of Turkey today (watched a travel show) and the razor edge they walk by trying to have a 98% Muslim country YET keep religion out of politics. Fascinating history as it was part of the Holy Roman Empire AND the center of the Ottoman Empire. I wonder how long they will be able to keep it up? I wonder what will happen if they don't.
Course, I doubt there are many who take the time to consider any of this, let alone wonder about anything other than who to text while driving...
When is the StupidBowl, is that next Sunday? Although I don't keep up with sports, I think the New England Patriots are playing New York.
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Brings to mind yet another boring Mammoth anecdote:
Back in the late ‘90’s when I was in college, I worked at a grocery store. One evening, when we were sitting in the break room, one of my female colleagues – also a college student – made a comment about how tired she was of living in astern Washington, and that she wanted to move to New England.
“Which state?” I asked her.
“What do you mean?” she replied.
“New England is a region in the northeast, not a state” I informed her.
“I want to move to the state of New England…you know…where the New England Patriots are from,” she said.
Amazed that somebody could make it all the way through the US public school system and not know that New England is NOT a state, yet not wanting an argument, I just stood up and walked out of the room.
LOL, GAW. That sorta like moving to the 'south'. Hmm and that would be...?
Hubby just said there is a Senate vote today about owning stock? Anyone hear this? His 'take'..."Sure, all the Congress will get OUT of the market with their 'good intentions' so when the market crashes they can proclaim innocence.
Glad I married that man!
Let's see how about the Florida Marlins or the Washington Redskins (aren't they in the state of Washington along with the Washington Nationals?). Then you have the Tennessee Titans. Love that city of Tennessee and the city of the Arizona Cardinals and the Diamondbacks. Oh and for Mr. K don't forget the city of Minnesota where the Vikings and the Twins play. BTW tell her that the New England Patriots play in Foxboro, Ma. See if she can find it on a map. Tell her they play in the Gillette Stadium where they make razor blades during the off season.
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