Showing posts with label FED. Show all posts
Showing posts with label FED. Show all posts

Monday, November 19, 2012

Europe's leaders must forge a deal this week to help Greece get "back on its feet", the managing director of the International Monetary Find has said, as disagreement continued over how to tackle the country's mounting debt pile. ...Speaking of angry Germans, Jens Weidmann, the head of Germany's central bank, has warned that putting the ECB in charge of eurozone bank supervision risks compromising its primary goal of price stability. ....Writing in German daily Handelsblatt, Mr Weidmann warned that forming a "hasty" bank union would be counterproductive, and that leaders should opt for "thoroughness over speed". Mr Weidmann also said that a union would require a mechanism to wind down and restructure banks that should be funded by the lenders themselves. Are the IMF and the EU institutionally deaf, the 'fat lady' has sung her self hoarse, rolled over and died of old age. Maybe they have not taken the trouble to keep up with events.
The ordinary Greek people on the street know now what ever happens, they will collectively be accountable for many, many decades for the debt put on them by all these bailouts. They should have got out three or four years ago, but have been deliberately sucked into this vacuum and been enslaved by the bankers, and dare i say, their own country men and women who have repeatedly refused to pay their taxes and now have deviously moved their vast fortunes out of the country....When I read " Without the option of currency devaluation", I had to laugh.
France could (and perhaps should) consider leaving the corrupt club and then she COULD devalue her currency which would make her more competitive.... And...what about slashing the IMF ' s salaries by 75% and give it to the Greeks. The IMF'S staff will still have a more than decent living and , for once, they will have put their monies where their mouths are . As a special gesture, the Greeks could have Lagarde too, as she is useless, we would, then, have killed two birds with one stone.

Saturday, January 22, 2011

Five cajas failed Europe-wide stress tests on banks last year. The Bank of Spain has forced them into a round of mergers, reducing their number from 45 to 17 last year. High levels of bad property loans at the cajas are seen as a major risk for Spain as it slashes its budget deficit to stave off fears it will need an Irish or Greek-style rescue from the European Union and International Monetary Fund. Estimates of the cost of recapitalising the savings banks range from €17bn (£14.4bn) to €120bn, with consensus falling in the €25bn to €50bn range, according to Reuters. Economists say Spain could afford that level of rescue without seeking outside aid.The banking sector has so far set aside €88bn to cover losses on total loans of €439bn to real estate and construction. Spain's borrowing costs have soared amid worries that the sovereign debt crisis that forced Greece and Ireland to seek bailouts will spread to Portugal and then Spain. A budget deficit of 9.3% of GDP in 2010 and stagnant growth have added to the worries, though the government is hitting deficit reduction targets and pledges pension and labour reform shortly. Analysts welcomed the promise of caja recapitalisation. "This underpins hopes that Spain is now on the right track," Commerzbank strategist David Schnautz told Reuters.